IPOs of Chinese Private Companies in U.S. and HK: the Choice of Listing Venue and Long-Run Performance

Show simple item record

dc.contributor.advisor Lu, H en
dc.contributor.author Chen, Xuhui en
dc.date.accessioned 2015-09-07T01:18:33Z en
dc.date.issued 2015 en
dc.identifier.citation 2015 en
dc.identifier.uri http://hdl.handle.net/2292/26886 en
dc.description Full text is available to authenticated members of The University of Auckland only. en
dc.description.abstract I investigate the determinants for Chinese private companies to list in either the U.S. or HK during period of 2000 to 2014. Chinese private companies with higher asset growth, lower leverage, classified as high-tech companies, with negative earnings before listing, and with venture capitalists supporting them are more likely to list in the U.S. HK IPO issuers are generally larger than U.S. IPO issuers in terms of pre-listing total assets. In addition, Chinese private companies are more likely to list where they have a better information environment that is measured by analyst coverage and the number of recent IPOs in the same industry. Subsequent to the listing event, Chinese private companies listed in both the U.S. and HK experience a significant drop in operating performance measures one, two, and three years after the IPO year. Some of the operating performance measures of the Chinese private companies that are listed in the U.S. decline significantly more than those listed in HK. In terms of stock performance, Chinese private companies listed in the U.S. significantly underperform their matching firms one, two, and three years after the IPO year, while Chinese private companies listed in HK only exhibit underperformance in the first year after IPO. en
dc.publisher ResearchSpace@Auckland en
dc.relation.ispartof Masters Thesis - University of Auckland en
dc.relation.isreferencedby UoA99264820612102091 en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. en
dc.rights Restricted Item. Available to authenticated members of The University of Auckland. en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.rights.uri http://creativecommons.org/licenses/by-nc-sa/3.0/nz/ en
dc.title IPOs of Chinese Private Companies in U.S. and HK: the Choice of Listing Venue and Long-Run Performance en
dc.type Thesis en
thesis.degree.discipline Accounting and Finance en
thesis.degree.grantor The University of Auckland en
thesis.degree.level Masters en
dc.rights.holder Copyright: The Author en
pubs.elements-id 496039 en
pubs.record-created-at-source-date 2015-09-07 en


Files in this item

Find Full text

This item appears in the following Collection(s)

Show simple item record

Share

Search ResearchSpace


Browse

Statistics