Venture-backedIPOsandtheExitingofVentureCapitalinChina-2006paper教程.pdfVIP

Venture-backed IPOs and the Exiting of Venture Capital in China+ * Xiaoqing Eleanor Xu Seton Hall University This paper documents the dramatic improvement in institutional, legal and regulatory environment for the exiting of foreign venture capital in China. It also discusses the recent developments, advantages and disadvantages of various China venture-backed IPO listing channels, including overseas listing through the main board and high-tech trading board in the United States (via New York Stock Exchange and NASDAQ), Hong Kong (via Hong Kong Stock Exchange and Hong Kong Growth Enterprise Market) and Singapore (via Singapore Exchange and SESDAQ), and domestic listing (via Shenzhen Small and Medium Enterprise Board). Finally, this paper examines the venture capital funding and IPO offering details, and the short-run and long-run performance of the U.S.-listed China Venture-backed IPOs between 2000 and 2005. I. Introduction China has become an increasingly important market for global venture capital (VC) firms that are looking for innovative growth enterprises to invest. With the world’s largest population, fastest economic growth engine, and an aggressive agenda of market transformation and global integration, China has been highly regarded as a promising “dream land” for venture capital investments. The earliest effort in promoting venture capital in China can be traced back to mid 1980s, primarily driven by the central government’s desire to foster a high-tech industry in China [Xiao