早期我国资本市场发展条件还不成熟，部分企业为实现融资需求选择在海外资本市场上市，近几年，中概股接连遭遇境外做空机构突袭，进而影响公司股价和经营业绩。2018年国务院颁布允许发行存托凭证的通知，2019年设立科创板并进行注册制试点，这些都为中概股回归带来了新的契机。愈来愈多的中概股企业选择回归科创板上市。那么中概股采用何种回归路径，以及回归后的效果如何是一个值得研究的问题。

本文选取澜起科技、中芯国际和九号公司三家公司作为研究对象，通过对国内外相关文献和政策的梳理，利用案例研究法分析了三家企业选择回归科创板的动因及不同路径适用性，分析了三家公司回归后的市场效应，利用财务指标及主成分分析法分析了回归后的财务绩效，并分析了三家公司回归后的更大发展机遇以及公司治理结构的优化。

研究得到：（1）中概股回归的动因有国外做空机构打击、中概股信任危机、企业价值被低估、公司战略发展需要、公司融资需求以及科创板相关制度的鼓励等。（2）三种回归路径各有利弊，先私有化后科创板IPO审核流程简便，但耗费资金；直接IPO双重上市利于企业拓宽融资渠道，利于企业长期发展，但不适用于存在VIE架构企业；发行CDR可以避免拆除VIE架构，拓宽融资渠道，但是CDR交易价格易受波动。（3）资金充足的企业适用于先私有化后IPO；已在香港上市没有VIE架构企业适用于直接IPO双重上市；存在VIE架构且融资需求大的初创型科技企业适用于发行CDR。（4）三家中概股回归后市场效应表现良好，财务绩效略有提高，获得了更多发展机遇，公司治理结构更加合理。

最后基于研究结论，提出对待回归中概股的启示：其在回归科创板时注意三点：结合企业情况考虑是否适合科创板、清楚每种回归路径的特点与适用性以及结合企业特点选择回归路径；提出对监管层的启示：我国仍需进一步完善多层次资本市场体系、推进中概股回归路径多元化、完善相关审计制度和提高信息质量监管。

In the early stage, the conditions for the development of China's capital market were not mature. Some enterprises chose to list in the overseas capital market in order to meet their financing needs. In recent years, China concept shares have been raided by overseas shorting institutions one after another, which has affected the company's share price and operating performance. In 2018, the State Council issued a notice allowing the issuance of depositary receipts, and in 2019, the science and Innovation Board was established and the registration system was piloted. All these have brought new opportunities for the return of China concept shares. More and more Chinese companies choose to return to the sci-tech innovation board. So it is worth studying what kind of regression path is adopted by zhonggai shares and how the effect is after the regression.

This paper selects three companies, Lanqi technology, SMIC international and No. 9 company, as the research objects. Through combing the relevant literature and policies at home and abroad, this paper uses the case study method to analyze the reasons why the three companies choose to return to the scientific innovation board and the applicability of different paths, analyzes the market effects of the three companies after the return, and uses the financial indicators and principal component analysis method to analyze the financial performance after the return, It also analyzes the greater development opportunities after the return of the three companies and the optimization of corporate governance structure.

The research results are as follows: (1) the reasons for the return of China concept shares include the attack of foreign short selling institutions, the trust crisis of China concept shares, the undervaluation of enterprise value, the strategic development needs of the company, the financing needs of the company and the encouragement of the relevant systems of the science and innovation board. (2) Each of the three regression paths has its own advantages and disadvantages. Privatization first and then sci tech Innovation Board IPO audit process is simple, but it costs money; Dual listing of direct IPO is beneficial to broaden financing channels and long-term development of enterprises, but it is not applicable to enterprises with vie structure; Issuing CDRs can avoid dismantling the vie structure and broaden financing channels, but CDR transaction prices are vulnerable to fluctuations. (3) Enterprises with sufficient funds are suitable for privatization before IPO; Enterprises listed in Hong Kong without vie structure are applicable to direct IPO dual listing; Start up technology enterprises with vie structure and large financing demand are suitable for issuing CDRs. (4) After the return of the three Chinese concept stocks, the market effect is good, the financial performance is slightly improved, more development opportunities are obtained, and the corporate governance structure is more reasonable.

Finally, based on the research conclusion, this paper puts forward the Enlightenment of stock concept in the regression: when returning to the scientific innovation board, it should pay attention to three points: considering whether it is suitable for the scientific innovation board in combination with the enterprise situation, knowing the characteristics and applicability of each regression path, and selecting the regression path in combination with the enterprise characteristics; The paper puts forward the enlightenment to the regulators: China still needs to further improve the multi-level capital market system, promote the diversification of the return path of Chinese concept shares, improve the relevant audit system and improve the supervision of information quality.

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