中概股回归A股，一直是近几年国内资本市场的热点话题。自2015年以 来，中概股经历了前所未有的艰难时期。个别公司违规引发的中概股信用危机， 中美贸易战和美股监管的日趋政治化，以及“浑水”、“香橼”为代表的境外机构 做空等原因，深深影响着中概股的境外命运。在日渐复杂艰难的环境下，境外完 成私有化退市 ，并通过借壳上市或IPO寻求A股再上市，已经成为众多中概股 公司的理性选择。然而，作为回归A股的传统路径，借壳上市亦或是排队等待 IPO，都存在着相当大的风险和挑战。 借壳上市需要占用大量资金用于购买壳资 源，且存在诸多不确定性；IPO门槛高、审核周期长、时间成本高。这些因素致 使众多已经退出境外市场的中概股公司，始终没能成功回 归国内市场。 为迎接优质中概股的回归，国内资本市场进行了必要的制度创新。A股市场 相继推出了中国存托凭证（CDR）、科创板和创业板注册制等一系列改革。通过 发行CDR 回归A股，中概股无须经历境外私有化过程，可以为企业节省大量的 成本支出，实现企业多渠道融资。新增板块科创板，首次实行注册制的发行制度， 不仅简化了新股发行上市的 审批手续，同时还满足了尚未盈利、拥有VIE架构 以及差异化投票权等红筹企业的回归愿望。存量板块创业板的注册制改革，为具 有创新、创意等新技术、新业态型企业提供了更 为便利的回归条件。在境外市场 “举步维艰”和境内市场“翘首企盼”的双重作用之下，将有越来越多的中概股 公司回到A股上市，因此，选择何种回归方式对企业来说尤为重要 。 本文通过对国内外相关文献和政策的梳理，总结出中概股回归有四条主要 路径，包括：传统路径IPO和借壳上市；创新路径CDR和科创板/注册制下的创 业板IPO等等，每种路径 都有其独特的适用范围，优势、劣势和风险。比较不同 路径的主要差异，可以为拟回归A股市场的中概股公司提供路径选择的理论依 据。此外，本文选取了代表各主要回归路径的 典型案例，来进一步分析不同中概 股公司的路径选择差异。如药明康德具有稳定的业绩、盈利能力强，在其领域拥 有领先的行业地位最终选择了在主板IPO；奇虎360因其互联网 安全的行业敏感 亟需回归国内市场，且因公司私有化负债多而融资意愿迫切最后选择了借壳上 II 市；九号公司和中芯国际作为创新制度的受益者，因其所属行业、公司科技创新 能力皆符合相关制度的规定，且分别具有“未盈利”、“VIE架构”、差异化投票 权等特殊属性而选择了在科创板发行CDR和普通股票等等。 针对不同回归路径的理论和案例分析 ，本文得出以下研究结论：不同路径选 择的中概股公司在所属行业与行业地位、股本结构与融资规模、盈利能力与业绩 预期、市场环境与回归时机以及制度因素与法律风险等方 面存在着较大的差异， 而这些差异直接影响了企业最终的路径选择。基于不同路径差异的共同影响，中 概股公司应结合自身特点和战略目标，做出适合自己的最佳选择。如新经 济企业 优先选择创新路径，传统行业龙头优先选择主板IPO；不同规模的公司选择对应 的板块上市，如有多地融资需求的中概股公司可选择发行CDR回归；未实现盈 利的中概股公 司，在目前政策条件下，只能选择在科创板上市，而盈利企业特别 是盈利能力强的企业可以有更多选择，尤以主板IPO为宜。此外，中概股在选择 回归路径时还应考虑市场、政策 以及法律风险带来的影响，选择有效规避风险的 路径。总之，对于拟回归A股市场的中概股而言，应权衡多因素影响，选择一 条最适合自己的回归路径。 关键词：中概股；回归 路径；CDR；科创板；注册制 III Abstract Recently，the return of Chinese concept stocks to A-share market has been a hot spot in the domestic capital market. Chinese concept stocks have experienced an unprecedentedly difficult period since 2015. The credit crisis caused by individual companies' violations, Sino-US trade wars and the increasing politicization of US supervision, and the shorting of foreign institutions such as Muddy Waters Research and Citron Research have deeply affected the overseas fate of Chinese concept Stock. In an increasingly complex and difficult environment, the completion of privatization and de-listing abroad, through a backdoor listing or IPO to seek A-share re-listing, has become a rational choice for many Chinese companies. However, as a traditional path back to A-shares, there are considerable risks and challenges in listing on the back of the shell or waiting in line for an IPO. Backdoor listing requires a lot of money to buy shell resources, and there is a lot of uncertainty; These factors have led to a number of Chinese companies that have withdrawn from the overseas market, has not been able to successfully return to the domestic market. In order to welcome the return of high-quality Chinese concept stock, the domestic capital market has carried on the necessary institutional innovation. A-share market has introduced a series of reforms, such as China Deposit receipts (CDRs), Science and Technology Innovation Board and GEM registration system. By issuing CDR return A- shares, Chinese concept stocks do not have to go through the process of overseas privatization, which can save enterprises a lot of cost and expenditure, and realize multi-channel financing. The establishment and pilot registration system of the Science and Technology Innovation Board has enabled the return of unprofitable enterprises, red-chip enterprises with VIE structures and differentiated voting rights. The GEM after the reform of the registration system provides a more convenient return option for the "three creations, four innovations " enterprises. Under the dual role of "difficulty" in overseas markets and welcoming return in the domestic market, more and more Chinese companies will return to A-share market, so it is particularly important for enterprises to choose which way to return. IV Based on the review of relevant literature and policies at home and abroad, this paper concludes that there are four main paths for the return of Chinese concept stocks, including: traditional path IPO and backdoor listing; Innovation path CDR and GEM IPO under the science and innovation board/registration system, and so on. Each path has its unique scope of application, advantages, disadvantages and risks. Comparing the main differences of different paths can provide the theoretical basis for the path selection of the Chinese concept stock to return to the A-share market. In addition, this paper selects the typical regression cases under the four main paths to further analyze the path selection differences between the different medium-share companies. Such as WuXi AppTec has a stable performance, strong profitability, in its field has a leading industry position finally chose to IPO on the main board. Qihoo 360 chose backdoor listing ultimately because of its Internet security industry sensitivity urgent need to return to the domestic market and its privatization debt and the urgency to finance. As the beneficiaries of the innovation system, Ninebot Ltd. and SMIC have chosen to issue CDRs and common stock on the Science and Technology Board because their industries and technological innovation capabilities are in line with the relevant systems, and have special attributes such as "unprofitable", "VIE architecture" and differentiated voting rights, respectively, etc. In view of the theory and case analysis of different regression paths, this paper draws the following conclusions: There are great differences in the industry and industry status, equity structure and financing scale, profitability and performance expectations, market environment and regression time, and institutional factors and legal risks, which directly affect the final path selection of enterprises. Based on the common influence of different path differences, Chinese concept stocks should combine their own characteristics and strategic objectives to make the best choice for themselves. The new economic enterprises should choose the innovation path first, the traditional industry leader should choose the main board, IPO first, the companies of different sizes should choose the corresponding sector listing, such as the Chinese concept stocks with multiple financing needs can choose to issue CDR return, the non- V profitable Chinese concept stocks, under the current policy conditions, can only choose to list on the Science and Technology Innovation Board, and the profit-making enterprises, especially the profit-making enterprises can have more choices, especiall