The Journal of Entrepreneurial Finance Volume 11 Issue 3 Fall 2006 Article 3 December 2006 Venture-backed IPOs and the Exiting of Venture Capital in China Xiaoqing Eleanor Xu Seton Hall University Follow this and additional works at: https://digitalcommons.pepperdine.edu/jef Recommended Citation Xu, Xiaoqing Eleanor (2006) "Venture-backed IPOs and the Exiting of Venture Capital in China," Journal of Entrepreneurial Finance and Business Ventures: Vol. 11: Iss. 3, pp. 39-56. Available at: https://digitalcommons.pepperdine.edu/jef/vol11/iss3/3 This Article is brought to you for free and open access by the Graziadio School of Business and Management at Pepperdine Digital Commons. It has been accepted for inclusion in The Journal of Entrepreneurial Finance by an authorized editor of Pepperdine Digital Commons. For more information, please contact
[email protected],
[email protected],
[email protected]. 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.