||Decision-making of global-offering in the China MNC - Case Study on AAC Acoustic Technologies Holdings Inc.
||Executive Master's Program of Business Administration in Management Sciences
||本研究個案為AAC Acoustic Technologies Holdings Inc. 簡稱AAC; 於香港交易所的股票代號為 2018.hk，是中國大陸一家主要從事生產及銷售聲學相關產品業務之集團企業，於1993年由潘政民先生所創立。該公司所生產之產品主要應用於MP3播放器、手機、以及其他消費性電子產品。
||The case analyzed in this paper, AAC Acoustic Technologies Holdings Inc. (AAC; the code on HKEx is 2018.hk), is one of the PRC leading manufacturers focused on the design and production of miniature acoustic components, which are used in mobile phone handsets, MP3 players and other consumer handheld devices. They were founded in 1993 by Mr. Pan.
To become one of the world’s leading miniature acoustic component manufacturers, AAC will leverage their competitive strengths and implement the following strategies:
1. maintain and enhance acoustic and process technologies.
2. broaden product portfolio.
3. strengthen AAC’s relationships with current customers and attract new OEM customers.
4. attract and retain AAC’s skilled engineers and experienced personnel.
5. leverage AAC’s core acoustic technologies to enter new markets and expand customer base.
6. strengthen their market competitiveness and production efficiency by improving AAC’s management methods and systems.
Therefore, AAC decided to fulfill the strategy of global-offering to achieve the their main goal. However, some risks imply in the process of global-offering, which will influence the AAC’s operations and financial conditions, henceforth deteriorate the Share price.
1.1 Motivation and objection…1
1.2 Research Structure…2
2.1 Financial benefits of cross-listing…5
2.2 Product and Labor Market Spillovers…11
2.3 Cost of Listing Abroad…12
4.1 Introduction of the Case…22
4.2 Determinants of the Global-Offering in the Case…32
4.3 Risk Analysis of Global-Offering in the Case…38
4.4 Environment of Hong Kong Equity Market…60
Appendix: Basic Information about AAC(2018.hk)…78
Content of Tables and Figures
Table 1 Motives for Cross-Listing and Their Empirical Implications…4
Table 2 Product structure of AAC…22
Table 3 Annual production capacity and utilization rates for each major product categories…26
Table 4 Salient features of the Main Board Listing Rules and the GEM Listing Rules…65
Figure 1 Corporate structure of AAC Group…24
Figure 2 Shareholding of AAC…25
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