Considering that China has stopped foreign-controlled information enterprises at present, foreign venture capitalists generally refuse to list their investment enterprises in China (in fact, Internet companies that can finally wear short-sighted lenses cannot be listed in China, and variable entities cannot make long or short rights issues according to the regulations of the China Securities Regulatory Commission). Therefore, the invested enterprises are usually registered overseas.
Further considering the cost and tax of capital flow, the vast majority of "China Internet companies" are eventually registered in the Cayman Islands or similar places where the management structure of enterprises is extremely relaxed. Therefore, from the perspective of Internet companies, we can ask another question: Why is Facebook based on many dollars still the future of social media? Gold Investment, an Internet company registered in Cayman Islands and listed in the United States, loves to do business in China?
From the perspective of supervision, China's requirements for listed companies are relatively high (originally for the purpose of shielding investors, but it turns out that there are many disadvantages, but this is beyond the scope of this topic). For example, the company is required to continue to make profits. This is an impossible obligation for Internet companies.
Douban, for example, was released six years after its launch. Without further research and development, it will be profitable, but so far the profitability of Douban is not obvious. If you wait until you are profitable to enter the stock market for financing, many Internet companies will starve to death. The US Securities and Exchange Commission allows unprofitable enterprises to go public. This requires a sound legal and regulatory environment to protect non-institutional investors. And this kind of environment is common all over the world.
From the point of enterprise registration, at present, China is registered as an industrial and commercial enterprise, and the United States is registered as a commercial enterprise, which has very low requirements for the enterprise itself. In the process of listing, the domestic approval time is very long. After NYSE was connected with Nasdaq in 2009, the listing requirements were far lower than those in China. As the most radical exchange in the world, Nasdaq even allows dual ownership (one of the main reasons why Alibaba is not listed in Hong Kong is that the Hong Kong Stock Exchange maintains the same shares and rights).