Abstract: Based on the comparison of the IPO pricing of Chinese cross-listing companies, this paper focuses on the present situation and the pricing base of the return of H-share to A-share for cross-listing, and analyzes the problems that may arise in the current pricing mechanism. The study finds that the IPO pricing of H-shares return to A-shares is not only much higher than H-shares' issue price, but also even higher than the H-shares market average price one month ago before returning, while the empirical analysis finds that the root causes of the phenomenon is that H-share enterprise return to A-shares' pricing in fact use the pricing mechanism of pricing following H-shares' market price. It is the key to the problem that the issuer and underwriter confuse the boundary between enterprise additional issue in the original listing market and the IPO in the new market. The pricing mechanism not only exists logic confusion, but also exists the discriminatory pricing against mainland investors, which led to the problems of return enterprises' A-share price kidnapped by the secondary market price of H-shares, mainland investors' rights diluted and interests transported, and to a certain extent, reduce the stock investment value, fueling the bubble in mainland the stock market.

Keyword: H-share return; Cross-listing; IPO pricing