Abstract: With the rapid development of financial liberalization and globalization, cross-border cross-listing has become a highlight of the international financial market and a major theme of financial research. This paper examines the impact of H-share companies' return to A-share cross-listing on the stock price of the original listing place and finds that H-share companies usually have a large increase before the A-share market IPO, and the cumulative excess return reaches the maximum on the offering date and gradually declines after that. Although this result has a similar stock price reaction to the international market cross-listing, it has different expectations behind it. The key reason why H-share investors have such optimistic expectations before the company's return to A-shares is not due to the improvement of corporate governance, but mainly from the fact that the return of H-shares to A-shares means that the high-premium issuance will bring cheaper capital to the company, and thus the expectation that the equity assets of its stocks will increase rapidly. Therefore, the protection of domestic investors should become an important part of cross-listing supervision.

Keyword: Cross-listing; H-share return; Stock price reaction; Investor expectations