Abstract: Since the resumption of financing function in the domestic stock main board market in 2006, the phenomenon of overseas listed enterprises returning to the A-share market for financing has aroused great interest in the securities community and academia, especially the issue of high-premium issuance of A-shares by overseas listed enterprises is even more concerning. The research in this paper finds that the IPO pricing of overseas listed companies returning to the A-share market is not only much higher than their H-share issuance price, but even has a special phenomenon higher than the average price of the H-share market in the period before the handover. This article discusses in depth what problems this excessive premium will cause, and finally analyzes the investor protection issues in the domestic financing pricing process of overseas listed enterprises and the corresponding measures.

Keyword: H-share regression; Cross-listing; Discriminatory pricing; Investor Protection