Analysis of the Impact of Equity Structure on the Capital Market Performance of Technology Companies in the Initial Stage of Listing

Abstract

This study takes Xiaomi Group and Gold and Silver Cat Group Limited in the Hong Kong stock market as samples, focusing on the impact of equity structure on the capital market performance of technology companies in the early stage of listing. Among them, Xiaomi adopts a dual shareholding structure, while Golden Cat and Silver Cat are "same shares and equal rights" and the equity is dispersed; Through the calculation of cumulative excess return (CAR) and the analysis of price-earnings ratio and other indicators through the event research method, it is found that the trend of CAR in the early stage of Xiaomi's listing is stable, and the price-earnings ratio shows a recovery trend in the later stage, showing strong market and valuation resilience. This study finally points out that the equity structure is the core factor that determines the performance of the capital market in the early stage of listing to a certain extent, and the dual equity structure is significantly adaptable to ecological technology enterprises.