The reason why Tencent is not listed on China’s A-share market: to raise the most money at the lowest cost.

The main basis for a company to go public includes:

Listing costs, financing scale, policy factors, shareholder wishes, etc...

1) Listing costs Generally speaking, this has a great impact on listing in different locations. For example, domestic listing costs are higher.

2) Financing scale. The main purpose of listing a company is to raise funds. Therefore, in addition to listing costs, policy restrictions, financial requirements, etc., the main basis is the scale of financing. Equity financing is usually the financing cost. It is a very high financing activity. Companies all hope to sell their companies at a good price, so the average price-to-earnings ratios given by different markets are directly related to the company's financing scale. The Chinese stock market experienced a five-year bear market in 2005, and the market sentiment was sluggish. Of course, high-quality companies are unwilling to raise funds domestically, so they have chosen to list overseas. However, after 2005, the domestic stock market has become very popular, so many companies listed overseas have chosen the domestic A-share market.

3) Policy factors. Domestic listings are still under the approval system and the operation is relatively complicated. Most foreign developed markets adopt the registration system, which has fewer restrictions and is relatively easy to list. The shareholders behind the company will also affect the listing location. Choices, such as the proportion of foreign capital, etc...

4) The wishes of shareholders, in fact, this largely refers to the wishes of the company itself and personal preferences