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中文摘要：
市场分割其实是一种普遍现象。中国A股市场存在一定的泡沫，市场的大起大落以及可供上市的潜在资源相对匮乏，使得红筹股回归成为稳定市场的选择之一。通过对红筹股回归产生的经济效应的分析表明：红筹股回归将增加投资者的投资品种，有助于提升A股投资者的福利水平；由于A股市场普遍溢价于H股市场，红筹股回归的IPO定价可能会高于其原红筹股价格，因而可能存在财富从A股投资者向红筹股投资者转移的现象。
英文摘要：
Market segmentation is a common phenomenon. There is foam in A stock market. With extremely fluctuation of market and shortage of potential resources, Chinese concept stock in Hongkong market returning to A stock market becomes a selection to stabilize our market. The analysis of economic effects result from Chinese concept stock returning shows that firstly the returning will enrich investment variety and be helpful to increase investor＇ s welfare. Secondly, for premium of A stock is higher than that of H stock, IPO pricing of Chinese concept stock returning may be higher than its original H stock price, so there may be a phenomenon that wealth is shifted from A stock investors to Chinese concept stock investors.
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