First

A-shares require three consecutive years of profitability, while the Nasdaq exchange in the United States does not set a profit threshold. Internet companies often need to go through a long period of maturity before they can make a profit, and it is very likely that they will not meet the profit requirements of A-shares when they go public.

Second

Domestic laws have restrictions on foreign investment. Most Internet technology companies and Internet companies are extremely money-burning and require a lot of funds to grow. The initial financing of such companies all depends on foreign investment (in the early years, domestic venture capital had not yet emerged). For example, Alibaba took funds from Japan's SoftBank. However, Chinese law also stipulates that there are very strict restrictions on foreign capital investing in telecommunications-related companies (including the Internet), and joint ventures are basically impossible to be approved. In order to solve this problem, joint ventures have adopted the VIE structure to bypass this layer of policy supervision. However, when it came to listing, the China Securities Regulatory Commission regarded the VIE structure as circumventing legal policies and having legal issues, and did not allow domestic listing.

Telecommunications industry restricts foreign investment

Third

A-shares are subject to an audit system, and the listing cycle is long. It may take several years of hard work to go public. The US stock market has a registration system, and the listing cycle is short. If it is fast, it can be listed in a few months.

Fourth

A shares do not support "same shares, different rights". In Internet technology companies, the voting rights of founders are often much higher than equity. For example, Dong Ge holds 15.1% of JD.com, but his voting rights are as high as 78.4%, which is inconsistent with the "same shares, same rights" required by A shares.