Corporate evolution following initial public offerings in China: A life-course approach

► We study the determinants of three post-IPO outcomes: delisting; acquisition with control change; acquisition without control change ► Variables cover the issue, the issuer, investors, the industry and corporate control ► Delisting is influenced by issue-specific information, the issuer's financial status, ownership and governance ► Acquisition differs by industry features, ownership, corporate control and board structure ► The after-market outcomes are mixed consequences of market selection and government control