The Impact of Dual-Class Share Structure on Financial Performance: A Case Study of Ninebot Limited

Abstract

In recent years, the global wave of technological innovation has accelerated, and emerging high-tech enterprises generally face the core contradiction between “stable control” and “external financing needs” in their development process. These enterprises often rely on the strategic judgment and technological leadership of the founding team, and an increasing number of emerging high-tech enterprises are choosing to adopt a dual-class structure. This equity governance structure has been widely recognized abroad, while there is relatively little research and practice on the dual-class structure in China. This article takes Ninebot Limited as the research object. During the research process, the financial data of Ninebot Limited for the years preceding and following its listing served as the core, and the data of Emma Technology and Yadi Holdings for the same period were synchronously matched. From the three dimensions of debt paying ability, operating ability, and profitability, through horizontal and vertical comparative analysis, the role of dual-class structure in safeguarding founder control, supporting R&D expenditure, optimizing decision-making efficiency, and ultimately its impact on corporate financial performance was systematically explored. This study fills the gap in empirical research on dual-class structures in China and aims to provide practical references for local high-tech enterprises planning to adopt this structure in the future. At the same time, providing data support for the improvement of special equity structure regulatory policies in the capital market, and helping domestic technology innovation enterprises find a balanced path between “stable control” and “high-quality development”.