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Data:2009-12-12 2:34
CPC requirements "using capital as the link, through the market to create highly competitive trans-regional, cross-sectoral, cross-ownership and cross-border operations for a large group enterprise", so the reorganization of assets has become an important part of economic life, including in the capital market, "listing a shell company," "backdoor listing" has become a new landscape.
The so-called "public shell" is a dominant enterprises through the acquisition of claims, holding, directly funded the purchase of shares and other tactics used to achieve the acquisition side (listed company) the ownership, management rights and listing status. At present, the shell in our country, backdoor generally acquired through secondary market or through the state-owned shares, legal person shares of the transfer agreement. For example: Shanghai Guan Sheng Yuan transferee of the Shanghai Light Industry Holding Company 53.23% stake in state-owned shares; Hainan and Shenzhen Genesis Global China has become the Soviet Union's largest shareholder of three mountains; Shandong Huanyu Lanling controlling 51.9% stake in the shares and so on.
15 large state-owned enterprises reform ideas as "and encounter great" asset restructuring state-owned enterprises to use the method to solve a market economy, that is carried out through the capital market, rather than using administrative means to resolve. RTO is a prominent feature of the reorganization of assets, it can greatly optimize the allocation of resources, due to equity as a kind of economic resources to accelerate the flow and optimized combination of internal pressures, some underperformance companies and enterprises to expand the inevitable result of impulse. As the primary stage of socialism in China, joint-stock reform is also a lack of experience, plus a few years before the economic slowdown and the market economy, competition, a few years, there is no lack to form a number of "shell company." Some large groups, large companies and famous enterprises as a result of various conditions of the reason can not be listed on these advantages, the strength of their own companies listed or backdoor listing through a shell, which can improve the quality of listed companies, but also can change the "shell company" the plight of and inject new vitality, but also through asset restructuring, capital operation of the installed shell, shell-shedding address the development advantages of funds of enterprises and groups. RTO is generally brought about performance enhancement, and some changes will have reborn. Normally after the listing through the shell, the shell companies would be investors in the secondary market re-awareness, generate higher stock prices. Therefore, the shell is listed on the secondary market speculation of an eternal theme. As the RTO may bring about horizontal mergers, vertical mergers and acquisitions, and mixed mergers and acquisitions, thus facilitating the advantages of enterprise scale, diversified development. Therefore, in the new year, relying on the capital markets, asset reorganization will be increasing the depth and intensity to enhance the flow of capital markets.
