Analysis Of Salt-lake Group Overall Listing

In recent years, the Chinese government vigorously promote the overall listing ofstate-owned enterprises, so as to solve the disadvantages brought by the spin off listing,corporate governance structure. But in the special background of institutional and regulatoryenvironment in China, listed as a whole process control of large shareholders may beaccompanied by the occurrence of expropriation, resulting in damage to the interests of smallshareholders. In this paper, a careful analysis of the whole process of Saline Lake group listed asa whole, from which we find:(1) the Saline Lake group to implement the macro background ofthe overall market in the face of the overall market, the abnormal path, has been listed in theholding subsidiary company under the condition of large purchase, ST digital shell resource;(2)the reason behind the buying shell resources through analysis, found the ultimate purpose ofSaline Lake group is holding the right to consolidate its ultimate controller of listed as a wholethe follow-up of the company;(3) the Saline Lake group listing, facing Saline Lake potash pricesand other factors, the huge amount of mineral resource fee collection measures such as potashprices down Saline Lake, to improve their own performance, at the same time compressionproportion, to ensure that the Saline Lake group major shareholders in listed equity not bediluted;(4) the major shareholder through cash dividend, related party transactions to occupy theinterests of minority shareholders in the overall listing process. Aiming at the control of largeshareholder’s expropriation behavior, this paper analyzes the background and causes of thesystem of expropriation behavior. Aiming at these problems, put forward by strengtheninggovernment supervision, improving the overall listing information disclosure and other measuresto improve the overall listing process supervision, protect the interests of small shareholders.