Study On The Choice Of Overall Listing Patterns For Companies

Early development of China’s capital market, due to the small size of the capital market, policy and system limitations and other issues, leading to the possibility of listing the Group’s assets all at once is small, the prevailing practice is to spin-off. But with the development of capital markets, spin-off direct damage to the healthy development of capital markets. In order to solve the drawbacks of the spin-off, overall listing in China’s capital market began. Compared to the spin-off, overall listing can not only effectively reduce the related party transactions and intra-industry competition, but also for listed companies to bring new growth and vitality. Currently listed as a whole has become listed model with Chinese characteristics, the mode selection has become a hot issue of capital markets and securities markets.Based on more and more enterprises to embark on the road of overall listing, overall listing paper selected as the research direction, which is more critical for the research theme selection mode, select the Midea Group as a case of the Group’s overall market analysis to sort out the path of overall listing. In this paper, a series of related theories were first explain overall listing, and concludes convertible IPO, convertible merger and acquisition of additional definition and characteristics of the three kinds of patterns. Then using the method of financial indicators is closely related to the mode selection of solvency, profitability, combined with the pattern of the group’s overall listing of Midea compare advantages and disadvantages of different patterns. Finally summed up the Midea Group choose a share swap absorption merger to complete the whole appears on the market,and to evaluate the program.Various modes of overall listing for enterprise groups with different characteristics have different applicability. Enterprises should be based on comprehensive consideration of their stage of development, strategic development and other factors, select the most suitable for their own development mode of overall listing.