Research On The Reorganization Of ST

After listing successfully, enterprise can be able to get the funds, to broaden their financing channels and to obtain the low cost of financing. However, under China's strict listing approval system, to receive listing qualification, besides to many access conditions, enterprises need to get approval of China Securities Regulatory Commission(CSRC). Even if meeting audited standards, enterprises need to wait for a long time to list. In this context, it is a wise choice that enterprises backdoor list through asset restructuring for scarcity of resources. The shell companies have been given a great restructuring value with the characteristics of our country. The listed shell company is able to get rid of the risk of delisting, and realize the value of shareholders. Through backdoor listing, enterprises obtain qualification of listing indirectly. This laies a good foundation for its follow-up development, and bring greater value for its shareholders. Through the combination of the theory and the case, this paper discusses how to realize the reorganization on bankrupt companies, to play a role in optimizing the allocation of resources, to play a role in the value of the listing Corporation, to achieve the win-win situation of the shareholders, creditors, backdoor party, workers, etc. Meanwhile, here is a a detailed analysis on a backdoor listing FUAO Co.,Ltd. Through in-depth discussion on the case, we can carry out the asset reorganization for the enterprise, how to design the restructuring plan and promote the success of the reorganization, and to maximize the interests of creditors, shareholders, backdoor and other aspects, to provide a reference and inspiration.