Case Study Of Xinhua Commercial Anti-takeover Shanghai Baoyin

In the era of capital raging,China's securities market is also constantly developing and growing.It is not uncommon for all kinds of capital to buy and hold the shares of listed companies to takeover the listed companies in order to seek the control of it.Listed companies in the anti-takeover,aimed at taking defensive measures to prevent or repel the invasion of acquirer,so as to keep the controlling stake in the listed companies.For the management of listed companies,implement various anti-takeover strategies,both in order to safeguard the vested interests of shareholders,but also to keep the existing management status.Therefore,the core of the anti-takeover is to prevent the listed company by the acquirer to take control.Domestic and foreign scholars have accumulated a certain theoretical basis in the acquisition and anti-acquisition theories.However,although the theoretical knowledge is not less,the specific cases of the study are not much.In view of this,this article decides to select a more representative case for in-depth research from the current frequent occurrence of listed companies which were invaded.Firstly,the article focuses on the real anti-takeover case of Shanghai Baoyin,through the understanding the relevant information of the contenders,by the order of time to restore the development of process of control competition between the listed company and the takeover side,research various problems to lay the foundation for the facts before the next in-depth exploration.To use of case analysis in this paper,combine with the relevant theory,analysis the motive of takeover and anti-takeover,and the reasons why the anti-takeover will succeed.The things such as enhance the value of the company,optimistic the development of department stores,obtain a platform for listed company,the founder hope to be a man like Buffett,are the motivation for Shanghai Baoyin to launch the takeover.At the same time,interests of shareholders to maximize,ensure the independence of company,keep A-share market platform,retain the possibility of injection the assets of Wumart Holdings,are the power for Xinhua Commercial to drive the anti-takeover.Capital constraints,triggering legal supervision of these external factors,and the suspension of time,the holding shareholder holdings stock,withdraw listed company from the market as a threat,filed legal proceedings,set the qualification terms of directors of these internal factors,are the keys for Xinhua Commercial to get the success of anti-takeover.This article found that the stock price of Xinhua Commercial has abnormal fluctuation during this period,is strongly affected by the case of takeover and anti-takeover.Even the A shares market is experienced three waves of stock market crash,the stock price of Xinhua Commercial is still close to double,sharply outperformed the Shanghai Composite Index.Through the case study,we can get some inspiration from the prefect corporate governance system,to avoid becoming the takeover target,and correctly use the anti-takeover strategy.In order to improve the possibility to get success in the anti-takeover,the listed companies must be prepared the strategies of self-defense,beforehand defense,intermediate defense and afterward defense in the usual.Finally,summarize this case,hope this theory and practice of combining the application of research,can play a reference role for the listed companies to do a good job on the anti-takeover.