The Case Analysis About The Scramble Of Vanke’s Equity Stake

Since 2015,China’s capital market has been into a period of great-leap-forward development.The connection of ShenZhen-HongKong Stock is on the agenda,the reform of registration system goes near,four board market is upcoming,and multiple policy is being pushed gradually.So market subjects are expanding,and the capital market is becoming mature little by little.However,the haze scattered of deflation don’t open,interest rate reduction of China’s Central Bank drops continuously,the stock market ups and downs,circuit breakers are forced to reduce volatility,the reform of the supply side to “reduce the capacity” and “upgrade industries” is accelerating,which make the M&a market outburst continuously.At the same time,insurance market develops rapidly,premium income increase dramatically,investment of insurance funds out,asset allocation is more flexible,and business structure continues to optimize.However,rising cost of debt side increases credit risk gradually,market interest rates continues down,Investment project is obviously insufficient,the "asset shortage" in investment side is serious,which prompt insurance fund raise frequently.Thus,mergers and acquisitions become the melody of mature capital market,insurance information and leverage become the killer of capital market,and takeover and anti-takeover actions are tit for tat to each another.In addition,it reflects that the relevant laws and regulations system is not perfect in our country,the governance structure problems of listed company highlight increasingly,anti-takeover measures lag and lack and so on.The scramble of Vanke’s equity stake is a landmark event in the process of China’s capital market becoming mature gradually,also the ups and downs of competition and the wonderful operation technique of takeover and anti-takeover Will be in history as classics.Therefore,this paper is based on the case,and on the perspective of hostile takeover and anti-takeover.First of all,it explains the background and significance,research status and insufficiency,the research ideas and methods,innovation and deficiency.Secondly,this paper describe and review of case summary,mainly in order to clarify the the relationship of “barbarian” between each other,and the financing way of hostile takeovers involving,also the leverage path and vanke’s anti-takeover measures.Again,it analyzes the causes of hostile takeover,mainly including theory,macro and microscopic factors.Then,using the above analysis,the hostile takeover target company’s anti-takeover strategy for selective analysis,divided into the corporate governance structure,ownership structure design and the choice of anti-takeover measures,designed to provide a reference for more and acquisitions of listed companies and using for reference.Finally,I’ll summarize the full text,and conclude the revelation this case give,also put forward some suggestions for relevant institutions and listed companies and so on.This paper argues that hostile takeover is a kind of economic and legal concept,and need not be a "malicious".On the contrary,legal compliance acquisitions may promote the enterprise healthy and the market rules further standardize.At the same time,listed companies need to perfect the corporate governance structure,make the anti-takeover measures flexible,and pay attention to small and medium shareholders’ interests and so on.Regulators also need to treat takeover and anti-takeover fairly,standardize information disclosure and financial organization,strike Insider trading and market manipulation and so on,so that China’s capital market can be more legalization,standardization and marketization.