Case Study Of Dalian Friendship Group's Control Transfer

Since the new rules launched in 2016,the traditional back door listing has been blocked.A number of listed companies have implemented changes through the transfer of equity agreements so that they can do further capital operation.Agreement transfer becomes alternative method of back door listing for unlisted enterprises.The concept of Equity transfer becomes more and more popular.There are more and more cases showing that listed companies' shareholders transfer their controlling stake.Under the influence of new restructuring rules,Dalian Friendship Group stopped the private placement with raising funds and buying assets,and turned to the agreement of equity transfer.The thesis discusses the relevant theories of control transfer and private placement.It also introduces and analyzes the case of Dalian Friendship Group's(stock code: 000679)control transfer from the three transfers.First of all,the thesis analyzes the purpose,objective,pricing,advantages,disadvantages and the causes of the failure of Dalian Friendship Group private placement.Second,the thesis analyzes the purpose,objective,pricing,advantages and disadvantages of Dalian Friendship Group agreement transfer.Then the thesis analyzes the causes and effects of shareholding transfer in subsidiaries after control transfer of Dalian Friendship Group.Finally,the thesis comparatively analyzes the structure of ownership and market reaction after the first and the second time transfer.From the case of Dalian Friendship Group control transfer we can conclude three enlightenments: control transfer can realize enterprise transformation;retreating in order to advance is a kind of strategy for enterprises to seek transformation;the high premium control transfer is one of the characteristics of control transfer.This is a reference for future research on the corporation's control transfer in practice and control transfer by future scholars.