Study On The Hostile Takeover Of Vanke And Its Strategy Of Anti-takeover

With 20 years of development,China’s securities market has become more mature and normative.and it will continue to be a higher level.China’s securities market laws and regulations are becoming more and more perfect.For instance,the Corporate Law and the Securities Law of the People’s Republic of China has been revised continuously for improvement.The promulgation of the Takeover Regulation Act of Listed Companies has reduced the cost of acquisition of listed companies,which facilitates the takeover of listed companies.The pace acceleration of the reform of split share structure and the full circulation era contributes to the takeover.In addition,in recent years,China’s insurance funds and other institutional idle funds have continued to grow rapidly,which provides abundant funds for the takeover of listed companies.But China Insurance Regulatory Commission(CIRC)has specified the use of the insurance funds in the stock market.The use of the insurance funds must be moderate and follow the safety principle.From the year 2015 to 2016,Baoneng Investment Group,Anbang Group and Evergrande Real Estate Group successively purchased Vanke’s tradable shares from the stock market,and it was a hostile takeover of listed company because Vanke’s management disapproved of the takeover.Thereafter,the takeover created high volatility of Vanke shares and triggered the equity holding contest.Based on the study of ownership structure and stock investment value of Vanke,this paper focuses on the takeover of Vanke,and puts forward the common anti-takeover measures due to China’s securities market laws.Conclusions have been given at the end of this paper according to the research.