A-share Listing Strategy Of He Co.,Ltd.,Based On The Value Evaluation Research

A-share stock market has been more than 20 years.At the beginning,there was only few company chose A-share listed,but nowadays there are more than 3 thousand companies successfully listed in A-share stock market.It is a good choice for any company listing in A-share stock market to achieve the strategic tatget.For HE,it has 65 years’ history.As the central enterprises,its assets is more than 60 billion,for the historical reasons,HE dose not choose A-share listed but IPO in the HK stock market.HE does not share capital bonus that the development of A-share stock market.In recent years,Chinese economy is booming,GDP grows rapidly,so we conceive the HE’s A-share listing.First,this thesis summarizes the reform of the state-owned enterprises,and point out the necessity of HE listing in A-shaer under this background.Then,with reviewing the literature and public information,this thesis researches HE’s history,present situation,supply chain management,technological innovation,financial management,development strategy,corporate governance.Based on these situations,using the valuation method,we confirm that the HE’s company value has been underestimated.Next,we use FCFF,PE,PB,EVA methods to research the HE’s listed company-HP’s value,and also research the shell-compant JDGF(000922.SZ)’s value with B-S model method.After that,we analysis the motives of HE’s A-share listing,combine with the HE’s proper value and the relevent A-share listing theory,we propose three A-share listing strategies: IPO,back door listing method and convertible merger method.All these strategies are based on the maximum of the HE’s value.At last,we discuss some issues that may happen during the execution process,e.g.legal affairs of tender offer,information disclosure,corporate social responsibility,strategic sustainability.