Wuchan Zhongda Group’s Overall Listing Case Studies

Overall listing is the important measure ofpromoting the reform of Crown corporationsfor the betterment of the modern enterprise system.It could enhance the equity structure of Crown Corporation,thoroughly solve the problem of equity structure inversion and form the long-term mechanism,which promotes the reformation process in enterprises.No matter from the opinion of securities market,or in the crown corporation’s point of view,overall listing plays a decisive role in this reformation.In order to push the construction of crown corporations’ modern institutionalization,the powerful policy and guidance from central government open a new round reform of Crown Corporation since September 2015.This is the first time that Chinese government presents its active attitude to encourage and support the overall listing of crown corporations,which offers the benefit condition for overall listing.Recently,following the positive development of Chinese capital market as well as economy and security market,the profits through overall listing achieves a huge leap.More and more corporate executives endorse the overall listing mode.That gradually formulates the trend in Chinese capital market.This papercombines theoretical analysis with case study to explore the core topic-overall listing.Firstly,it makes a reference from international & domestic overall listing and a large amount of researches & discussionsof the relevant topics,mainly including the reformation process of crown corporations,bettering the equity structure,the successful casesofoverall listing,comparative analysis between Spin-off listing & Overall listing and some things like that.Then,on the basis of summarizing the research achievements of others,it starts from the concept of overall listing and provides its theoretical support,which helps to make a conclusion that there are three types of modes: reverse acquisition of parent company,absorption & merger and direct IPO.After the comprehensive comparative analysis,the article regards the overall listing of large group in the production as an example and analyzes the driving factors & effects in such situation using event research method.Finally,this article produces some suggestions from three aspects:Crown group itself,ensuring overall listing and promoting the overall listing process.In order to push the process of crown corporations’ overall listing,choose the best listing modes for Crown corporation itself,and provide reference related to normative operations in the Overall listing process,this article produces some suggestions from three aspects: Crown group itself,ensuring overall listing and promoting the overall listing process,which has the important theoreticalsignificance in cognition & research and practical significance in choosing & operation on practical overall listing.