Return To A Shares In Focus Media Case Studies

In recent years,the U.S.stock valuation is low,while the domestic asset market release positive signal,many companies in the stock market will choose to return to A shares,and backdoor listing is a major channel of return.But after 2016,with the corresponding policy change and contraction,takes stock market return of A shares suspended status,but only the problem of a process specification,and not the return of A shares of the road to nowhere,the future still have a lot of qualified enterprises choose to return to the Focus Media as a successful case,the largest in recent years the return of A shares,or has a certain reference,this article is in this context description.The first part is the introduction,mainly introduce the research background,content and significance of the research,summary of research and innovation at home and abroad;the second chapter is the introduction of relevant theories,first of all from the industry point of view,the payment of the purchase price,enterprise merger and acquisition behavior three aspects introduced acquisition related theoretical knowledge,and then introduces the meaning and the backdoor backdoor listed on the motivation,in the process of capital operation,the concept of shell resources and expounds the international classification of shell resources at the end of the paper,namely real shell company,shell company and net shell company three;the third chapter is mainly introducing the case,including the case background,the parties to the transaction,the Focus Media HEDY holding the basic situation and the causes of their own,backdoor listing process and results,in this case for the Focus Media backdoor HEDY holding listed,the return of A shares,the transaction process includes a major asset replacement,the issue of shares and the payment of cash to buy assets,the issuance of shares to raise funds.The results for the backdoor listing after the completion of the transaction Jiangnanchun become the actual controller,HEDY holding the main business into the advertising industry;the fourth chapter analyzes the case,mainly analyzes the risks of trading in replacement of assets,issuance of shares and cash payment of three kinds of means of payment and transaction process,and compared with the regression by M & a Focus Media backdoor listing as a successful case,have certain reference significance in the choice of means of payment and cash payment options,but there are certain risks,listing process is completed,HEDY holding transformation of the main business,whether it can achieve the expected integration also need to be late.