Study On The Overall Listing And Performance Of China Merchants Expressway Network Technology Holdings

In the early stage of the development of China's capital market,due to the lack of maturity of various systems,and the overall asset quality of enterprises at that time was generally not up to the requirements of listing.In order to seek listing,enterprises often separated some high-quality assets with high development potential and strong profitability for listing,that is,split listing.This was indeed the development of China's capital market at that time.The exhibition has played a certain role in promoting.However,with the continuous development of China's capital market and the maturity and perfection of various systems,the drawbacks of split listing gradually emerge,such as unfair related transactions between controlling shareholders and listed companies,illegal guarantees and other improper interests transmission,inter-industry competition and so on,which affect the healthy development of China's capital market.However,the holistic listing can better solve these problems brought by the split listing.More and more enterprises choose the holistic listing method.In recent years,the government has also issued various policies to encourage enterprises to go public as a whole.During the three years from 2014 to 2016,the state has issued several documents,such as "Some Opinions on Further Promoting the Healthy Development of Capital Market","Guiding Opinions on Deepening the Reform of State-owned Enterprises","Opinions on the Key Work of Deepening the Reform of Economic System in 2016".These policy documents all encourage the state-owned enterprises to carry out the reform of mixed ownership,and the holistic listing is the realization of the Mixed ownership reform is one of the most popular ways.Encouraged by this policy,Merchants Highway,as a wholly-owned subsidiary of China Merchants Bureau Group and a central state-owned enterprise,responds to the call of the state mixed ownership reform and starts to list as a whole in 2016.This time,China Merchants Highway will be listed as a whole by way of share exchange,absorption and merger of North China Expressway,with a view to integrating the highway resources under China Merchants Bureau,optimizing corporate governance structure,reducing related transactions and competition,optimizing resource allocation and achieving synergistic effect.On the basis of the basic theory of holistic listing,this paper chooses the case of Merchants Exchange Highway to realize holistic listing by merging North China Expressway.Firstly,this paper summarizes the concept,mode and performance evaluation method of holistic listing,then introduces the process and some elements of the process of holistic listing of China Merchants Highway.After understanding the process of holistic listing and some core elements in the process,it is to analyze the case of holistic listing.This paper mainly demonstrates and analyses the motivation,model rationality and transaction price rationality of the overall listing of China Merchants Highway in detail,and makes an analysis and Study on the market performance and financial performance of China Merchants Highway in order to achieve an objective and reasonable evaluation of the overall listing of China Merchants Highway.Through case analysis and research,this paper puts forward some suggestions on holistic listing from the perspective of enterprises and government,in order to bring some enlightenment and experience for enterprises needing holistic listing.From the enterprise's point of view,holistic listing should choose the right time,choose the holistic listing mode suitable for the enterprise according to the external and internal environment of the enterprise.At the same time,the enterprise should inject high-quality assets into the holistic listing,evaluate the transaction price of assets reasonably and fairly,and ensure the quality of holistic listing.From the government's point of view,the government should improve the relevant laws and regulations of holistic listing,and strengthen supervision in the process of holistic listing to protect the interests of minority shareholders.Finally,this paper concludes that,first,the overall listing should choose a suitable model for the enterprise itself,which is the basis for the successful realization of the overall listing,second,the objective and fair purchase price is the key to the successful realization of the overall listing,and finally,the overall listing can bring positive effects to the operation and development of the enterprise in many ways,and enhance the performance and value of the enterprise.