A Case Study Of Changhang's Return To The A-share Market

At present,global economic development has entered a short-term downward cycle,and my country's economy is facing huge challenges.The severe economic situation has seriously affected the development of enterprises,the debt burden of enterprises has increased,and some industries have already experienced serious overcapacity.In particular,state-owned enterprises,which are the pillars of my country's economic development,face problems such as heavy debt burdens and high asset-liability ratios,and some enterprises have fallen into operating difficulties and financial difficulties.Some companies have been forced to delist and become delisted enterprises.In response to the difficulties faced by Chinese enterprises,the China Securities Regulatory Commission issued "Several Opinions on Reforming and Strictly Implementing the Delisting System of Listed Companies",pointing out that delisting companies that are in financial difficulties but are likely to be reborn in the future can implement bankruptcy reorganization and bankruptcy restructuring.The whole can help companies get rid of financial difficulties.Among the many cases of bankruptcy and reorganization,the case of NJTC Shipping returning to the A-share market is very typical and representative.It is the first state-owned enterprise in China to be delisted due to unqualified financial indicators,and it is also the implementation of China's re-listing system.The first single practice.The thesis takes the form of a case study.First,it outlines the company's basic profile and industry environment,and briefly describes the company's delisting,bankruptcy,reorganization,and re-listing measures.Second,based on the background of the case company,it focuses on analyzing the case The reasons for the bankruptcy and reorganization of the company and the non-economic effects of the reorganization have clarified the choice of bankruptcy and the rationality of the reorganization plan;finally,analysis of reorganization performance,and the link between bankruptcy reorganization and re-listing is clarified,And then summarize the success factors of reorganization.The final conclusion: First,the four major signals that listed companies are forced to delist: affected by macro policies,blindly transformed;cyclical industries enter the downward range,and there is a serious overcapacity;equity is too concentrated,lack of internal checks and balances;financial indicators continue Deteriorating,approaching the delisting red line.Second,state-owned enterprises are in a situation of serious insolvency but still have core competitiveness: Compared with bankruptcy and liquidation,bankruptcy reorganization and repayment rate is higher;formulate detailed and feasible reorganization plan,pay attention to the protection of creditors' interests,and market-oriented Adjusting the operating environment will help smooth the reorganization;implementing market-based debt-to-equity swaps can effectively reduce the leverage ratio.Third,delisting stocks must meet the five requirements for relisting if they want to relist;adhere to market orientation and timely adjust business strategy measures,which is conducive to improving the ability to continue operations;adopting a series of measures to stabilize stock prices,indicating the maintenance of small and medium investors Determination of interest.