Case Study On The Re-Listing Of Nan Jing Tanker Corporation

There has always been a strange phenomenon of "only entering and not leaving" in China's securities market.In response to this phenomenon,China issued the Implementation Method of Re-Listing in 2012 to improve the delisting mechanism,hoping to accelerate the pace of delisting of bad enterprises.However,since the re-listing system was promulgated,no enterprises have been successfully re-listed until November 2018,when the Shanghai Stock Exchange approved the re-listing application of NJTC,making up the practice gap of the re-listing system.The re-listing system(only applicable to the main board and small and medium-sized board delisted enterprises)is an important part of perfecting the delisted system,providing a path for the delisted enterprises to return to the securities market.The re-listing system accelerates the delisting process of bad enterprises and greatly promotes the healthy development of the capital market.The motivation of re-listing is related to establishing a good image,realizing development strategy,obtaining direct financing channels and responding to the policy of deepening reform of state-owned enterprises.The procedure for re-listing starts after the enterprise submits the application for re-listing to the stock exchange.The listing committee of the stock Exchange comprehensively examines the materials of the enterprise applying for re-listing,and the qualification for re-listing is strictly controlled by the stock exchange.The main research methods of this paper are literature research and case analysis.Based on the research of a large number of existing relevant literatures,this paper has sorted out the reasons for delisted companies to re-list,the financial performance of re-listed companies and the factors of successful re-listing.I chose the NJTC as the study case,analyzes its by what means to improve business performance so as to achieve the listed conditions again,eventually found it in improving through bankruptcy reorganization,dealing with huge losses in the process of operation project,business strategy adjustment,flow pipe system,makes the enterprise to alleviate the debt pressure,improve the operating condition,to strengthen the fine management system.Through the study,I think first of all,enterprises should consider their own business conditions,combined with the actual situation of the equity structure,for the enterprise to make bankruptcy reorganization plan,this plan should also consider the appeals of all stakeholders,so that the plan can help bankruptcy reorganization;Secondly,the market-oriented "debt-for-equity" can help enterprises get rid of hugedebts and help them return to profit as soon as possible.Then the going concern of the enterprise is the prerequisite of re-listing,delisting enterprises should be market-oriented in adjusting the direction of operation;Finally,improve the enterprise's own management ability,establish a process,refined management system,conducive to the internal management of the enterprise.NJTC in the oil industry has a certain influence,for the case of a listing to research not only complement the listed companies to practice theory,for the enterprise to capacity,sum up experience,get rid of the debt crisis and to improve business efficiency for clear delisting and the passage between the listed company also has a certain practical significance,for other private enterprises faced a similar dilemma.