Research On The Path And Effect Of China Merchants South Oil's Integrated Relisting

Since the delisting of the first company in China's A-share market in 2001 to the end of 2019,a total of 106 companies have been delisted,of which only China Merchants Nanyou has relisted,which shows that it is difficult for delisted companies to relist.In China's state-owned enterprises,it is easier to obtain the support of the government and other parties.Does the re-listing of China Merchants Nanyou,which has the nature of state-owned enterprises,mainly rely on government support? This is the key issue of this article.To analyze why China Merchants Nanyou can re-list,and how effective is it after re-listing? This article analyzes the progress from the four aspects of the reasons for delisting,the path of bankruptcy reorganization,the effect of relisting and the enlightenment of cases.The analysis found that the company mainly adopted high financial leverage measures to aggressively expand its capacity,and the single business operation could not diversify the losses caused by market risks and delisted.According to the theory of operating value,the company should go bankrupt and reorganize instead of bankruptcy and liquidation;considering that the company's main business still has operating value,combined with the new bankruptcy law and interests and the common theory,the company should adopt the bankruptcy reorganization of the business retention model.Under this reorganization model,the company mainly paid off debts of about RMB 619,512,47 million through debt-to-equity swaps,accounting for 53.65% of the company's total debts;divested 12 inefficient ships to stop the loss point of the enterprise;and implemented diversified strategic operations and market-oriented corporate governance.During this period,the government did not directly participate in the reorganization,but adhered to the principle of marketization,prompting the company to meet the conditions for re-listing after the reorganization.After the company's re-listing in January 2019,its operating performance improved significantly.The total operating income and non-net profit deduction increased by 660,557,700 yuan and 577,872,300 yuan respectively,up 19.55% and 198.95% year-on-year.It is protected,but the company 's stock price fluctuates in the short term and shows a downward trend in the long run,mainly because the company still has greater operating risks and cannot find gold dividends for a long period of time and cannot raise funds on the open market.Therefore,this article proposes that companies should strengthen the expansion of large customers and continue to develop new businesses to diversify business risks;seize the opportunities of the “Belt and Road” and deepen strategic cooperation with neighboring countries to achieve mutual benefit and win-win results;strengthen R & D and innovation,promote digital transformation,and increase the company 's Three suggestions for sustainable operation ability.In addition,through the analysis of the entire process of China Merchants Nanyou's delisting,reorganization and re-listing,it also inspired other delisting companies to choose a suitable reorganization model,market-oriented operation,and pay attention to the protection of stakeholders' rights.