Strategy Of Anti

In recent years,with the continuous advancement of the reform of non-tradable shares in China,the shares of listed companies in China are showing a trend of diversification.In addition to the decline in economic growth,the overall stock market is weak,the market is at a historical low and other macroeconomic factor,high-quality listed company assets have become "hot property",hostile acquisitions get frequent.However,China's listed companies have a weak sense of anti-hostile takeover and lack of practical experience in the use of anti-hostile takeover measures.According to the existing research literature,the research on anti-hostile takeover in the current stage is relatively lagging behind.Therefore,by studying specific anti-takeover cases,this paper complements the deficiencies of existing theories and discusses how to better implement anti-takeover strategies under China's national conditions to achieve the purpose of anti-takeover.In this paper,literature research is taken as the starting point of analysis.In the first chapter,existing literature is analyzed,and the development trend and shortcomings of related research are sorted out.On this basis,the second chapter puts forward the definition of hostile takeover in this paper,and then introduces the anti-hostile takeover theory,including the short-sighted theory that supports hostile takeover,the theory of stable development of the company,the theory of shareholders' interests,and the effective capital market theory and structure theory that oppose hostile takeover.Then introduces the foreign commonly used anti-hostile acquisition means.The third chapter introduces Zhenxing Biopharmaceutical & Chemical Coanti-hostile takeover in detail,including the background of all parties involved in the acquisition,and the process of equity competition.In the fourth chapter,on the basis of theory,the motivation of Zhenxing Biopharmaceutical & Chemical anti-hostile takeover and the motivation of Zhejiang United Investment Group takeover were analyzed.The legitimacy and effectiveness of the anti-hostile takeover measures taken by were analyzed.The problems exposed by Zhenxing Biopharmaceutical & Chemical in the acquisition process were summarized,and the advantages and disadvantages of Zhenxing Biopharmaceutical & Chemical in the anti-hostile takeover process were extracted.Chapter 5 proposes Suggestions to listed companies,regulators and minority shareholders based on the failure of Zhenxing Biopharmaceutical & Chemical anti-hostile takeover.Based on the case study of Zhenxing Biopharmaceutical & Chemical anti-hostile takeover,this paper concludes that the reasons for Zhenxing Biopharmaceutical & Chemical being hostile takeover are as follows: possession of scarce resources,decentralization of equity,and chaotic internal governance.These internal factors eventually led to the loss of control of Zhenxing Biopharmaceutical & Chemical original shareholders.In the process of equity competition,Zhenxing Biopharmaceutical & Chemical Co also took a series of measures for anti-takeover,including suspension,restructuring,litigation,white knight and other strategies.One of the real anti-takeover effect is the white knight strategy.Therefore,it is concluded that,in today's increasingly frequent hostile takeover,listed companies should do a good job in advance,during and after the defense,regulators should constantly improve the relevant legal regulation construction,and small and medium-sized shareholders should strengthen their awareness of rights and interests protection to participate in the process of listed company governance.