The Analysis About Motivation And Performance Of Giant Interactive Privatization

Privatization of listed companies is a special kind of merger and acquisition of enterprises in capital market.The enterprises to repurchase the circulating shares held by other small and medium shareholders in the form of cash or securities.company to a private one.Company.Although for China's capital market,there are few Because the capital market has a good financing function,many companies have listed in the capital market for foreign capital markets,some listed companies in overseas capital markets choose to privatize and delist.With the increasing richness of domestic capital market and t which is of great significance to improve the efficiency of capital market.After listing in the United States,Chinese enterprises have received support from foreign investors in capital,technology and corporate governance,which has had a lot of beneficial effects on their own development.However,after 2010,a large number of privatization delisting occurred in the U.S.and China,which also exposed many problems and shortcomings in the process of overseas listing of Chinese enterprises.At the same time,although there is still a gap between China's capital market and the mature American capital market,China's capital market is developing rapidly and perfecting through reform in recent years,and the multi-level capital market has initially taken shape.Many Chinese enterprises that have delisted from privatization in the United States have begun to seek listing in China.On December 16,2015,the Securities Regulatory Commission officially approved the backdoor scheme of Focus Media Qixi Holdings.Focus Media became the first Chinese stock company that had experienced a complete delisting from the U.S.market,dismantling the VIE framework and A-share listing.Following the Focus Media,China stock companies such as Perfect World,Perfect World and Home have been or are actively seeking to return to domestic listing.This paper takes Giant's network privatization delisting as the research object: Firstly,it elaborates the research background and significance of listed companies' privatization,summarizes the research status and methods of listed companies' privatization,then introduces the background of Giant's network privatization from the overview of the wave of stock privatization and the current situation of the development of the game industry;Secondly,it introduces the background of Giant's network privatization from the undervaluation of enterprises,the strategic adjustment of companies,the cost The motivation of giant network privatization is analyzed in terms of industry profit model and whether to seek re-listing through privatization or not.Secondly,the corresponding strategies are analyzed from the aspects of transaction mode,timing,source of funds and repurchase price in the process of giant network privatization.Next,the performance of Giant's network privatization delisting is analyzed.Finally,the enlightenment and thinking brought by Giant's network privatization to overseas listed online games enterprises and those to be listed overseas are summarized.Because of the particularity of the game industry,the current research on privatization does not involve online games enterprises,so Giant Network,as the first example of privatization of online games enterprises in China,of factors and risk response in the process of privatization of online games enterprises,and provides reference for later privatization delisting.