A Case Study On The Backdoor Listing Of Greenland Holdings Corporation Limited Based On The Mixed Ownership Reform

With the economic environment continues to develop and the intensification of market competition and the promotion of the relevant policies of the efficiency of state-owned enterprises,the restructuring of state-owned enterprises has been a hot topic in enterprise management for a long time,especially in the state-owned mixed ownership reform in recent years.As we know,through the reform,state-owned enterprises can absorb private capital,while state-owned enterprises build better governance mechanism,finally it will stimulate the vitality of state-owned assets.Based on the time series,this paper describes the whole process of the mixed ownership reform of the Greenland Holdings Corporation Limited,and uses the event research method to observe the response of the capital market to the event,and confirms the improvement of the financial performance.In this paper,This case study has both realistic and theoretical significance in the context of fierce market competition.First of all,on the basis of elaborating the relevant research on the reform mode and its performance,this paper describes the process of the Greenland Holdings Corporation Limited to realize the mixed ownership reform through the backdoor listing,especially the process of the listing,solved the problem of the employee shares which cause the barriers and eliminated the ruler hinder which capital market set up,finally ownership structure achieved the norms and the company’s governance structure become perfect,also,the capital market also shows a good market effect on this event.Secondly,the paper analyzes the necessity and appropriateness of the path selection of the mixed ownership reform from the perspective of the industry,the demand and the policy environment of the Greenland Holdings Corporation Limited,and finally determines the path of the mixed ownership reform as the backdoor.And the final arrangement of the transaction structure is conducive to the realization of the goal of mixed ownership reform.By verifying the performance of the overall design of the backdoor listing and the financial performance after the reform of the mixed system reform,it is found that after the reform,the short-term financial performance improvement is not obvious,but from the long-term development point of view,the listing platform bring the convenience of financing and promote the improvement of governance structure,which has significant significance to enhance the efficiency of the company.Finally,through the research on the case of the mixed reform of the Greenland Group,it is found that in the process of listing,standardize the employees’ holdings,introduce the strategic investors in time,optimize the ownership structure of the company and the appropriate arrangement of the backdoor transactions to open the financing platform,avoid the impact of the policy environment and finally achieve long-term strategic objectives,which helped to enhance the business efficiency.At the same time this paper also put forward that we should focus on follow-up management,in order to maximize the significance of mixed ownership to state-owned enterprisesIn summary,the study of this case shows that Greenland Group is actively using the power of the capital market,the use of backdoor listing of the capital operation means to achieve mixed reform,provides a good platform or its future development,its experience provided domestic real estate enterprises and state-owned enterprises which carry out mixed ownership reform valuable practical experience.