| In the context of economic globalization,with the rapid development of network technology and digital information technology,the types and structures of traditional industries can no longer keep up with the pace of the times,enterprises are facing an increasingly fierce market competition pattern,industrial structure adjustment and enterprise restructuring is also a way to break the situation.At the same time,with the continuous improvement and maturity of the capital market,shrinking asset restructuring has become the focus of corporate attention.As a major form of shrinkage asset restructuring,spin-off and listing has not been fully developed in China,because for a long time,China’s supervision and management policies for domestic spin-off and listing have been relatively strict,and the attitude is not clear.However,the relevant policies recently issued by the China Securities Regulatory Commission have clearly opened the channel for domestic spin-off and listing,which will attract companies with diversified layouts,relatively independent businesses and a certain amount of profitability to spin off their businesses and land on A-shares.Therefore,at this stage,the discussion of the spin-off and listing of China’s capital market is particularly important.Baike Biotech is the first company listed on the science and technology innovation sector with "A to A" on the Shenzhen Stock Exchange,which plays a pivotal role in the development process of China’s spin-off and listing,and the study of this case has great academic and practical value.Firstly,the operation and development status of the parent and subsidiary companies,the background of the spin-off and the spin-off and listing process are described in detail,and then the value creation effect of the subsidiary after the spin-off and listing is described in detail through the analysis of capital market response and financial indicators,and the following conclusion is drawn: although the spin-off and listing can meet the financing needs of subsidiaries and promote R&D innovation.However,the performance of capital market response and financial performance indicators is not satisfactory.This is mainly due to the risk that Baike Biotech has a single product and fierce market competition before and after the spin-off and listing;improper timing of the spin-off;The Company’s vaccine business was affected by the new crown vaccination,the revenue decreased and the operating efficiency of the enterprise declined;In addition,the R&D investment is large but the payback period is long,so the short-term market effect and financial indicators are not as good as expected.Therefore,for pharmaceutical enterprises that have a spin-off and listing plan in the future,it is necessary to evaluate the necessity and feasibility of spin-off and listing in advance,and cannot blindly spin off,and at the same time,the spin-off should be carried out at an appropriate time.After the split,it is still necessary to ensure the efficiency of the use of funds,not to invest arbitrarily,and to make good business decisions. |
