Research On The Path Select And Economic Consequences Of The Listing Of "A Spin-off A"

As China’s economic development has entered the new normal period,the reform of capital market has been deepening.The scientific innovation board,registration system,Beijing Exchange and other measures have been introduced successively,indicating the continuous improvement of the construction of capital market.In order to meet the development needs of listed companies and enrich the means of asset reorganization of listed companies,China Securities Regulatory Commission formally promulgated the "Listed companies spin-off subsidiaries Domestic listing pilot spin-off Regulations" on December 13,2019,marking the possibility of China’s A-share listed companies spin-off subsidiaries to A-share listing(referred to as "A spin-off A").Based on the above background,this paper chooses the first successful case of "A demolition of A" listed on GEM of Shenzhen Stock Exchange--the case of Huabang Health demolition of Kaisheng Xincai as the research object to analyze the motivation,path selection and economic consequences of "A demolition of A" of listed companies.First of all,this paper sorts out the domestic and foreign research results on the motivation,path selection,economic consequences and other aspects of spin-off,introduces the concepts related to spin-off listing,and lays a theoretical foundation for the following research.Secondly,this paper focuses on the analysis of the purpose,path selection method and reasons for the listing of Huabang Health spin-off Kaisheng Xincai,and analyzes the economic consequences of the spin-off listing from the perspective of market response,business performance,investment and financing status and corporate governance based on previous research theories.It is found that the spin-off listing brings positive market reaction,alleviates the capital pressure of enterprises,broadens financing channels and improves corporate governance.Finally,through the analysis of the case company,the following conclusions are drawn and suggestions are put forward.Conclusion: The purpose of listing Huabang Health is clear.Huabang Health spin-off listing path selection is affected by many factors;The spin-off listing has made both the parent and subsidiary companies achieve good economic results.Related suggestions: should choose the appropriate spin-off listing path;After the spin-off and listing,the subsidiary should also pay attention to improving the professional management ability;The government should strengthen the supervision of spin-off listing.