Research On The Overall Listing Of China Energy Engineering Corporation Limited From The Perspective Of Resource Integration

In recent years,the state has issued a number of policies to encourage state-owned enterprises to use the capital market to carry out mergers and acquisitions,and promote industry integration and industrial upgrading.In June 2020,the Central Committee for Comprehensive Deepening Reform deliberated and adopted the Three-year Action Plan for the Reform of State-owned Enterprises(2020-2022),which clearly pointed out that state-owned enterprises should focus on the main business,improve the market-oriented operation mechanism and enhance their core competitiveness.In October 2020,the Opinions pointed out that it was necessary to promote listed companies to become better and stronger,support high-quality enterprises to go public,and improve the systems of assets reorganization,acquisition and spin-off of listed companies.Under this background,CH ENERGY ENG and Gezhouba were listed as a whole,which became the first case of absorption and merger of listed companies in central enterprises after the three-year reform of state-owned enterprises.CH ENERGY ENG and Gezhouba had complicated business,large assets,wide geographical distribution and many stakeholders involved.However,it only took ten months from the time when CH ENERGY ENG and Gezhouba announced the suspension of trading to formally obtain the approval documents.Therefore,this paper intends to analyze the reorganization mode and the actions of integrating resources,so as to improve its core competitiveness.The core question of this paper is: Under the background of the three-year reform of state-owned enterprises,how to integrate resources through overall listing? Taking CH ENERGY ENG as the research object,based on the overall listing,this paper analyzes the strategy and effect of resource integration in the process of overall listing step by step from three aspects: resource identification and selection,absorption and allocation,activation and integration,and explains the influence path of overall listing on resource integration of state-owned enterprises.Through this research,it is found that,first of all,in the stage of resource identification and selection,it is necessary to position the industries,markets and products,and it seeks to achieve strong alliance through overall listing,achieve business transformation based on the "double carbon policy" and open up the whole vertical industrial chain.Secondly,in the stage of resource absorption and allocation,the share exchange price,share exchange ratio and cash option price are reasonably set by means of share exchange absorption and merger,so as to protect the interests of small and medium shareholders,encourage shareholders to actively participate in share exchange and ensure the smooth completion of the transaction.Then,in the stage of resource activation and integration,the specific path of resource integration includes promoting business transformation based on strategic layout;optimize business structure and develop EPC projects;optimize organizational structure and improve management efficiency;solve the competition in the same industry and establish a digital platform;highlight domestic key points and expand overseas markets.Finally,through the resource integration measures in the overall listing process,CH ENERGY ENG has realized the business transformation,and the enterprise value has been improved.The orders have increased rapidly,laying the foundation for future profit improvement.Based on the background of the three-year reform of state-owned enterprises,this paper studies how to integrate resources to build the core competitiveness of enterprises through overall listing under the new target requirements.Different from the single validity analysis of the existing research,this paper combines the whole process,including three stages of resource identification and selection,absorption and allocation,activation and integration,and uses the case of CH ENERGY ENG to provide reference for other overall listed companies as follows:(1)in the stage of resource absorption and allocation,according to the identified resource types,select the appropriate resource absorption method for overall listing,and balance the interests of major shareholders and minority shareholders;(2)in the stage of resource activation and integration,through the integration of human,financial and asset resources,improve corporate governance;Integrate resources from business layout,business model,business market and other aspects to enhance profitability.