Case Study On Asset Reorganization Cases Of Baoding Technology

With the rapid development of China’s economy,market demand is changing rapidly,and many companies in emerging industries are favored by the market and thus get rapid development,but many listed companies that rely on traditional enterprises to develop began to decline,and the industrial structure and enterprise value growth mode of enterprises urgently need to be adjusted.Therefore,many enterprises choose to purchase high-quality assets through cross-border mergers and acquisitions,optimize the allocation of internal resources by integrating external resources,and achieve diversified development to cope with the new challenges brought by economic development.In 2019,the CSRC issued the new Administrative Measures for the Restructuring of Major Assets of Listed Companies,which made new adjustments and regulations to the policy of asset restructuring,especially stricter restrictions on backdoor listings.This article focuses on the restructuring cases in which Baoding Technology rescued the situation of the enterprise through epitaxial asset restructuring and successfully passed the CSRC’s review under the background of the strict supervision of backdoor listing after the promulgation of the new restructuring regulations,because the transfer time of assets purchased by Baoding Technology from related parties is less than 36 months after the change of control,and the asset injection is easily identified as a backdoor listing,which increases the difficulty of passing the CSRC’s review,and through the analysis and research of Baoding Technology’s asset restructuring plan,it helps to provide examples for the restructuring of related enterprises.This paper adopts the research method of combining literature research method and case study method,and uses asset restructuring diversification theory,synergy effect theory,transaction cost theory and information asymmetry theory to study the asset restructuring of Baoding Technology.This article conducts in-depth analysis and research on the asset restructuring cases of Baoding Technology from multiple perspectives,comprehensively expounds the relevant concepts of asset restructuring,the current restructuring status,policies and regulations,and the motivation of asset restructuring.Through the discussion of the design of the restructuring plan,the regulatory policy of the restructuring plan is clarified.This paper analyzes the transaction issues in the process of Baoding Technology’s acquisition of Jinbao Electronics,and analyzes the correlation between asset value evaluation and performance commitment.The case study of Baoding Technology’s asset restructuring shows that the design of asset restructuring plan,the effective evaluation of assets and the compliance of performance commitments are important prerequisites for promoting the smooth completion of asset restructuring.For the risks existing in the process of asset restructuring,it is necessary to propose targeted relevant measures from the perspectives of supervisory departments,intermediaries and parties involved in asset restructuring.