Study On The Path And Effect Of Re-Listing Of Bankruptcy Reorganization Company

In February 2023,China Securities Regulatory Commission(CSRC)issued relevant institutional rules for the full implementation of the stock issuance registration system,improving the delisting system and the re-listing system.There are not many enterprises that realize active delisting and re-listing in the stock market.By the end of December 2021,there are only four companies that realize active delisting in our country A-share market,respectively,Sinomach Heavy Equipment Group Co.,Ltd(be shortened to Sinomach-He),Shanghai Potevio Co.,Ltd,Yingkou Port Liability Co.,Ltd and Aerospace Communications Holdings Co.,LTD.Only Nanjing Tanker Corporation,Sinomach-He and Hui Lyu Ecological Technology Groups realized the re-listing.The active delisting rate and the re-listing rate in China are very low.Sinomach-He is the first company in the Chinese stock market after delisting voluntarily to re-listed through bankruptcy reorganization.At present,scholars have little research on the re-listing of A-share delisted enterprises.On the basis of literature review,this paper combs the regulation system of Chinese listed company bankruptcy reorganization,analyzes the present situation of bankruptcy reorganization,and designs the index system of re-listing effect based on the operation theory,common interest theory,life cycle theory and order financing theory.At the same time,taking Sinomach-He as the object of case study,this essay explains the company’s situation,the active delisting process,the bankruptcy reorganization process and the re-listing process.What’s more,this paper analyzes the reasons and results of the initiative delisting,the reasons and paths of the re-listing,and studies the effect of the whole process.It can be seen that in order to protect small and medium investors,Sinomach-He chose to delist voluntarily,and was relisted due to policy support and management improvement.Finally,according to the above analysis,this essay comes to the conclusions and makes some advice.This paper concludes that the bankruptcy reorganization and re-listing regulations of listed companies are in line with the current situation of China,the re-listing effect evaluation index system can clearly reflect the situation of enterprises,and the successful experience of the case company is instructive.This paper makes suggestions: enterprises need to formulate long-term development strategy,bankruptcy reorganization enterprises need to improve sustainable operation ability,and enterprises need to choose the way of delisting and re-listing according to their own conditions.