| In recent years,the state has intensively issued a series of policies such as "Opinions on Promoting Enterprise Mergers and Acquisitions" to encourage and support listed companies to carry out mergers and acquisitions and restructuring,so as to play the role of asset restructuring in optimizing resource allocation and adjusting industrial structure,improve the quality of listed companies,promote industry integration and industrial upgrading,and ultimately promote national economic development.This paper selects Yingfang Micro as the case study object,because in 2019,Yingfang Micro was declared suspended by the Shenzhen Stock Exchange due to three consecutive years of continuous losses,on the verge of delisting facing the risk of delisting,if the restructuring work cannot be carried out,it will be detrimental to the enterprise to improve its business performance,especially Yingfang Micro belongs to the national key support chip industry,his revitalization has very important significance to the development of the national chip industry.Through the analysis of this case,the regulatory policy of the corresponding asset restructuring is further clarified,as well as providing reference experience for the next step of registration system reform and improvement of the delisting system.Based on theories related to asset restructuring,this paper applies a standardised research methodology to examine the case of resumption of listing of PCM.It analyses the various measures taken to resume listing,examines in detail the asset restructuring transaction plan adopted by the company to resume listing,analyses the quality of the assets injected and the impact on the sustainable development of the enterprise,discusses the transaction structure of the restructuring plan,and analyses the reasons why the restructuring plan was released from the perspective of regulatory policy,providing relevant experience and recommendations for the reform of the relevant delisting system.The study shows that The study shows that the compliance of the proposal,the sustainable profitability of the assets injected into the proposal,the continued integration of the acquired assets,the further development of the entire industrial chain,and the state’s support for the chip industry were the key factors that enabled the resumption of listing.The study of the resumption of listing of the PCM restructuring programme provides lessons for the reform of the delisting system. |
