| In 2004,the China Securities Regulatory Commission advanced in the “Instructing Suggestions of the China Securities Regulatory Commission on Doing a Good Job in the Follow-up Work of the Termination of Listing of Joint Stock Companies”,giving delisted companies an opportunity to relist and trade by improving their own business results.Since then,the concept of “relisting” in my country has begun to appear.However,it was not until2012 that the relevant implementation measures for the relisting were actually introduced.By the end of 2021,only three companies in my country have successfully.Therefore,our country’s capital market still has the situation of “only listed but not delisted,but it’s hard to go up after going out”.Problems such as the difficulty of reorganization of delisted companies,the inappropriate relisting path,and the unsatisfactory relisting effect are still severe.There is still a long way to go for the virtuous cycle of “go up and down”.Therefore,SINOMACH-HE is the only company that has successfully relisted,and the relisting path it created is very meaningful for the case study.This thesis is based on the relisting system,combined with the case of SINOMACH-HE reloading and relisting,taking the existing literature as the starting point,Firstly,the background of the case study and the situation of relisting are elaborated;Then,by sorting out the cases in detail,describing the process from delisting to relisting of SINOMACH-HE reloading in detail,and analyzing the deep-seated motives of its relisting;Finally,it focuses on analyzing the relisting path of SINOMACH-HE from the perspectives of capital equity,operating business and strategic development,and analyzes the relisting of SINOMACH-HE in terms of financial performance,market share price and safeguarding the interests of stakeholders after its relisting.The specific effects of the study can be drawn to draw research implications and recommendations.Research shows that delisting companies with different types of situations should choose an appropriate relisting path according to their own specific circumstances,and the effect of relisting is obvious in the initial stage.Specifically,if a delisted company wants to relist,it should first solve its financial difficulties,and at the same time,it should focus on the interests of stakeholders,which will help promote the implementation of the debt restructuring plan.In addition,the sustainable operation of the original business of the delisted enterprise should be considered,and on the basis of maintaining no major changes in the main business,an appropriate rectification path should be selected to improve the company’s hematopoietic ability and restore the enterprise’s ability to continue operating,and ultimately achieve purpose of relisting.After research,the positive financial effect of relisting companies is more obvious;however,the stock price trend of relisting companies is not very optimistic.Although the capital market and investors still take a wait-and-see attitude towards the potential risks of relisting companies,overall,the majority of stakeholders remain positive about the relisting behavior.In addition,based on the analysis of the relisting path and effect of SINOMACH-HE,this thesis puts forward the following inspirations for other delisted companies that plan to relist: first,Enterprises should choose an efficient and beneficial relisting path based on their own conditions;second,use excellent fundamentals as the criterion to strive to improve their operational capabilities and enhance their market competitiveness;third,it is necessary to gradually promote the improvement of the relisting system,fill the legal gaps,strengthen the strict supervision of relisting applications,and maintain continuous supervision.Therefore,it is believed that the case study in this thesis can help create the healthy development of my country’s capital market and raise the literature research in the field of relisting. |
