| The purpose of establishing B shares is to attract foreign capital to develop domestic economy.However,with the development of A shares,B shares plays a less and less financing role.Many B share companies have spontaneously switched to the A share to seek a new outlet.In 2021,Guangdong Guanhao High-Tech Co.,Ltd merged Foshan Huaxin packaging Co.,Ltd in exchange for shares,and finally Foshan Huaxin packaging Co.,Ltd was successfully listed on the A-share market.This is a successful practice for B-share companies to explore a way out.The study of this stock exchange plan can provide reference and reference for future B-share companies that want to convert to the stock market.Meanwhile,the study of the shortcomings in the stock exchange plan can provide opinions and suggestions for regulatory authorities when formulating laws and regulations.This paper combs and analyzes the motivation,plan design and performance analysis of this case.In terms of motivation,this paper analyzes from three perspectives: the B-share market,enterprises themselves,and the government;In terms of plan design,this paper first sorts out the share exchange plan,and then verifies the rationality of this plan by analyzing the key factors.The results indicate that the pricing of the cash option is unreasonable;In terms of performance analysis,this paper quantifies several data and finds that the stock exchange absorption and merger has significantly improved the price of Foshan Huaxin packaging Co.,Ltd shares and Guangdong Guanhao High-Tech Co.,Ltd shares,while the financial indicators and comprehensive competitiveness of Guangdong Guanhao High-Tech Co.,Ltd have improved after merger.Based on the above conclusions,this paper puts forward suggestions from three perspectives of regulators,B-share enterprises and investors.Firstly,in response to the lack of basis for pricing such as stock exchange prices and cash options,regulatory authorities should establish detailed pricing formulas to provide a basis for companies’ stock exchange plans;Secondly,in response to the problem of enterprises not disclosing information in a timely manner and formulating low cash options when formulating stock exchange plans,it is recommended that enterprises should be fair and impartial when formulating stock exchange plans,taking into account the interests of multiple parties,and protecting the rights and interests of small and medium-sized shareholders;Finally,investors should be rational,not blindly invest,and timely grasp the trading information about the stock exchange merger. |
PDF Full Text Request