| Under the environment of reform and opening up,China’s capital market has been developing rapidly,and the overall economic development is on a positive trend.The market system is becoming more and more perfect,creating a stable and favorable overall atmosphere for the development of enterprises,while at the same time,enterprises are facing unprecedented challenges.In China’s securities market,there are more and more listed companies,but only a few companies are delisted.In response,China issued the "Re-listing Implementation Method" in 2012 in order to optimize the capital market,improve the delisting regulations,and hopefully let poor quality companies exit the capital market as soon as possible.The relisting system is an indispensable part of the improvement of the delisting system,which provides a new way of thinking for enterprises-"retiring first and then going up".This system removes some of the undesirable enterprises in the capital market and makes a great contribution to its healthy and orderly development.Since there are few relisting cases and the concept is relatively new,it is of great practical significance to study the motivation of active delisting and relisting and the related issues brought by them for the development of China’s capital market.This paper selects Sinomach Heavy Equipment Group Co.,Ltd.as the research object for case study,which is representative as the first case of re-listing after active delisting in China.The paper firstly introduces the background and significance of the study,and reviews the literature on active delisting and relisting,and then introduces the content and methodology of the study,as well as the innovations;secondly,it describes the basic situation of Sinomach Heavy Equipment Group Co.,Ltd.and composes the process of its active delisting and relisting;again,it takes the concept of active delisting and relisting,the operating value theory and the strategic management theory as the theoretical basis to the problems of Sinomach Heavy Equipment Group Co.,Ltd.’s re-listing and delisting are summarized into four aspects: poor performance after IPO,malicious use of active delisting rules,damage to the interests of small and medium shareholders after delisting,and poor market feedback after re-listing,and the reasons for the problems are further analyzed;finally,countermeasures and suggestions are proposed for companies and regulators who choose to delist and re-list based on the case study.Through studying the case of Sinomach Heavy Equipment Group Co.,Ltd.,analyze the existing problems of active delisting and relisting,and provide some insights for the relisting of other actively delisted enterprises in China in the future:scientifically formulate development strategies at various stages;rational use of active delisting rules;in the process of delisting,it shall take the initiative to disclose information publicly;to build the long-term core competitiveness of enterprises,the regulatory authorities should improve the active delisting and re listing system. |
