Research On The Timing Of "Zhuoer System" Increasing Its Holdings Of Hanshang Group Under The Background Of Mixed Reform Of State-owned Enterprises

In recent years,the mixed ownership reform of state-owned enterprises has entered a new stage of development,showing an accelerated pace.As an important part of the market economy,the private economy has gradually transformed from weak to strong,and the participation of private enterprises in the mixed reform is also an important driving force for successfully promoting the mixed ownership reform of SOEs.The increase in shareholding by major shareholders is an important means for private enterprises to participate in the mixed ownership reform of SOEs,which gives private shareholders the opportunity to leverage SOE reform for strategic development.As a private capital,the "Zhuoer System" has been increasing its holdings in the state-owned enterprise Hanshang Group for seven years,and has taken control of Hanshang Group with an "extreme offer".The timing of the increase is particularly important for private capital to participate in the reform of SOEs’ property rights diversification and eventually become the actual controller of SOEs,changing Hanshang Group from a pure SOE to a private holding.Therefore,this case has strong research significance and is worthy of in-depth analysis.This paper uses case studies and financial analyses to analyze the timing of the increase in holdings of Hanshang Group by the Zhuoer system in the context of the mixed reform of state-owned enterprises.Firstly,the implementation process and motivation of the increase in holdings are explained,and the motivation of the major shareholder is examined in terms of strategic expansion,resource deployment,synergistic effect between the two parties,as well as the value and equity structure of Hanshang Group,and the factors affecting the timing of the increase in holdings are analyzed.In the first stage,the timing of the increase is analyzed in terms of the national policy environment,share price trend,major announcements,financial aspects and the struggle for the control of Wuhan listed supermarkets;in the second stage,the timing is analyzed in terms of the background of the mixed reform of state-owned enterprises,share price trend,market effects,financial performance and the opportunity for the change of the board of directors.In the second stage,the timing analysis is conducted in terms of the background of the mixed reform of state-owned enterprises,share price trend,market effect,financial performance and the opportunity of the board of directors change.Finally,we study the impact of the"Zall System" on the increase in holdings.The focus is on sorting out the logical mechanism of how the "Zhuoer system" stepped on the policy process of the state to promote the mixed reform of state-owned enterprises,chose a favorable time to increase its holdings in Hanshang Group step by step,and finally got the control.This paper finds that:(1)the "Zhuoer system" of private capital has a strong ability to choose the market opportunity when increasing its holdings;(2)"Zhuoer system" successfully obtained the control of hanshang group through increasing its holdings;(3)The shareholding increase of "Zhuoer system" has a positive impact on the company’s operating performance,which further confirms the correctness of the timing of "Zhuoer system".Through the analysis of the case,the following enlightenment is obtained:China should improve the relevant policies of private enterprises participating in the mixed reform of state-owned enterprises;When private holding is conducive to the development of state-owned enterprises,local governments can delegate power appropriately;Major shareholders should pay attention to the timing when increasing their holdings.It is hoped that this study can provide relevant reference for the timing of such major shareholders’ increase.