The Phenomenon Of "Snake Swallow Elephant" In Asset Reorganization

< p > under the background of IPO's continued suspension, the backdoor listing "fashionable" a href= "//www.sjfzxm.com/news/index_h.asp" > A shares < /a > the market, the relevant news is flying all over the sky.

For example, Shanxi Automobile Group intends to borrow shares of Broadcom, Shenzhou information intends to borrow *ST too light, Ji Chuan pharmaceutical intends to borrow Hongcheng shares, the Great Wall film and television intends to backdoor Jiangsu Hongbao, Sinosteel equipment intends to backdoor steel, charcoal, Jingfeng pharmaceutical intends to shell *ST days, etc., each message is like "heavy bomb" in the market.

Not only that, but because of the reorganization of assets, shell resources company was heated up by the market, such as Jiangsu Hongbao 12 trading day trading, silver run investment continued trading on 10 trading days, *ST too light for 15 consecutive trading days, and so on, also allow investors to earn money.

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< p > on the other hand, backdoor listing has also become a feast for private equity and venture capital carnival.

If the backdoor is successful, it will undoubtedly provide an excellent exit channel for its 39 natural shareholders and 20 PE institutions.

In fact, behind many backdoor listing, there are many private and venture capital figures. These investors are undoubtedly the big winners.

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< p > previously, the asset restructuring of listed companies was always based on the large and small scale, and the emergence of the "backdoor" listing scheme of "snag swallow" was not only reflected the progress of the market, but also showed that the "a href=" //www.sjfzxm.com/news/index_q.asp "asset restructuring" /a "is developing in a multi angle and multi direction direction.

But many companies have taken the road of backdoor listing, but we can not help thinking more about backdoor listing: < /p >

< p > first, because there is a favorable channel for backdoor listing through asset reorganization, private equity and venture capital are popular.

While striking shares, private placement, venture capital and other benefits from the big profits, it also created a new unfair market.

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< p > two is the path leading to many enterprises' IPO failure.

Since the enterprise fails to pass the a href= "//www.sjfzxm.com/news/index_s.asp" > IPO < /a >, it does not conform to the conditions for listing. Such enterprises should not be listed in the capital market, but backdoor listing may provide them with the possibility.

Compared with those listed in the capital market through IPO channels, backdoor listing has also created inequity.

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< p > the regulatory authorities have long claimed that the standard of backdoor listing is in line with IPO, and in August 2011, the decision to amend the relevant provisions of major asset reorganization and matching financing of listed companies was issued.

Therefore, the author believes that we should strictly regulate the backdoor listing. Otherwise, backdoor listing will lead to frequent occurrence of "bad money drives out good money" and resource mismatch, which will lead to more garbage companies going to the market without death, and will lead to more illegal acts such as insider trading.

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