The Case Study On Asset Reorganization Of *ST Heihua

*ST listed company refers to some enterprises that have been delisted from the market due to problems such as operation management and finance.In 2014,*ST guoheng was terminated for three years in an unprofitable state,and returned to the third board.*ST 2 also actively applied for delisting.In 2015,*ST was suspended for consecutive losses.Eight listed companies were suspended in 2016 and 2017.In China,for the capital market at the stage of development,the mechanism of various aspects is not perfect.By listing,the company can obtain more development resources.If faced with the risk of delisting,listed companies will adopt a variety of methods to solve the dilemma,such as asset restructuring.In 2016,the issuance of new management measures on asset restructuring was more difficult for ST company.With the development of science and-technology,the development of traditional coal chemical industry is at stake,and there are serious problems such as supply and demand contradiction and lack of innovation.Heilongjiang black chemical industry co.,LTD.,product market development downturn,however,has fallen lower and lower sales price trend,at the same time,scarce raw materials lead to the increase of the cost,revenue and costs of these changes to the experience of the enterprise crisis intensified.Coupled with the negative impact of the pollution of the environment and the enterprise face problems,such as equipment aging products to keep pace with market development,not competitive,even a large number of inventory,backlog of problems to loss-making enterprises.In may,the company was warned by the CSRC to delist the market,and the stock was changed to *ST black.Against the above background,this article mainly through the introduction * ST darkening assets reorganization,revocation of risk warning,protect shell popular anstone holding case,motivation and process of the assets reorganization is introduced,and the effect factors of the process and the effect of the restructuring completed were analyzed,and then from two aspects of companies and governments are also proposed.In order to select the recombinant party for the current ST company,and put forward the matters needing attention during the restructuring process,the author proposes to perfect the role of the government to guide the asset reorganization,strictly regulate and strengthen the supervision.