Theoretical And Practical Analysis On Going To Listed Market Through Merging With A Public Shell

Since the securities market emerged in China, many corporations developed by leaps in this capital market. While due to industry orientation or business management problems, there still are remarkably numerous listed companies are lack in development capability and the value of being rejected of capitals by outside investors. These companies, on one hand, are merged and acquired by other listed companies, and on the other hand, fall into " shell resources " through purchasing which the non-listed companies can go public. Since there are much limits such as listing guidelines put on listed companies, some preponderant enterprises fail to go public directly. As a result, there are increasing number of enterprises come to favor the way of indirect going public by purchasing a " shell resource ". This essay aims at the groping research of one case, the listing of Shenyang Beitai Group on the public market through purchasing a shell-Neijiang Echai, by applying the basic theory of going listing by merging with a public shell. There are particularities in the case of Shenyang Beitai Group going public by purchasing a shell. These factorsthat give much value to the research of this case.Through analysis and research, penman had reached a conclusion that this time of going listing through merging with a public shell has brought active influence to the reformer, the "shell resource " and the former big shareholders of the shell company, and this case has gained success in a word. Now the urgent affair is try to improve the listed company's management achievements, create conditions to strive for re-financing so as to realize more achievements. At the end of this essay, penman has tabled referenced proposals for later going listing through merging with a public shell after taking the latest development trends of securities market into consideration. This essay is divided into five chapters generally. The first part of this article composes the first chapter, which discourses upon the basic theory related to going listing through merging with a public shell; The second part composes the first chapter to the fourth chapter, which analyses and evaluates the indirect going listing of Shenyang Beitai Group through merging with a public shell, and also tables the constructive proposals for the company's developments; The fifth chapter constitutes the third part, which puts forwards the inspiration and reflection over this case. By adopting the attitudes of using others for reference, then absorbing and innovating, penman has carried out the constructiveanalysis and research aiming at the particularities of this case. Thereafter the constructive conclusion with has been produced.