Case Study On The Holistic Listing Of Chalco

"The holistic listing "is opposed to "split listing",under particular historical conditions,the split listing played a positive role in the development of securities markets indeed.However,with large enterprises blindly pursuing separate listing financing and capital market development,the inherent shortcomings of split listing increasingly restrain the development of China's capital market and listed company. Therefore,the holistic listing receives the attention of the supervisory departments and large state-owned enterprise again.However,under the country's macro-policy background,our government only pays more attention to the important state-owned company,and what's more,our country is reducing the proportion of state-owned shares,therefore,the holistic listing of a large state-owned enterprises is confronted with a certain degree of difficulty.At the end of 2006,share capital segregation reform basically completed,which also marks the beginning of China's capital market' full circulation era,and which also provides opportunities to some extent for the holistic listing of China's large state-owned company.This case concluded that the holistic listing of Chalco make up for its shortfall in strategic resources,optimizing the company's value chain and reduce the associated transactions,to a certain extent To avoid the competition within the same industry.However,the relevant financial data also reflect the problems of holistic listing,such as management,sales and other areas did not achieve the desired integration,the synergies have not yet played through analyzing strategy and value chain of holistic listing of Chalco.