| In near-by three months, the stock market paid much attention to the case of the purchase by tender offer of Nangang Stock. With the forthcoming of validity period, on July 12 2003, the end of the tender offer, 2.4 million of the stockholders of the juridical shares gave up accepting the tender offer. While the stockholder of circulating shares can not accept the tender offer. So the first case of purchase by tender offer will be ended by "non-subscription". This case also gives us disputation on the non-subscription and the market efficiency and its significance. After Fuxing Industrial purchased Nangang Stock by tender offer, there were so many purchase cases by tender offer in Chinese stock market such as Dikang Group purchasing Chengshang Group and Chongqing Dongyin purchasing Jianghuai Dynamical. And the Ever-wide Industrial Limited, which has the background of Hong Kong capital, purchased the shares of Henan Yuyuan Energy Group shared by Zhongfu Industrial. This case may be the first case that foreign capital completely purchases the shares by tender offer in Chinese stock market. The continuous cases of the purchase by tender offer show that the purchase and combination ways of Chinese stock market tend to marketing, together with the market principles of equity, justness and open. But from the cases of the purchase by tender offer, such as Nangang Stock, Chengshang Group and Jianghuai Dynamical, we can see not only the specified operation and transparent information, but also the fulfilling liability and concentrating on formation. Therefore how to complete and specify the implement of the purchase by tender offer in Chinese stock market, how to widely apply the purchase by tender offer in the combination of the on-market company, and how to improve the market efficiency of the whole market are the problems faced by the participators and supervisors of the market. Based on the theoretic research, the paper discusses the necessity of thepurchase by tender offer in Chinese stock market. The paper also analyzes current condition of the purchase by tender offer in Chinese stock market combining with the mature system and experience in foreign stock markets. Then discovering various kinds of problems and providing solving ideas. By this way, the paper provides guidance for improving the market of the capital recombination in Chinese stock market and standardized development of Chinese stock market, and guidance for the enterprises and institutes that purchase the on-market companies. The basic idea and logic structure of the paper are as follows:In the first part, I elaborate the history and the concept of the purchase by tender offer as well as its development condition in each country. I also introduce the development history and definition of the purchase by tender offer in western countries, and the current condition of the purchase system by tender offer in each country. From the view of the concept, I give prominence to the characteristics of the purchase by tender offer, which is the main purchase pattern of the stock market, such as the market, justness and standard.In the second part, I introduce the function and significance of enforcing the purchase by tender offer. The purchase by tender offer is very popular in western countries because of its necessity. Because there are special stock structure and incomplete market system in the rising Chinese stock market, so the purchase by tender offer is also necessary and it needs to be further completed. As the compulsory regulations and the integrity requirements of the information disclosure, the purchase by tender offer is the necessary way for powerful enterprises with long-term developing strategy purchasing the on-market companies. Thus it will promote substantial capital recombination of Chinese stock market, and specify the behavior of the main body that takes part in the purchase and recombination of the stock market. Meanwhile it will also specify the content and procedure of the information disclosure, thu... |
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