Applied Research On The Share Swap Merger Of Listing Secruties Companies

This article studies the case of a security company, Shen Yin & Wan Guo Securities Co., Ltd, who goes public after merger Hong Yuan Securities, which is the first case about non-listed securities share swap merger by asset restructuring of listed companies, its realization applied to securities listing has meaningful enlightenment.At the background of securities industry reform and rising capital demand of security companies, this article analyzes Shenyin & Wanguo Securities Co., Ltd and Hong Yuan Securities’ public financing on the basic of acquisition theory. Firstly, this article introduces the two subjects of the case, the process of the case and the listing realizing process. Then this article largely analyzes the reason of the two merger subjects, the mode of payment and the rationality of the merge scenario, and the highlights of the share swap merger are also analyzd. The analysis result shows the merger parties who have the demand to public financing make the choice of restructuring asset, by considering the interests and competitiveness of both parties, designing more reasonable price and the share exchange ratio to achieve listed breakthrough innovation pathway. Finally, in this paper, the success and creativity of the case are summarized, and some related suggestions for the use and promotion of share swap merger are put forward.