Research On The Mode Of Stock Exchange From A+B To B

Since having introduced the reform policy of the central enterprises and thenecessity of B-share capital market transformation,this paper introduces and analyzes the mode of merger-exchange market as a whole with the basic theory of M & A,and study the innovative way of C hina Merchants Shekou and the Convertible merger of A+B shares that have just completed the overall listing process.It is the first case that A+B shares of listed company in C hina were simultaneously convertible merger into A shares of new listed companies,at the same time,the program also achieved the delisting and participation in convertible,mergers and absorption of Singapore's B-shares,and matching raise funds,simultaneous implementation of ESOP and many other innovations,thus creating a precedent for C hina's capital market.This paper introduces the basic concepts and theories,which are involved in the case,and analyzes the status and transformation mode of A+B-share enterprises,then sums up a new pattern of transformation from A+B to A,on the basis of the transformation from B to A-a mode of issuing A shares at the same time merger A shares and B shares.Then there is a brief introduction of its application,namely its advantages,disadvantages and scope.Based on this,it shall summarize and analyze the background of the case,the motivation of convertible merger,the rationality of design process of stock exchange merger and final completion of the overall listing,and put fo rward the advantages that are worth learning for other enterprises and defects need to improve.The difficulty and highlight in this merger is to design a reasonable conversion price and the conversion ratio by reasonable value assessment of enterprises,thus balance investors' interests in both A shares and B shares and achieve a breakthrough innovation that both A shares and B shares transform to A share.At last,this paper analyzes the combined effect of this case and summarizes its successful innovation.Afterwards,it puts forward relevant suggestions in the promotion and application of convertible merger in A+B share market in the future,which provides a new direction for the transformation of A+B enterprises.