China Merchants Property A + B Shares To China Merchants Shekou A Share Case Analysis

With the continuous improvement of the securities market,B shares have become increasingly unable to adapt to the current needs of the development of enterprises,China merchants property A+B shares transfer China merchants shekou A-share is the first domestic A+B shares a-share case,Opened a new path to B-share transfer board,For the future nearly 100 B shares of the company to provide a good reference model.As A + B shares to A shares related to the rationalization of the merger and the balance of interests of different market investors.This paper through the investment Shekou convertible mergers and acquisitions real estate case study to find investment real estate A + B shares and investment Shekou A shares between the convertibility program unreasonable,and found differences in the distribution of benefits among different shareholders from the flaws of the programThis paper begins with the merger motivation,from the business synergy and financial coordination of two angles to analyze the benefits of mergers and acquisitions to both sides.Secondly,through the price-earnings ratio and the book value of two indicators to analyze the rationality of the convertible ratio,As the conversion price is usually a certain premium rate,combined with the previous merger case premium rate and B shares discount situation,the rationale for the conversion price analysis,In addition,the IPO price of new shares issued by Shekou both affect the determination of the proportion of convertible,but also affect the follow-up market for the merger of the merger reaction,This paper compares the valuation level of China Merchants Shekou A shares with similar comparable listed real estate enterprises,and comprehensively judges the rationality of the issue price of the new shares after the merger.The cash option in the conversion plan is the exit channel of the dissenting shareholder,the rationality of the pricing of the cash option determines whether the dissenting shareholder can withdraw from the merger,This article combines the closing price and the conversion price and the cash option to compare,to determine the actual effect of cash options.Finally,combined with the above rationality analysis,to find differences in the distribution of benefits between different investors.Through the above ideas and found that the investment Shekou merger investment real estate there is no conversion price,cash option pricing is low,the initial listing price is high,the interests of China Merchants to the shareholders of B shares and other issues.Then the two main bodies to make recommendations,first,regulators should improve the conversion price of the normative design,the establishment of multi-level,operational laws and regulations system,should be on the disclosure of information and the proportion of specific rules and regulations to make specific rules.Second,the listed company itself,should be reasonable pricing,especially the starting price,to avoid advance overdraft good.For different shareholders should be a reasonable balance between the interests of all parties,to avoid the interests of the proposed tilt and other measures.Finally,the A + B shares to A shares to further put forward the performance evaluation of the research direction,the future A + B shares to A shares of the synergies for further prospects.