Research On *ST HB Asset Restructuring Methods And Effects

At present,the reform of state-owned enterprises is progressing steadily.As a positive and important part of China’s national defense security,military enterprises are also stepping up transformation and striving to realize asset securitization,which is of vital significance to invigorate state-owned assets.China’s IPO system has a high threshold and extremely strict requirements on the asset quality,financial indicators,establishment time and other aspects of the enterprise.Moreover,even if the enterprise meets the basic requirements for listing,its review process is relatively long.The strict requirements of IPO system give birth to the scarcity of shell resources in China,and the value of shell resources of listed companies is respected.From this,the financing method of backdoor listing is derived,and enterprises often use material assets reorganization as a cover for backdoor listing.In order to standardize the backroom behavior between enterprises,the CSRC has continuously improved the relevant regulations on material assets reorganization.Under the condition of the continuous strict system,in 2016,*ST HB and SF group conducted material assets reorganization,and SF group took this as an opportunity to achieve listing.Its behavior is worthy of our consideration.This paper takes the asset reorganization conducted by *ST HB and SF group in 2016 as the object of study,and analyzes the motivation,mode and effect of the reorganization.The main purpose is to find the path that military enterprises can successfully go public and the benefits brought by it.The paper first sorted out the theories related to asset restructuring,and then made a detailed introduction of the restructuring process of *ST HB company and SF aerospace group,including the reasons for restructuring,specific ways,and the changes of the company after restructuring.Finally,the benefits brought by the restructuring were analyzed.After the restructuring,*ST HB divested its original business and injected all assets of SF group.The company’s financial indicators were improved to a certain extent and its profitability was greatly improved.Although SF group has achieved the purpose of listing on the stock market with the help of this restructuring,the company needs to improve its management level and research and development level in order to achieve more long-term development.It is impossible to achieve lasting competitiveness through asset securitization alone.