| Huasu Holdings Co.,Ltd.has been losing money for several years due to poor performance,and was unable to reform its shareholding system for a time,even on the verge of delirium.Maitian Investment invested its subsidiaries named Maitian Yuanlin and cash in Huasu Holdings,which made it the largest shareholder in Huasu Holdings,and its subsidiaries were also listed on the backdoor.However,Maitian Yuanlin's performance is not good,after several years,Maitian Investment completed the secondary market exit,and Maitian Yuanlin were sold from Huasu Holdings.Huasu Holdings is still struggling with its losses after a series of capital operations in the shell and asset restructuring.This paper adopts literature research,case analysis,qualitative analysis and comparative analysis from dimensions of short-term protection shell and long-term development.It studies a series of capital operation of Maitian Investment and the development situation of Huasu Holdings to analyze the logic behind those behaviors and the impact of the company.Through the analysis,this paper finds that Maitian Investment has some merits in the series capital operation.:(1)Maitian Investment is familiar with related rules and reasonable use.On the one hand,it let the backdoor listings operable in the legal process,on the other hand,it also through reasonable evasion of law to accelerate the advance of the project,reduce the cost of capital;(2)In this project,Maitian Investment balances the interests of all parties well and create a win-win situation.(3)Maitian Investment's series of flexible capital operation in the process of capital operation,reasonable use of leverage,alleviate the pressure of merger,acquisition and reorganization of money on one hand,and on the other hand,it also raised the exit of a secondary market in the future capital gains.This paper also found that the capital operation of Maitian Investment has some problems:(1)the backdoor listing into the underlying assets of crop landscape company is overvalued,nor Huasu Holdings originally expected high-quality assets;(2)intentions obvious crop investment capital,the injection of the underlying asset is overvalued to the marketability reform consideration and capital market investors expect,after the completion of the reorganization,crop frequent investment shareholders equity pledge to underweight,after cashing in the secondary market;(3)Maitian Investment of shareholders had important positions in Huasu Holdings,continuous capital operation and secondary market exit the interference and influence the China plastic holding the enterprise integration after merger and long-term development.Through case analysis and research on Huasu Holdings,this paper argues that:(1)the familiar application of law,the flexible operation of capital and the effective balance of interests can promote the smooth progress of the reorganization project of listed companies;(2)for capital operation of listed companies,in the choice of merger,acquisition and reorganization of the underlying assets,should choose high quality assets,and reasonable valuation method is adopted to avoid overvalued assets value;(3)merger and reorganization participating in each subject needs to establish long-term development goals of the company,protect the vital interests of other investors,and make capital operation truly serve the growth of the company's value.The analysis and conclusion of Huasu Holdings restructuring case in this article inrichs the studies of merger,acquisition and reorganization case.This paper is not only for the reorganization of ST companies how to smoothly and effectively short-term protection shell has certain reference value,and for some not good after restructuring integration has certain warning role in the development of enterprises,thus has a certain practical significance. |
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