A Case Study On The Listing Of Yuexiu Financial Holdings Under The Same Control

In response to the spirit of deepening the reform of state-owned assets and state-owned enterprises at the Third Plenary Session of the 18 th CPC National Committee,many provinces have issued plans for reforming the state-owned enterprises,and the state-owned assets' demand for mergers and acquisitions and asset securitization has also gradually increased.Therefore,reciprocating the traditional industries through local finance in order to achieve transformation has already become an important means of state-owned enterprise reform.This article uses the case of the Yuexiu Financial Holdings as a research sample.It describes the entire process of the listing of Yuexiu Financial Holdings in a chronological order and drawing financial results at the beginning.And then focusing on the motives of its listing,the selection of the listing path,and the characteristics of the listing process,it explores the design and related impact of its trading plans.And finally it comprehensively evaluates the changes in the performance of Yuexiu Financial Holdings before and after going public.This case is of great theoretical and practical significance in the context of state-owned assets reform and the establishment of financial holdings group.First of all,this paper introduces the background of state-owned asset reform and the industries distribution of local financial holding group,and then from the process of asset reorganization,it elaborates the entire process in chronological order,starting with the private placement of Guangzhou Friendship,ending with the integration of core assets,and the presentation of financial results.Second,case analysis is the focus of the paper.Based on the analysis of the motives for the listing of Yuexiu Financial Holdings,the paper selects and analyzes the listing path of asset injection under the same control and the characteristics of the listing process.And it conducts an in-depth analysis of the transaction structure,asset pricing rationality,and market reaction during the transaction process.It verifies and compares the performance changes and development potentials brought by the listing to Yuexiu Financial and finds that listing can promote the performance and expansion of the company.Finally,through the study of the case,the combination of department store and finance reflects that the integration of industry chain and capital chain can enhance the competitiveness of the traditional industry.In addition,it is found that the integration of state-owned resources can open the investment and financing channels and the management of state-owned assets needs to change from business management to capital control.In particular,for traditional state-owned enterprises,the method of asset reorganization and injection can not only accelerate the time to market,but also adjust the business structure to improve business performance.In summary,this case study shows that,under the background of state-owned asset reforms,the Yuexiu Financial Holdings Group achieved the listing and the support of the traditional industry companies through the injection of assets into Guangzhou Friendship,a listed companies under the same control.The dual-type structure of “Finance + Department Store” promotes the development of the two entities and provided valuable practical experience for the reform of state-owned assets and the transformation of local financial holdings company.