A Case Study On Major Asset Restructuring Of NanYang Technology

In recent years,with the deepening of the reform of state-owned enterprises,state-owned asset securitization is in full swing.However,as a result of its special industry background and confidential demand,the asset securitization rate has been at a lower level,and many companies also explore the ways of military assets listing.The process of IPO is slow,the RM standard is strict,and many enterprises seek the new path to realize listing.In 2016,the implementation of the "Measures for the Administration of Material Asset Reorganization of Listed Companies"improved the criteria for Reverse Merger,making this kind way of listing is facing new regulatory environment,and it is more difficult to realize.In addition,the potential risks of using this way to avoid the supervision in the process need to be concerned.This paper takes the Major Asset Restructuring of NanYang Technology as a research object,and makes a case study on the motivations of the transaction,the operation and risk of this model,and the performance of the transaction.First of all,this paper reviews the theoretical research of scholars at home and abroad on mergers and acquisitions and the performance of mergers and acquisitions.Secondly,the paper introduces the background,supervision and environment of the transaction,and the basic situation of the major participation:Nanyang Technology,Rainbow Company and Shenfei Corporation.And made a specific explanation of the process of the transaction.Then,this paper analyzed of the motivation of the transaction,the restructuring of the scheme,potential risks and market performance.The reasons for the success of this transaction are summarized by analyzing the motivation and restructure of this transaction.Three parties of this transaction achieve their respective objectives through the restructuring of the scheme.Especially the parent company of the target company has acquired control of the listed company,at the same time,injected its UAV assets into the public company smoothly.In addition,through the analysis of the risk of reorganization,we see some problems in this transaction.After evaluating the market performance after the transaction,this transaction has obtained the good market response and boosted the short-term performance.Finally,according to the above analysis,this paper summarizes the revelation of the case,and gives some suggestions to the state-owned enterprise asset to be listed under the new supervision environment.This paper also gives some advice to the supervisor to establish an orderly capital market.