Case Study On The Reorganization Listing Of CNPC Capital Company

At present,state-owned enterprises have been accelerating reforms and have entered a new stage in promoting mixed-ownership economies.It is a key trend of innovation.The integration of financial services is a key content and strategy for the reform of state-owned enterprises.The establishment of a comprehensive financial services and capital operation system is in line with the concept of state-owned enterprise restructuring,which helps to improve the financial system and system and improve the efficiency of the allocation and operation of state-owned assets.And benefits.Therefore,the use of capital markets to enter and listing roads is a must-have for financial holding companies,and at the same time it is an overall trend of the international financial industry in the future.Although domestic financial holding companies have established and established relatively sound management and control systems through long-term operations and development,the overall structure and planning of financial services have been continuously improved and improved,and the continued strengthening of market influence has driven the company to a deeper level.Growth has provided favorable and reliable prerequisites and foundations,but few companies have successfully listed.Therefore,the case study of the reorganization and listing of financial holding companies has important practical significance for accelerating the process of listing financial holdings in China and promoting mixed ownership reform.Based on the review and induction of the research results of financial holding companies at home and abroad,this article expounds the driving factors and the obstacles to the actual listing of companies,especially the way companies choose to restructure their listings.The characteristics of the method and the prerequisite requirements for proper application were elaborated.Then take CNPC Capital's backdoor ST Jichai to achieve IPO listing as an example,analyze the listing background,the purpose of listing,and specific plans in detail,summarize the operating highlights during the reorganization listing process,and use the shell resources from the company before and after the listing.This paper analyzes the effectiveness of listing on the group companies from multiple perspectives such as the improvement of revenue,the synergy of production and financing,and the improvement of mixed reforms.Finally,in combination with the process of the financial holding company's successful listing of the financial holding company through asset reorganization,China Petroleum Capital Corp.summarized the four aspects of inspiration from the perspective of accelerating the listing of China's financial holdings.This study found that: China Oil Capital formulated and applied a clever way of asset reorganization,a reasonable use of existing shell resources,an effective structural optimization program,and effectively passed a regulatory review,making a good demonstration for the listing of financial holding companies.After the completion of the reorganization and listing,the Group has obtained excess returns in the short term,the resource allocation efficiency and financing efficiency have been improved,and the goal of combining production with finance has been further achieved.At the same time,as one of the few listed financial holding companies,CNPC Capital's case has far-reaching significance and has a profound impact on the follow-up companies listed on the same type.