The Case Study Of Zhongjiang Real Estate Listing In Jiuding Investment Restructuring

Private equity originated in the United States.After a long period of exploration,it has established a sound and flexible PE institution public listing mechanism.Relatively speaking,China's private equity industry shows the characteristics of late start,rapid development and immature market environment.Admittedly,China's market economy is subject to imperfect management and laws and regulations lag behind the environment,China's domestic PE institutions listed on the public process is difficult.This paper selects the listing case of zhongjiang real estate in jiuding investment reorganization for analysis,because jiuding investment,as the first private PE institution in China,successfully entered the main board market through capital operation.Based on this,in-depth study of cases can provide experience for China's subsequent PE institutions' public listing and regulators' improvement of laws and regulations.This paper mainly focuses on the background of restructuring,restructuring scheme,restructuring transaction characteristics and the follow-up effect of the four aspects of restructuring analysis.First,a brief overview of the four principal part of the restructuring case involved the company profile,main business and corporate ownership structure,and in view of the dominant investment restructuring,the paper analyzed the background and then starting from the m&a motivation analysis,we found that kunming the m&a motivation mainly concentrated in keeping business needs,access to capital platform,and improve the competitive ability of the company,industry,etc.,and counterparties nakae property of merger,acquisition and reorganization of the reason is that real estate business is pale and shareholder decided to exit the real estate business;Secondly,the key operation process of jiuding investment reorganization is analyzed in detail.Thirdly,from the perspective of the transaction characteristics of restructuring cases,this paper summarizes the five major characteristics of private PE assets,including pioneering private PE assets reorganization and listing,triggering general offer repurchase,indirectly acquiring the parent company to achieve control,refinancing plan and avoiding strict supervision of backdoor listing.Followed by the analysis of the follow-up effect of restructuring,jiuding investment restructuring of zhongjiang real estate not only brought a positive impact on the size of the business,corporate earnings and market value of the company,but also carried out the modification and termination of the refinancing plan.As Jiuding's investment and reorganization of Zhongjiang Real Estate is a suspected case,the merger and reorganization case reveals many regulatory loopholes,and puts forward constructive suggestions to regulators at the end of the paper.