Research On Selection And Operation Of Shell Reactivation Based On Greenland Case

Since IPO is very strict on approval and quite time consuming,with breaking off,companies who are hungry for capital has to find a way to survive and develop.While a shell company can help them to board on A shares and get financing in short time.Although Shell companies haven't contributed much to the market,meanwhile create opportunities for insider dealing,but still rare in quantity and helpful for the hungry companies in fact.The paper has firstly studied on Shell companies' current status and reason for its booming,meanwhile the identification of backdoor listing activities and its new principle,also study the common mode of restructure.Then based on Greenland case,by using statistics,industry analysis,trend analysis and financial analysis etc.to study the relationship between government and restructured companies,and how to optimize selecting a Shell company and operating solution.Greenland injected asset worth 65.5 billion yuan,100% stock into Jin feng investment,as part of a backdoor listing process.In exchange,Jin feng will offer 11.3 billion additional shares at 5.58 yuan to Greenland shareholders in private.Once accomplished,Greenland achieves ranking No.2 biggest real estate in A share market,only next to Vanke,while this deal has been the biggest amount deal in A Share history.After boarding,stock share of Shanghai real estate group and its subsidiaries,Shanghai Chengtou holdings,Shanghai Greenland are quite near,all less than 30%,which help make the recombination solution not a SPCA case.Meanwhile,by nesting limited partnership(LP),swept the shareholders' union.By applying deferred income taxes,cut down the dealing cost a lot.In the name of State owned companies reformation policy,successfully got approval with conditions from CSRC.