Research On Anti-hostile Takeover Strategies Of Listed Companies

With the completion of China’s share-trading reform,the restricted shares held by shareholders of listed companies to consolidate their shareholding status gradually become circulated.The full circulation of stocks means that investors can more easily obtain listings from the secondary market.The company’s control.In addition,the management system of modern companies established in China has also changed,especially the corporate governance measures and acquisition rules of A-share listed companies.It guides how the hostile acquirers can transfer shareholder will and how to launch acquisitions.Changes in national policies and legal environment provided an opportunity for the occurrence of hostile takeovers,making hostile takeovers in financial markets increasingly active,and a new wave of hostile takeovers and anti-hostile takeovers began to sweep into China’s capital markets.The anti-hostile takeover itself is relative to the hostile takeover and is the resistance of the target company to the hostile taker.As the hostile takeovers in the market become more diversified,in order to avoid the long-term and stable development of listed companies due to the deep competition for control,the corresponding anti-hostile takeover strategy system needs to be established and improved.Therefore,it is of great theoretical and practical significance to explore how listed companies can establish a legal and effective anti-hostile takeover strategy.Based on this background,this paper based on reviewing the relevant research literatures in the past,takes the case of the listed company Kangdal anti-hostile acquisition of Jingji Group as the research object,and deeply analyzes the anti-hostile takeover strategy adopted by it.This article first introduces the background of the anti-hostile takeover case of Condal and the whole process of the incident.Since the anti-hostile takeover of Condal in this case has not been successful,this paper will combine the governance model of Condal with the majority shareholder as the anti-takeover decision.From the perspective of the main body,this paper analyzes the problems and causes of the listed company’s anti-hostile takeover strategy,and explores the impact of the subject on the failure of the anti-acquisition strategy.Through analysis,it is found that the controlling shareholder,driven by the protection of its own interests,has adopted major shareholders’ holdings,suspension of delays,scorched earth plans,and regulatory agencies and legal aid agencies to deal with hostile takeovers,but these strategies are blind and limited.And the problem of violations and other issues did not achieve the desired results.However,the problem is not only the inappropriate formulation of the initiative strategy,but more importantly,the company has not adopted any preventive strategy before,which has made it a target of hostile takeovers and has been successfully acquired by hostile parties.Finally,this paper puts forward relevant suggestions from the listed company level and the regulatory level for the content analyzed,in order to provide reference for constructing a reasonable listed company anti-hostile acquisition strategy system.