Study On The Spin-off Listing And Its Effect Of WuXi YaoMing

In May 2018,as the first overseas Unicorn company to return to A shares through IPO,Yaoming Kant attracted the attention of all stakeholders in the market.Due to the high growth and innovation of the pharmaceutical service industry and the leading position of CRO pharmaceutical research and development enterprises in China,the market value has risen from 3.3 billion yuan at the time of privatization to about 100 billion yuan.The reason why Yaoming Kant can achieve such a huge capital appreciation is due to the special capital operation mode.In 2015,Yaomingkang announced that it was listed on the New York Stock Exchange.In April of the same year,its wholly-owned subsidiary Jointly-owned Pharmaceutical New Board was listed successfully.In June 2017,Yaomingkang Biology,which was born in Yaomingkang's macromolecule biopharmaceutical business,successfully issued new shares on the Hong Kong Stock Exchange.By May 2018,Yaomingkang landed on the A-share market.This capital operation process of “one-break-three-return“ was declared successfulIn the context of the implementation of China's innovative drug policy dividend,this paper hopes to make a systematic analysis of the case and further understand the characteristics of the main bodies of the case company's split listing.What are the motivations for choosing a split listing? What is the financial performance of the companies after the split-up? Has it brought about a positive effect? The purpose of this paper is to provide reference for other listed companies seeking to split their shares.The main idea of this paper is to summarize the related concepts of split listing and the existing research results at home and abroad,and to summarize and analyze the mainstream views and theories of split listing.Then,taking Yaomingkant's split subsidiary company as the research object,the process and motivation of Yaomingkant's split listing are described,and the effect of Yaomingkant's split listing is divided into two aspects: financial performance and non-financial performance,in order to restore the process and significance of Yaomingkant's split listing from a more comprehensive perspective.Finally,the paper summarizes the cases to provide suggestions for the return of China's stock outline,and puts forward some reference suggestions for the development of domestic capital market.The main conclusions of this paper are as follows:(1)Split listing improves the valuation level of listed companies,improves the investment and financing situation,on the one hand,eliminates the negative synergy effect,and helps to realize the core strategy of listed companies;(2)Split listing promotes the strategic transformation of listed companies,effectively improves the corporate governance structure,and equity incentive mechanism gets better.Implementation;(3)Split listing also has a certain negative impact.Costs and expenses are increasing under the influence of industry characteristics,and investment activities to expand the scale of enterprises make the profitability of parent and subsidiary companies poor.But in the long run,the growth ability of the company is worth looking forward to.The main innovations of this paper are as follows: at present,there are fewer successful cases of split listing in our country,and fewer cases of return of approximate stock split listing.This paper studies the case of self-return of Yaoming Kangde's split subsidiary after listing,which is not only a further supplement to the study of split listing,but also provides a new reference for the choice of return path of China's approximate stock.