Study On The Interest Transfer In The High Premium Acquisition Of Doppler By Hepalink

With the arrival of China’s economic transition period,coupled with policy guidance,a new wave of enterprise M&A has been set off in the capital market.More and more enterprises are trying to restrain the threat of competition through M&A,or explore new areas to find new profit growth points.However,due to the immature development of China’s capital market and imperfect policy supervision and other reasons,the rapid development of M&A is accompanied by many problems.Generally speaking,most of the M&A incidents in our country are accompanied by the characteristics of high premium,which makes the large shareholders have more opportunities to take advantage of the high premium acquisition to encroach on the interests of the small and medium shareholders and the way to convey their interests.Based on synergy,principal-agent,tunneling and other theoretical foundations,this paper combs the research conclusions of Chinese and Western scholars on M&A reorganization and interest transfer,and analyses the motivation and behavior of the main shareholders of Listed Companies in connection with the institutional background of M&A in China.This paper makes a detailed analysis of the case of Hepalink’s acquisition of Doppler,studies the process of its acquisition,and finds that its major shareholders realize profit transmission by means of related party transactions,suppressing the issuance price of directional additional issuance,and making high premium rate of the value of the assets appraisal of false bid,and verifies the analysis results from the reflection of the market.The root causes are further analyzed.Finally,it is found that there are three reasons for interest transmission in the high premium acquisition of listed companies.On the one hand,there are unreasonable ownership structure and loopholes in corporate governance,which lead to the predatory motivation of large shareholders;second,investors’ enthusiasm to participate in online voting is too low;last,China’s external regulatory system is imperfect.At the end of the article,some suggestions are put forward.