| After the reform of non-tradable shares in 2006,private placements becomes one of the most welcomed refinancing methods in Chinese capital market because of its convenient process.State-owned enterprise have left many problems since the tiny capacity of the capital market before.In the new era of the reform among the state-owned enterprises,the Party Central Committee has called upon the reform of diversified ownership in power industry in 2016.In order to cope with the difficulties resulting from spinning off when listing,NARI Technology Co.,Ltd conducted private placements of asset injection type twice in 2012 and2017.It is a good way to reduce the horizontal competitions within the group company by purchasing asset with private placement.But this way also manifests the related transactions between the dominant shareholder and the listing company.In this case,at first,by reading and summarizing the essays written by the formers,we can conclude that most scholars hold the views that private placement of asset injection type always accompanied by the behavior of tunneling in some extent.Secondly,the most important part of the case study made a research further on the NARI Technology Co.,Ltd,which claims that the aim of private placement is synergy of interests,and it is not sure about the real aim.By analyzing the case,we can make a conclusion that private placement of asset injection type on one hand helps NARI Technology Co.,Ltd realize overall listing of core assets,on the other hand,it also conceals the truth that there were many tunneling behavior which hid behind the issue prices,asset injected and the process of restricted shares becoming circulated.At last,by summarizing the influence which was brought by the twice private placements of asset injection type,we know the although it reduce horizontal competition but it did harm to minority shareholders badly.Above all,the case study summarized the inspirations and gave suggestions. |
PDF Full Text Request