Research On The Path Of Re-list After Bankruptcy Reorganization

In the past 20 years,China’s capital market has been continuously developing and playing an increasingly important role in the national economy,especially in the construction of modern systems,the upgrading of industrial structure and the optimization of resource allocation.However,China’s capital market is still in the stage of continuous exploration and continuous improvement,and there are still many problems that need to be resolved.For example,the imperfect delisting system allow some zombie stocks to survive in the securities market.They are arbitrarily occupying high-quality resources,but they cannot bring corresponding market wealth.The management also only strives to maintain the shell resources without reflecting on itself and actively enhancing the core competitiveness of the company in the market.The primary cause is that the capital market didn’t provided them with a re-listing channel,so these companies do not dare to withdraw from the securities market,and they can only do their best to preserve the cherished shell resources.On January 8,2019,Nanjing Tanker Corporation(formerly Changhang Oil Transportation Corporation)realized its re-list and became the first re-listed stock in the Chinese capital market.Which dredges the channels of delisting and perfects the chain of listing-delisting-re-listing in China’s securities market,effectively filling the gap in China’s securities market and making China’s securities market healthier and more mature.Therefore,this thesis selects the case of Nanjing Tanker Corporation to study how to realize the re-list in a short period of five years.In order to provide some reference for future delisting enterprises.At the same time,it also provides a direction for the improvement of the re-list system.Through the case study method,this thesis studies the successful re-list of Nanjing Tanker Corporation after the bankruptcy reorganization.First,I analyze the characteristics of the shipping industry and the status quo of development.Secondly,a brief review of the process and reasons of Nanjing Tanker Corporation delisted was carried out.It was found that the reasons of delisted was not only a decision-making error of the company’s management,but also the external market economic environment played an important role.Thirdly,I analyze the company how to reform after delisted and the effects of Nanjing Tanker Corporation on bankruptcy reorganization.Through analysis,it is concluded that Nanjing Tanker Corporation firstly solved the huge debt by divested the loss source and debt restructuring,and then transferred the main market to the product oil,actively changed the corporate strategy,promoted the coordinated development of oil,gas,chemicals,and finally deepened cost control and reduced the fuel cost and period charge.Through this case study,this paper draws three conclusions: Firstly,bankruptcy reorganization is an effective re-list path for companies that are insolvent but still have sustainable value.Secondly,bankruptcy reorganization can effectively improve the asset structure of enterprises,and enhance their solvency,profitability and operating capabilities.Thirdly,the company’s continued profitability is an important condition for re-list.Enterprise should establish a prudent business strategy and in the wake of the market changes to enhance the sustainable operation ability.Based on these,some suggestions are made for the management,the local government and the CSRC.For management,on the one hand,they should avoid blind expansion,maintain appropriate financial leverage,and reduce financial risks.On the other hand,they should actively adjust company’s business strategies and reduce operational risks.At the same time,they can seek an active delisted,which makes the company easier to re-list.For the local government should follow the market principles and reduce administrative intervention.For the CSRC,they should actively implement the policy system and allow eligible companies to re-list.At the same time,they should raise the threshold for re-list and strengthen the supervision of re-list companies.