| As a means of capital operation,spin-off and listing can not only alleviate the single financing channel,but also improve the operating situation through management incentives,so as to improve the operating capacity and cash flow of subsidiaries,activate development potential and deepen development transformation.Spin-off listing started in China in 2000,but limited by relatively strict policy system and immature capital market system in China,it was not until 2019 when registration system was implemented and Several Regulations were issued that the prelude of spin-off listing in China was officially started.Since the introduction of the policy,more and more listed companies have realized the separation of high-quality assets through spin-off and listing.Considering the type of business and the difficulty of listing,most domestic companies have split their subsidiaries into the Science and innovation board or the Growth Enterprise Board,and few cases choose to list the main board through spin-off.The research on the "main board spin-off main board" is still in the theoretical stage.It is necessary to study the cases of listed companies splitting subsidiaries to listing on the main board.Based on this,this paper takes the case study of the company that has become the first successful "main board splitting main board" in the A-share market.Under the "dual-carbon" target,traditional coal-related enterprises are facing great pressure of transformation.C&t Huaneng,a subsidiary of C&T,as a company with coal circulation as its main business,is faced with such problems as shortage of funds and high asset-liability ratio.At the same time,CFC is the first provincial stateowned enterprise in Zhejiang Province to complete the mixed ownership reform and realize the overall listing.Under the background of the three-year action of stateowned enterprise reform and the "Phoenix Action" proposed by Zhejiang Province for enterprise listing,merger and acquisition reorganization,CFC took the lead in launching the "secondary mixed reform" within the group,thus taking the step of spinoff CFC subsidiary to go public.Therefore,The spin-off is not only the result of further reform and innovation of the parent company,but also an important strategic choice for the subsidiary to solve its own problems and build an environmental protection energy industry platformAccording to the results of the case study,the following findings are made in this paper:(1)Solving the financing dilemma and promoting the enterprises to deepen the transformation and reform and innovation are the main internal driving forces for the listing of CDD in the spin-off of CDD;(2)After the spin-off and listing,the solvency of its subsidiary C&C has been greatly improved in a short time,alleviating the shortage of funds,promoting the transformation of cogeneration projects and broadening its development path as an energy enterprise.At the same time,the successful spin-off has become a landmark project in the reform of state-owned enterprises in Zhejiang Province,which will further help C&C continue to carry out mixed reform in the future.(3)As a positive signal of the capital market,spin-off can improve the overall valuation of the company and maximize the wealth of shareholders.The study of this case will help fill the gap in the listing field of the main board of the spin-off,promote the listing system of the spin-off and mature the capital market,and provide valuable experience for the subsequent spin-off of the main board enterprises and state-owned enterprises also ready to promote the mixed reform in member companies. |
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