| In December 2019,in order to implement the strategy of innovation-driven,technological power,and promote high-quality economic development,the China Securities Regulatory Commission established the Science and Technology Innovation Board and issued relevant policies for carve-out and listing.Many technology innovation companies have expressed strong interest in listing on the Science and Technology Innovation Board.The carve-out of listed companies can broaden financing channels,improve cash flow,and enhance the overall competitiveness of enterprises.It is an important means of optimizing resource allocation in the capital market.Therefore,the carve-out to the Science and Technology Innovation Board and the economic consequences after the carve-out and listing has attracted widespread attention.In the upsurge of carve-out and listing on the Science and Technology Innovation Board,Shanghai Electric catered to the wave of carve-out and listing.It carved-out its subsidiary Electric Wind Power to the Science and Technology Innovation Board for listing,becoming the first company in the wind power industry to be split and listed,and it was known as "The first share of state-owned assets split".Therefore,this article combines the characteristics of the Science and Technology Innovation Board and takes the Electric Wind Power company as a research sample for in-depth discussion.This article selects this case after fully reading and retrieving both domestic and foreign literature on carved-out and listing,and based on referring to the existing literature in our country,this article tries to use the literature research method,archives research method,case analysis method,and event analysis method to analyze Shanghai Electric.Demonstrate the process,motivation,and economic consequences of the carve-out of Electric Wind Power to the Science and Technology Innovation Board,and conduct in-depth research on the economic consequences after the carve-out.The main research ideas of this thesis are as follows: First,summarize the existing domestic research results on carve-out and listing,and summarize the problems,viewpoints,theories,and processes involved in spin-off and listing;Interpretation of the entire incident up to the Science and Technology Innovation Board listing,including a detailed description of the carve-out process and the laws and regulations involved;Second,in-depth exploration of the motivation and economic consequences of Shanghai Electric’s carve-out of Electric Wind Power listing;Lastly,based on the analysis of this case,it is concluded that the research conclusion summarizes the key factors and feasibility of the carve-out and listing of the Science and Technology Innovation Board.The specific content of this article first analyzes the background of the carve-out and listing,the policy of listing on the Science and Technology Innovation Board,the financing needs of the company and its needs for independent operations.Secondly,pay attention to the process of Electric Wind Power’s successful listing on the Science and Technology Innovation Board,specific to its independence,peer competition,related transactions,carve-out procedures,and core technology research and development.Third,analyze the economic consequences after the carve-out and listing of Electric Wind Power.From the perspective of short-term and long-term market response,there will be positive returns after the carve-out and the financial indicators of Electric Wind Power will change at different levels.Finally,it summarizes the case of Shanghai Electric’s carve-out of Electric Wind Power and tries to give valuable suggestions,hoping to provide a strategic reference for other companies that plan to spin off and list on the Science and Technology Innovation Board.After an in-depth of this case analysis,this thesis draws the following conclusions:Shanghai Electric’s proposed carve-out of its subsidiary Electric Wind Power is mainly due to the financial needs of the subsidiary,the policy promotion of the wind power industry and the need to improve core competitiveness.The short-term economic consequences after the carve-out and listing of Electric Wind Power are significant,it maintaining a medium-to-high level of return within the first half year,and obtaining positive excess returns through the listing.Investors in the capital market began to hold a positive attitude toward the carve-out,but as the investor’s enthusiasm receded,investor’s mindsets became more rational on their invest.Based on this,the significance of this research thesis lies in two aspects: First is the theoretical level,which can enrich the relevant research on domestic carve-out and listings on the Science and Technology Innovation Board;Second is the practical level,which can provide a reference for companies in the industry to use carve-out and listings. |
