1, asset-to-equity swap
Asset-for-equity swap is a common way, which is to reorganize the company and exchange its own high-quality assets for the company's equity to achieve the purpose of holding. The advantage lies in the completion of the asset injection process while obtaining the equity.
2. Equity swap
Equity swap is the exchange of equity between the two parties to achieve the purpose of mutual shareholding. Its advantage is that it does not need to use cash and reorganize the company's assets, and its swap ratio depends on the evaluation results of the net assets of both parties.
3. Debt-to-equity swap
Debt-to-equity swap is because the reorganized company has debts in the reorganized company. There are two possibilities for the reorganized company to reorganize: first, the company really wants to reorganize; Second, the company has no intention of restructuring. Because the restructured company was unable to repay its debts, it was forced to restructure.
4. Equity transfer agreement
The transfer of legal person shares by agreement is the most common, which is mainly determined by the special environment in China. Because legal person shares cannot be circulated, the transfer price is much lower than that in the secondary market. Because most companies have a large proportion of non-tradable shares, the restructured company can achieve the purpose of holding shares without disturbing other investors at all. Strictly speaking, this is unfair to other shareholders and infringes on the same shares and rights. The Securities Law stipulates the obligation of compulsory offer to the acquirer who holds more than 30% of the shares of a listed company, so as to prevent the interests of other shareholders from being infringed after the transfer of control rights of the company. However, due to the strong support of the government, most of the previous acquisitions were exempted. Moreover, in order to avoid the high cost that a comprehensive offer may bring, many restructured companies often buy less than 30% of the shares. This rule didn't play its due role at all.
There are also unequal exchanges in the above-mentioned equity transfer, some of which are promoted by the government, or the government promises to compensate the unequal part in other ways, and some are voluntary by dominant enterprises.
5. Auction of legal person shares
That is, the company's equity is obtained through the auction market, avoiding the black-box operation in the past. It is conceivable that the auction market will play a greater role with the increasing popularity, because when a market has a large number of investors, its liquidity will be greatly improved, prompting it to return to value, otherwise a large number of speculators can arbitrage.
In addition to the above main methods, there are also some distinctive acquisition methods, such as the power of attorney acquisition of Tongbaihui and the absorption and merger of Lingqiao and raw water.