I. Privatization of companies
Privatization means that one or two largest shareholders buy shares of all other shareholders at an agreed price, and then these shares do not need to be traded in the market, so "the listing status on the stock exchange will be revoked" and the listed company will become a private company. Other shareholders took the money and left, and they have nothing to do with the company since then. Generally, major shareholders put forward privatization proposals, and then all shareholders vote. It seems that there are some conditions, such as more than 90% of the shares agree, and less than 65,438+00% of the shareholders (according to the number of shares instead of the number of shares) object. I can't remember the details. Probably, this was the case before the privatization proposal was passed. If passed, the minority is subordinate to the majority, and those who don't want to sell have to sell (to the major shareholder). If it is not passed, the major shareholder may raise the bid and vote again. Some of them fail in the end, so give up. Nothing will change. Whether privatization is successful or not, the stocks held by retail investors will obviously not be waste paper. It is generally impossible for a major shareholder to hold more than 90% of the shares. The Stock Exchange stipulates that retail investors of listed companies must hold more than 25% of the shares. Generally, the privatization price proposed by major shareholders is definitely higher than the current market price (otherwise, who will promise to sell it to you? It is better to sell it in the market), so after the privatization proposal is announced, the stock price will rise to a position not exceeding the privatization price, and if the privatization fails, it will fall back.
Second, privatization.
Privatization refers to the behavior and process that the owners of public organizations or public property directly or by their agents exceed their functions and powers, and legally or illegally change the ownership of public organizations or public property and its derivative rights from the collective of all citizens or public organizations or public property to individual private ownership. Theoretically and legally, the main body of privatization (including the decision-making body and the implementation body of specific transfer behavior) can only be all investors who are interested in privatization. Therefore, the legal subject of privatization of enterprises owned by the whole people or public facilities must be all citizens, while the legal subject of privatization of collective-owned enterprises can only be the collective of all investors who invest in the establishment of collective enterprises, and the legal subject of privatization of cooperatives must be all members of cooperatives. According to the principle of "whoever invests owns it", only the owner with the original investor status can decide whether to implement the privatization decision, which is a legal expression of will. Only the privatization implemented by the owner himself (that is, by voting with all investors) or by legal procedures (that is, by voting with all investors' representatives) is legal privatization.