"Shell" refers to the qualifications of listed companies. Because many ST shares are badly managed and lose money year after year, there is only one qualification license for listed companies. The qualification of listed companies is a "hot cake" in China (which can be used to raise funds in the stock market).
Backdoor listing means that the parent company of a listed company (group company) realizes the listing of the parent company by injecting its main assets into its listed subsidiaries. One of the typical cases of backdoor listing is Johnson & Johnson Group's "mother" borrowing "child" shell.
Johnson & Johnson Group, which was restructured from Shanghai Taxi Company, has a large number of high-quality assets and investment projects. In recent years, Johnson & Johnson Group made full use of the "shell" resources of its listed subsidiary Pudong Johnson & Johnson, and injected its second and fifth subsidiaries into Pudong Johnson & Johnson through three rights issues, thus completing the purpose of backdoor listing of the Group.
Extended data
Generally speaking, in order to preserve the valuable shell resources of listed companies, enterprises and local governments usually adopt three ways to preserve the shell: government financial capital injection; Turn losses and reorganize by selling school districts.
Among them, restructuring is very common, and it is also common to double the stock price after successful restructuring.
State-owned enterprises and central enterprises have abundant funds, and many enterprises have their own investment and financing departments. Generally speaking, funds are mainly invested in bank wealth management products, with a yield of around 5%; Loans to small and medium-sized enterprises, or loans entrusted by banks (the interest rate is lower than the self-owned investment, but higher than the bank loan interest rate); There is also buying land, and the frequent emergence of land kings in various places has the shadow of state-owned enterprises, which is also the reason.
In order to put an end to "empty shell" or "illegal" private placement, the regulatory authorities continue to offer heavy punches.
At present, the fund industry association has issued internal control guidelines, information disclosure management measures, fundraising behavior management measures and contract guidelines for private fund management companies, and is working hard to formulate management measures for private fund managers' investment consulting business, custody business and outsourcing business.
It is also planned to revise the Measures for the Administration of Registration and Filing and the Measures for the Administration of Employees. Finally, the private equity industry should build a set of "7+2" complete self-discipline rules system.
People's Network-"The deadline" is approaching, and private placement saves lives.