It is self-evident that the overall listing behavior of central enterprises with both internal and external motivation has a positive impact on the macro-economy. The overall listed central enterprises will play a unique role in key areas, optimize the allocation of market resources and continuously release economic vitality. The overall listing of central enterprises is also of great significance to the long-term development of the capital market.
The overall listing of central enterprises not only expanded the scale of the capital market and improved the asset securitization rate in China, but also effectively improved its market value scale and overall asset quality, thus providing a guarantee for the long-term prosperity of China's capital market. Judging from the stages of capital market development, any real bull market always goes through four important stages: value discovery, value injection, value bubble and value return. With the acceleration of the overall listing of central enterprises, the stock market will enter the rapid development stage of value injection and become the booster of the next bull market.
Benefits of overall listing: It allows listed companies to gain the benefits of performance growth and valuation premium at the same time. Judging from the companies that have been listed as a whole, the overall listing has greatly improved the company's profitability and improved its fundamentals. The overall listing has the following advantages: first, it is conducive to better utilizing and exerting the Group's resources and management advantages, improving the company's product structure and improving profitability; Secondly, it is conducive to reducing related party transactions and horizontal competition, and can make some hidden profits appear.
The whole listing can make listed companies gain the benefits of performance growth and valuation premium at the same time.
As an extensional growth mode, overall listing is more effective than endogenous growth mode, which can quickly improve the performance and growth of listed companies in a short time. Through the injection of exogenous assets, superior resources are concentrated in listed companies, which can greatly improve the fundamentals of the company and lay the foundation for explosive growth of performance.
For some companies, due to the defects in the overall pre-listing restructuring, there are still countless ties between major shareholders and listed companies, and there are still a lot of horizontal competition, related transactions, interest transfer, and large amounts of funds, which have damaged the rights and interests of other investors and affected the normal operation of the company. After the overall listing, this situation will be greatly reduced, and some hidden profits may be revealed.
Judging from the valuation, after the overall listing, due to the injection of high-quality assets, the company's profitability has become stronger, its main business has become more prominent, and its industry position has become more advantageous, so it can enjoy the valuation premium.