On the same day, China Nengjian announced that the spin-off and reorganization of its subsidiary Ipsen was approved by the CSRC, which was the first single spin-off.
Experts interviewed said that spin-off listing is an important means to optimize the allocation of resources in the capital market, which not only helps to improve the financing ability of listed companies, but also helps the independent development of technology and business of subsidiaries and improve the overall competitiveness of listed companies.
100 More than one company issued a spin-off plan.
2 1 bill has been successfully split and listed.
According to the "Securities Daily" reporter, since the implementation of the "A split A" rule for more than three years, a total of 102 A-share companies have announced the 108 single split plan. From the direction of spin-off, Shanghai and Shenzhen Main Board, Science and Technology Innovation Board, Growth Enterprise Market, and North Stock Exchange were selected with 10, 20, 48, and 2, respectively, and the remaining 28 were not disclosed.
Judging from the spin-off of listed companies, most of them are science and technology enterprises such as electronics, medicine and biology. "These companies are national high-tech industrial companies, and they have great demand for resources, talents and cash flow needed for R&D investment. The spin-off listing can enable such companies to obtain sufficient R&D funds. " Chen Li, chief economist of Chuancai Securities, said in an interview with a reporter from Securities Daily.
In addition to the financing needs of enterprises' own development, Qiu Yilin, a postdoctoral fellow of China Bank Research Institute, told the Securities Daily that more spin-offs of such companies can promote the development pattern of the industry. Electronic equipment, biomedicine, chips and other industries are characterized by a long industrial chain, and the competition will become more intense with the development of the industry. Split listing can help enterprises obtain relatively independent core business, enhance their competitiveness, and meet the needs of industrial development.
Judging from the progress, the 2 1 proposal has been successfully split and listed, and 10, 8 and 3 companies have been split into Growth Enterprise Market, Science and Technology Innovation Board and Shanghai and Shenzhen Main Boards respectively. In addition, the split listing and IPO restructuring of China Nengjian were approved, and the single split listing of 16 has entered the examination stage of the Exchange.
Talking about the approval of the first single spin-off and reorganization listing, Qiu Yilin said that the spin-off and reorganization listing of listed companies is also an important means to optimize the allocation of resources in the capital market. By splitting business assets, it helps the company to straighten out its business structure and enhance its professional competitiveness. Secondly, it helps the company to broaden financing channels, obtain reasonable valuation and improve the incentive mechanism, which is of positive significance to better serve scientific and technological innovation and high-quality economic development.
In addition to China Nengjian, Hengli Petrochemical and Jiao Jian, China also started the spin-off and reorganization. However, at present, Hengli Petrochemical has terminated the spin-off. China Jiao Jian's spin-off subsidiaries, Industrial Planning Institute, Gong Yi Institute, No.2 Industrial Engineering Institute and Nanling Civil Explosives, are in the process of reorganization and listing.
23 Single splitting plan has been terminated.
There are four main reasons.
65438 On June 6, 2023, Wal-Mart announced that it planned to spin off its holding subsidiary Laoting Wire and list it on the Growth Enterprise Market. 20211February, the company announced that the board of directors of the company had authorized the management to start the preparatory work for the spin-off of Shanghai Walcott to the Beijing Stock Exchange.
According to the reporter's understanding, six companies have started two single spin-off plans. In addition to Woer Nuclear Materials, after the spin-off of Hanzu CNC and Fluorite Network, Hanzu Laser and Hikvision started the spin-off process of Shanghai Fuchuangde and Hikvision robots. Weichai Power and CIMC are simultaneously pushing forward the spin-off of the two subsidiaries. Dahua Co., Ltd. began to plan the spin-off and listing of Huarui Technology after terminating the spin-off of Huachuang Video.
According to the reporter, at present, a total of 23 single spin-off plans have been terminated, and the reasons for termination are concentrated on the decline in performance or the change of control rights, which no longer meets the conditions for spin-off; Or there is horizontal competition; As well as the changes in the market environment and the comprehensive consideration of the company's future business strategic positioning.
Qiu Yilin said that supervision focuses on four aspects in the audit: first, the independence requirements that listed companies need to meet after the spin-off, especially the independence supervision requirements for assets, business and finance; Second, compliance requirements, which need to ensure the compliance of assets, businesses and listing procedures to be split; The third is the compliance requirements of related party transactions. After the spin-off, the related transactions between listed companies need to be reasonably standardized and fair. The fourth is the requirement of information disclosure. Need to meet the requirements of information disclosure, especially financial and asset-related information disclosure.
Chen Li said that after the spin-off, subsidiaries often have a valuation premium, and both the parent company and subsidiaries may face the problem of subject matter speculation. The company's valuation is likely to be affected by changes in market sentiment, so the regulatory authorities should pay more attention to the actual profitability and equity independence of the spin-off company when approving the spin-off of listed companies.
Talking about the regulatory trend of spin-off listing in 2023, Chen Li suggested focusing on the independence of corporate equity and assets.