1. Acquisition and merger. It is often called enterprise merger and acquisition. Through mergers and acquisitions, enterprises can not only integrate internal and external resources, produce scale effect, reduce market transaction costs and expand market share, but also adopt diversified business strategies to reduce business risks.
2. Equity transfer. Equity transfer refers to the behavior that M&A company acquires part of the equity of a listed company according to the equity transfer agreement, thus becoming a shareholder or even a controlling shareholder of the listed company.
3. Asset divestiture. Asset divestiture is to divest the unproductive and non-operating assets in the main body of a listed company from the entity of the listed company, which is generally borne by the parent company of the listed company. This is one of the most commonly used methods to improve the profits of listed companies, mainly by stripping the non-performing assets of listed companies to the parent company or other subsidiaries of the parent company.
4. Asset replacement. Asset replacement refers to the exchange of assets between listed companies and other companies, thus improving the quality of assets. In China's securities market, this kind of transaction mainly occurs between related parties, which is a common means for listed companies, especially some listed companies whose main business is losing money or in trouble.
Legal basis: Measures for the Administration of Major Asset Restructuring of Listed Companies
Article 1 In order to regulate the major asset reorganization of listed companies, protect the legitimate rights and interests of listed companies and investors, promote the continuous improvement of the quality of listed companies, and safeguard the order of the securities market and social public interests, these Measures are formulated in accordance with the Company Law, the Securities Law and other laws and administrative regulations.
Article 2 These Measures shall apply to the asset trading behavior of listed companies and their holding companies (hereinafter referred to as major asset restructuring) in which they purchase or sell assets outside their daily business activities or conduct asset trading in other ways to reach a prescribed proportion, resulting in major changes in the main business, assets and income of listed companies.
A listed company shall issue shares to purchase assets in accordance with the provisions of these Measures.
These Measures shall not apply to listed companies that use the raised funds to purchase assets and invest abroad according to the purpose of the raised funds disclosed in the securities issuance documents approved by China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission).