1. Almost all listed companies that have been divested have policy backgrounds, and their controlling shareholders are mostly state-owned shareholders, and they are also former supervisors or industry directors of listed companies. Although there are also private listed companies divesting assets, the number is very small, which gives a strong "government-run" aura.
2. Stripping involves all aspects, including current assets such as accounts receivable, other receivables and inventories, as well as long-term investments and fixed assets; There are both individual assets and overall assets. In short, almost all asset subjects can participate in divestiture.
3. There are many payment methods for stripping. In addition to cash, there are ways to pay off debts and claims. The way to assume debt is the divestiture of assets and liabilities. The specific way is to divest some assets or the whole subsidiary of a listed company together with its liabilities. The difference between the buyer and the seller will be settled by one-way payment. A special case of this method is to divest assets with equal liabilities. It is zero payment for the buyer. Its advantage is that it can quickly reduce the scale of total assets and reduce the asset-liability ratio, while the net assets of listed companies will not change. This method is widely used in state-controlled listed companies. Payment of creditor's rights generally occurs when the target company of assets or equity sale of a listed company is a creditor of the listed company. The target company uses creditor's rights to buy assets divested by listed companies. At the same time, listed companies offset debts with divested assets.
4. Related party transactions are common in asset divestiture. As China's securities trading market is gradually improving, one share is dominant, it is difficult to find a suitable buyer and determine a suitable price for asset divestiture, and the transaction cost is high. Comparatively speaking, it is easier to deal with controlling shareholders. Conditions such as price and payment can also be taken care of by the controlling shareholder. The transaction cost is relatively low. Therefore, many divestitures of listed companies are related transactions.