subject: Household Appliances Share Reform Of Listed Companies: Travel More Than Half Of Future To Speak Of - [print this page] Household Appliance Household Appliance
Share reform
Overview
Equity Division
China's stock market reform is the most important changes in the basic system, the company's shareholders, management and business operation itself had a significant impact. From the overall market situation, improve the development of successful stock, as of
April 3, 2006, Shanghai and Shenzhen has 793 listed companies had entered or completed the split share structure reform, market value of 2.3477 trillion yuan, accounting for the total number of cities and the market value of the company's 57.63% and 66.43%. Home appliances and consumer companies because of their close characteristics, its share reform is also popular attention. Overall, household appliances share reform of listed companies showed the following characteristics:
1. Progress: just over half
Until
2006
April 3, 28 cities listed in the appliance (including black and white) has 14 listed companies to enter or to complete share reform, which
Gree
Appliances, beauty appliances, and deep
Konka
A 10 has been completed and so on, Sichuan
Chang
And Hefei Sanyo has adopted shareholder voting, the Qingdao
Haier
And Shenzhen Huaqiang just issued the board plan, yet to shareholders for approval.
2. On the price of program types: The Song Gu-based
Schedule can be seen from carrying out share reform program of the appliances listed shares changed based on the price of the program to Song Gu, only the United States in the electrical and Qingdao Haier were accompanied by a cash and warrants, while the radio and asset information is re-combination. Line Operation class program also does not appear, but this structure is mainly with the overall market to Songgu consistent.
3. The average on the price level: slightly less than all the companies by
Have been implemented on the two cities share reform of listed companies to statistics, Song Gu Song Gu-based programs or the average of the price level for public shareholders for every 10 shares were sent to 3.336 shares, household appliances listed as 2.857 shares. Determination of the price level and the proportion of outstanding shares, historical stock price, operating results and dividend history of the situation has a certain relationship, which led to the price of home appliances listed companies is mainly due to the low rate of electrical and Qingdao Haier America comes with cash and warrants in the case , the circulating shares get 1 share only been so pulled down the average. Which the U.S. electrical business performance as outstanding equity value of shares outstanding significantly, and the shareholders of the Company made a further increase on the performance promises, the program has been adopted and implemented complete, and Qingdao Haier yet to be approved by shareholders. But we also see the operations and stock price movements and the United States similar Gree electrical service rate (that is circulating shares for every 10 shares will receive the number of shares) to 2.7 shares, indicating the determination of the price level is a combination of factors trade-off, not as obvious.
To improve the governance structure, with the positive impact
"Split share" the reality is that the establishment of China's stock market early in the understanding of laws and regulations, which are not fully made the case of "expediency" arrangement, but as the market, institutional and other factors change is increasingly able to meet the needs, but also brought corporate governance structure, the secondary market price and a series of adverse effects. The current share reform for the advancement of
Package
Including listed companies, including household appliances enterprises have many positive effects.
1. Tradable shares easier to make strategic acquisitions, increasing the driving force companies to improve performance.
The reality of tradable shares, and local protectionism and state-owned assets management and other reasons, from a strategic perspective of mergers and acquisitions of listed companies is not easy, and in some control over the transfer of the existing process, there was the transfer of process opaque, leading to the ultimate failure of certain shareholders to resist the case; the other hand, the decision led to the split share control of non-tradable shares at the net asset pricing, there have been the first low-cost control of listed companies, and through related party transactions, falsified results of fraud eligible for refinancing with misappropriation of funds, etc. and thus harm the interests of listed companies in the event. Circulating Shares after the one hand, shares can be relatively reasonable price, on the other hand to make strategic acquisitions easier, so not only can be effective allocation of resources, but also increase the company's board and management of stress, because once the company result of poor management performance and then fell down, there may be acquisitions.
