博润买“壳”重组路

Borun’s Restructuring through Reverse Merger

2010年6月11日纽交所上市的山东博润（NYSE：BORN），虽然被称为山东省第一家登陆纽交所的民营企业，但并未带来多少新闻效应，知者寥寥。

Shandong Borun was listed on NYSE(NYSE:BORN)on June 11,2010.Although it was reportedly the first Shandong-based private company to have listed on NYSE,the event did not make much news and was known to few people.We have paid attention to the listing not because the company demonstrated great financial results,but because it played a very typical'Tom&Jerry'game with regulatory policies in its overseas listing process.The red-chip restructuring of Shandong Borun is an example of how these policies can be circumvented to the greatest extent so far,which has rendered MOFCOM’s Circular No.10 virtually void of its teeth.