洪城水业定向增发整体上市案例研究

A Case Study on the Overall Listing through Private Placement of Hongcheng Waterworks

国有企业整体上市是我国资本市场特有的现象,意在解决国有企业分拆上市的遗留问题。上市公司通过定向增发募集资金收购和整合控股股东相关的资产业务,实现产业链资产整体上市的模式,已逐渐被市场参与者认可。本文对江西洪城水业股份有限公司(简称"洪城水业")定向增发整体上市的公告效应、上市前后财务和经营业绩等方面进行分析,结果表明:该定向增发整体上市具有积极的市场效应,提高了企业规模,增强了上市公司财务能力,对类似的定向增发整体上市具有一定的借鉴价值。

The overall listing of state-owned enterprise is a unique phenomenon in the China＇s capital market, which is intended to solve the problems remained by the equity carve-outs of state-owned firms. Listed corporations through private placement to raise funds for the acquisition and integration of the controlling shareholder of the assets,to achieve the overall pattern of industrial chain assets listed has gradually been recognized by the market participants. This article through Jiangxi Hongcheng Waterworks Co. Ltd. analyzes the announcement effects, the overall financial and operating performance before and after listing and shows that the additional has an positive market effect, and increase enterprise scale, enhancing the financial capacity of the listed corporations. It has a certain reference value to the overall listing of similar private placement.