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案例简介:新城控股换股吸收合并新城B股为东电B股后第二例“B转A”样本,亦是我国资本市场首例民营企业B股转A股的成功范例。其交易模式承继东电B股。在东电B股基础之上,在确定换股发行价及与投资者沟通方面积累了更为丰富的经验,但其吸收合并上市首日暴涨的现象也引发完善换股吸收合并上市首日涨跌幅约束机制的思考。
Case Introduction: The merger of Xincheng Holding and the acquisition of the B-share of Xincheng is the second “B-to-A” sample of B shares of Dongfang Electric Corporation. It is also the successful example of B-share A-share conversion of the first private-owned enterprise in China’s capital market. Its trading model inherits T-shares. On the basis of the T-shares of B-share, it has accumulated a wealth of experience in determining the issue price of convertible bonds and communicating with investors. However, the phenomenon of soaring mergers and acquisitions on the first day of the merger also triggered the perfect absorption of mergers and acquisitions Reflections on the Mechanism of Decline and Limit.