公股全流通和国有股减持对于健全中国证券市场极为重要和迫切。“再发行”是“公股全流通或国有股减持”的有效方法 ,其实质是“重新发行”,就是让公股、私股通过“可转股债”归为同一类有价证券后再重新发行 ,并最后变成统一的全流通股票。 The full circulation of public shares and the reduction of state-owned shares are extremely important and urgent to improve China’s securities market. “Re-issuance” is an effective method of “full circulation of public shares or reduction of state-owned shares,” and its essence is “redistribution”, that is, public shares and private shares are classified as securities of the same type through redistribution of “convertible bonds” , And finally into a unified full circulation of shares.