On the evening of September 13, Chengzhi Co., Ltd. announced that it plans to start the spin-off of its holding subsidiary Beijing Chengzhi Yonghua Technology Co., Ltd. to list on the Shenzhen Stock Exchange, aiming to further improve its professional operation level, profitabili

2025/06/1007:47:34 hotcomm 1689

Sep

Reporter Xing Meng

Recently, the "A-demolition A" team has added new members. On the evening of September 13, Chengzhi Co., Ltd. announced that it plans to start the spin-off of its holding subsidiary Beijing Chengzhi Yonghua Technology Co., Ltd. to list on the Shenzhen Stock Exchange, aiming to further improve its professional operation level, profitability and comprehensive competitiveness.

According to Wind information data and incomplete statistics on the announcement of listed companies, since the release of the "Several Provisions on the Pilot of the Domestic Listing of Subsidiaries of Listed Companies" in December 2019, as of September 14, a total of 89 A-share listed companies have planned to split their subsidiaries to domestic exchanges for listing. Among them, 17 spin-off subsidiaries have successfully entered the A-share market (78 GEM and 77 Science and Technology Innovation Board); another 5 spin-off subsidiaries have submitted their IPOs, which are only one step away from listing.

data sorting out shows that private enterprises are the backbone of "A demolition of A". Among the 89 companies mentioned above, 41 are private enterprises on the main board, accounting for 46%. In terms of market value, the average market value of 41 companies reached 51.4 billion yuan.

"Split up the subsidiary and listed it will help to reasonably value the specific advantageous businesses of listed companies; for subsidiaries, they have more independent development space and financing channels, and they can pay more attention to their own target oriented ." Liu Dongying, deputy general manager of the Federal Reserve Securities M&A Business Department, analyzed to the Securities Daily reporter.

"The diversified business of some listed companies has caused the company's overall valuation to be low. Splitting off subsidiaries will help streamline the company's business structure, strengthen the financing capabilities of the company's subsegment, and maximize the value of ." Fu Rao, executive director of the Hong Kong Institute of International New Economics, said.

In addition, "A-demolition A" also shows the characteristics of state-owned enterprises and GEM companies emerging. Data shows that among the 89 companies mentioned above in , 35 are state-owned enterprises, accounting for 39%; from the perspective of sectors, 8 of the 89 companies are GEM companies. The spin-off listing of

is regarded as an important measure for state-owned enterprises to deepen reform. "The split and listing of state-owned enterprises can reduce information asymmetry, serve the preservation and appreciation of state-owned assets, and better achieve the high-quality development of . Overall, the split and listing can improve team efficiency, concentrate main business, stimulate scientific research and innovation, obtain financing support, and release market value." Tian Lihui, dean of , the Financial Development Institute of Nankai University, said.

Liu Dongying analyzed that many GEM companies are large in scale, and the advantageous businesses of their subordinate subsidiaries are different from the main business of the company. They are suitable for independent development. Such subsidiaries are more suitable for spin-off and listing.

, judging from the progress of listing, as of now, since the birth of the first A-share stock split-listed stock at the end of February last year, a total of 17 split-listed stocks have been listed on the A-share market, 8 are from the GEM, 7 are from the Science and Technology Innovation Board, and 2 are from the main board, of which 8 are newly listed this year. It is worth noting that these 17 subsidiaries all come from strategic emerging industries, especially the number of new generation information technology industries (5). In terms of market performance of

, the stock prices of the above 17 listed stocks of were performed well. Relevant data shows that the average increase in on the first day of listing of 17 stocks reached 111%, with the highest increase of 548%.

Judging from the latest listing progress, the IPO projects of five spin-off subsidiaries, including UFIDA Automobile, BYD Semiconductor, Ruijie Network , Fluorite Network, and Chuanning Biotechnology, are in the submission and registration status. Among them, BYD Semiconductor, Ruijie Network and Chuanning Biotechnology selected the GEM, while the remaining two selected the Science and Technology Innovation Board.

The experts interviewed generally believe that as the capital market further strengthens support for emerging industries and science and technology enterprises, there will be more and more cases of "A-demolition of A".

Tian Lihui said that spin-off listing can bring new development opportunities to enterprises, improve corporate governance level, and improve information disclosure quality, and will often be favored by capital and sought after by the market.