资本运营的探索（Exploration of capital operation）.doc

资本运营的探索（Exploration of capital operation） Exploration of capital operation innovation model 1, TCL group - overall listing model In January 2004, the Appollo plan of the TCL group was formally implemented. That is, TCL group absorbed and merged its listed company TCL communications, to achieve the overall listing. Former TCL communications canceled legal personality and delisting, TCL group to TCL communications all tradable shares convertible, and issued TCL group RMB ordinary shares, TCL communications all assets, liabilities and equity into the TCL group. Overall listing for TCL group financing 2 billion 513 million yuan, which will bring new opportunities for industrial expansion, but also with its capital operations A new capital operation platform. This is a milestone in the capital operation of the enterprise group. The overall listing of the group will give the group a greater operating platform. Enterprises should face global competition and make bigger and stronger funds. Financial capital raising is the most effective way. After the listing of the group, the group can make the development of the fund more effectively. In the industry integration, industrial restructuring, big group to completely rely on cash acquisition to industrial restructuring is obviously not realistic, the overall market can make the group through the acquisition of shares of more effective expansion, the large blue chip group is of great significance. 2, Delong group - industry integration model An industry is very large, very scattered, how to integrate? Delongs choice is to use capital management as a means of industrial integration. Through capital management, the acquisition of the industrys best enterprises, and then through the best companies to integrate and enhance the industry as a whole. Delong combines capital management with industry integration, and combines the two - tier market with the primary market. Delong now holds 5 listed companies, and their approach is to use