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By Han Bin, Management World Magazine

Research Report, No.130, 2021 (Total 6195) 2021-5-20

Abstract: The fifth plenary session of the 19th CPC Central Committee proposed to fully implement the registration system of stock issuance, establish a normal exit mechanism, and increase the proportion of direct financing. Promoting domestic spin-off listing of the capital market is an important measure to broaden the access to direct financing and increase the proportion of direct financing, and also a useful exploration to deepen supply-side structural reform in the financial sector. The implementation of the pilot policy of spin-off listing has ushered in the tide of domestic spin-off listing in China’s capital market, but the hidden risks cannot be ignored. The main risks are: the motive of some spin-off listing is not pure, which affects the order of the capital market; The internal capital market is complex and prone to contagion risk of debt; and major adjustment to the shareholding structure harms the rights and interests of small and medium-sized shareholders. We need to stick to the bottom line of preventing systemic risk and improving the quality of listed companies. It is suggested that the government and its supervising institutions should optimize the restrictions on spin-off listing from the aspects of core assets, spin-off number and industry supervision, establish debt constraints with asset-liability ratio at the core, and improve the protection mechanism for small and medium-sized shareholders in spin-off listing.

Keywords: spin-off listing, capital market regulation, investor protection