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f the end of 2000 , a total of nearly 700 listed companies in 3400 were repeated in different forms of asset restructuring. According to China's asset restructuring of listed companies developing Wei Jun characteristics can be divided into the development process of asset restructuring pilot phase ( 1990-1993 ) , the initial stage ( 1994-1997 ) , the development stage ( 1998-1999 ) , a new stage ( in 1999 "Securities Law " was promulgated as a starting point ) in four stages .

Reorganization of assets mainly represent corporate motives why asset restructuring , asset restructuring motive . Answer this question from two levels, namely macro-level and micro-level up to consider . At the macro level, the asset restructuring of China's economic growth pattern and economic restructuring needs, is to adjust the layout of the state economy an important way ; From the micro perspective, mainly refers to the restructuring of different enterprises specific motives . Western developed capital markets, asset restructuring firms in motivation can be summed up : (1 ) the pursuit of profit maximization , (2 ) to expand market share , and (3 ) complementary advantages and operating synergies , (4 ) financially reasonable tax avoidance and the expected effect , ( 5 ) development of corporate strategy , ( 6 ) reducing barriers into a new industry . Asset restructuring of enterprises restructuring motivation theory has in common , but in the context of China's economic reform under the influence of a portion of its own characteristics and performance .

According to the relevant provisions of China's securities market , a listed company after two years of losses occur ST treatment (Special Treat), the third year if the losses will be suspended is still not listed , incurs PT (PT is Particular Transfer acronym, that special transfer ) , can only be carried out once a week for a special assignment . The next step is probably PT delisted . And within that period , the listed company may apply to the Exchange a one-year grace period , during the grace period if the company restructuring to be successful, vetted and approved by the Commission can be restored after its listing. Therefore, the listed companies are ST treatment, in fact, they won the two-year restructuring period . In addition, according to the regulations , listed companies net capital gains rate of less than 10% , it will lose the allotment status , loss of allotment status , it is equivalent to the loss of market value . In this case , has been or is about to be ST ST, has lost or will lose eligibility allotment allotment qualifications listed companies will be active in order to "guarantee card" and " security feature " for the purpose of self-rescue recombination .
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