RUC-BK-101-110204-11271343 TCL 2001 11271343 2005 4 1
2004 TCL 2004 TCL TCL TCL TCL TCL A TCL TCL TCL TCL 2
Look back the 2004, China's stock market is not all calm At the beginning of the year TCL group absorbs the subsidiary company and then amalgamates the whole group appear on stock market may be said a great achievement in 2004. Initially, TCL group absorbs subsidiary TCL communication limited company that has been on market, and then it makes shareholders of original TCL communication acquire new stocks of TCL group and increase the amount of stocks for TCL group at the same time. Therefore, TCL group makes the whole group with small cost to occupy a seat on stock market in a shorter time. That project is not only to provide the possibility for the TCL group realizing the whole group appear on market, but also to avoid the group into a complicated construction of mastering many companies of A share company. Because the incorporative this time appearing on market is unprecedented, therefore it brings to stock market a big surprise. This kind of creative way saves money for the TCL group and shortened time of whole group appearing on market. The Chinese stock market establishes only several decade years, and many history problems leave behind. Under this kind of special state of the nation background, appearing on market of a group company not only means the development of the group company, but also means the conversion or reallocation of related. How is the TCL group make itself appearing on market? Who will get the most benefits? Government, company itself, company management, public shareholders or non-public shareholders? How about the influence and the trend of stock price? This text is regarding the topic above, adoption quantitative analysis, looking back the process of going public, the way of stock price convert and the degree that related benefits influence, in order to analyze capital behavior and how it influence benefits under the special state of the nation. 3
TCL TCL 1 1997 1998 2002 TCL 2% 0.38% penteld 4% 6% TCL TCL TCL TCL TCL 2 TCL 1 TCL TCL 25% TCL TCL 31.7% 56.70% TCL 3 TCL TCL TCL TCL IPO TCL TCL TCL TCL 4
4 TCL 2004 3 30 TCL TCL TCL TCL 2 TCL 1 TCL TCL 1 TCL 2000 2001 2002 2003 71.30% 64.30% 69.60% 67.40% 2003 87% TCL TCL TCL 2002 18.9 300 5% TCL 20% TCL 25 TCL TCL 2 5
A TCL TCL 70% 3 3 10% 70% TCL 1070 HK TCL 000542 SZ TCL 1999 11 10 3 TCL TCL TCL TCL TCL TCL TCL TCL 2002 TCL TCL 20% 3 TCL 2002 2003 TCL TCL 2003 7 TCL TCL TCL TCL 6
TCL TCL TCL TCL TCL TCL 25 10 9.46 5.7 1 TCL TCL 10 / 2 2007 2 2 2 1.5 2 2.4G 5.7 4 TCL TCL TCL TCL TCL TCL 2002 2003 7 TCL TCL 2004 TCL 25 7
TCL 2004 TCL 67.08% 70% 2004 9 TCL 20 TCL 2 TCL TCL TCL TCL 56.67% 43.33% 100% 3 TCL TCL TCL 40.97% 18.38% ( 9.08%) 25.00% 15.65% 100% 4 TCL TCL TCL 25.22% 11.08% 25.24% 38.46% 100% 2 TCL 1 TCL TCL TCL TCL 50% 8
0 TCL TCL TCL 21.15 2001 1 2 2003 9 26 30 15.0% 2001 1 2 2003 9 26 30.8% TCL TCL TCL TCL 3.6-4.0 ( 17-19 ) 21.15 22 TCL 3.8-4.0 3.8-4.0 TCL 21.15 4.32 20 10 10 22.07 4.35% TCL 4.35% TCL TCL 21.15 2004 1 6 TCL 27.34 TCL 21 TCL 21.90 27.34 21.90 18 TCL 18 TCL 9
[(27.34+21.90)/2]/21.15*4.26=4.96 TCL 27.34/21.15*4.26=5.51 TCL 2004 1 31 TCL 6.88 7.84 7 8 5 TCL 1.5 3 TCL 2005.1 2006.3 TCL 2005.1 2006.3 10
2 TCL TCL 2004 1 31 3822 TCL 2 9 2 6 9.46 3 TCL TCL TCL TCL 100% TCL 14.8 02 13.7 18 18 TCL 20 6 7 2003 0.36 2003 0.27 2004 7.20 8 9 TCL TCL 2004 3 30 TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL 36% TCL TCL 40.8% TCL TCL 55.15% TCL TCL TCL 2003 TCL 2003 97.8 35% 20.7% TCL 2003 5.7 59% TCL 11
TCL TCL TCL TCL 0.21% ( 9.08%) (1.56%) (1.48%) TCL (0.63%) TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL A TCL TCL TCL TCL TCL TCL 58% 54.9% 51.3% TCL 3.6%-7.9% 10 TCL TCL 2004 TCL TCL TCL TCL TCL 3 / 1996 TCL TCL TCL 1996 TCL 2004 TCL TCL TCL 1997 5 TCL 3 10% 10% 25% 15% 25% 40% 30% 40% 45% TCL TCL 20 90 TCL 50% 2000 35% 2001 19% 2002 TCL 12
1 100% 58% TCL 2002 4 16 TCL TCL 16 16 40.97% TCL 25% 18.38% 15% 1997 TCL 2% 0.38% penteld 4% 6% 6% TCL 2 13
TCL 2003 9 TCL 2004 1 7 TCL 5.9 A 1.00 4.26 TCL 2004 1 6 TCL 4.044 A 13 TCL 2158 1.164% TCL 3 14
25.24% TCL TCL 1.4452 2.5 TCL TCL TCL TCL TCL TCL 15
IPO TCL TCL TCL TCL TCL 4 TCL TCL 2004 2003 12 31 TCL 0.3584 10 0.80 0.64 =(0.64/10)/0.3584*100%=17.86% TCL TCL TCL TCL 16
TCL TCL TCL A TCL TCL A TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL TCL 3 TCL 2003 TCL TCL TCL TCL TCL TCL TCL TCL TCL 17
TCL 24 TCL TCL TCL TCL 2003 0.221 TCL TCL 2002 1.4690 2003 1 9 1.0046 TCL TCL TCL 2003 8 18
1 2003 2 2002 3 2001 4. 2004.5 5. 2004.5 6 2000 7-2004 8 2004 9-2003 10 2003 11-2003 12 2002 13 2000 14 2002.4 15 2005 3 16 2005 3 19