换股吸收合并

TCL集团IPO及换股吸收合并TCL通讯是中国资本市场发展过程中的重要事件，它标志着中国资本市场正在逐渐成熟，加快了与国际资本市场接轨的步伐。

This case is a cornerstone in the development of Chinese capital market .

通过对换股吸收合并和现金吸收合并的比较，明确了两者的不同之处。

It compares Stock-for-stock Merger with Cash Merger to make clear the difference between them .

上市公司召开股东大会决议审议换股吸收合并方案时，应达到法定的人数。

Listed company convenes a resolution of the shareholders ' assembly considered Stock-for-stock Merger plan , should achieve a quorum .

尤其是换股吸收合并模式里的公用科技的整体上市对市场绩效影响最为强烈。

Especially , the influences of market performance in the holistic listing of public technology through the pattern of stock for stock consolidation by merger are most obvious .

上市公司换股吸收合并协议不仅需要股东大会决议通过，而且需在相应的审批、备案手续办理结束后才能生效。

The merger agreement needs not only the resolution of the general assembly of shareholders through , and in the appropriate approval , filing formalities only after the end effect .

另外，在合并后的市盈率维持不变且没有产生协同效应的情况下：市盈率相似的两公司换股吸收合并时，不同的换股比例会引起股价不同方向的变动。

In addition , if price-earnings ratio ( PE ) will remain unchanged and there have not synergy , when the two companies which have simile PE M & A , different exchange ratio cause stock changes in different directions .

其次，本文对当今资本市场上整体上市模式进行总结，并分为三种模式：定向增发模式、换股IPO模式和换股吸收合并模式。

Secondly , this article summarizes the model of list in integrity and classify it to three : directional add-issuance , IPO convertible , convertible merger .