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      分拆上市是一种集团公司将内部业务进行重组的行为，把内部部分业务整合为子公司的形式，并以独立姿态进行上市。分拆上市为企业增添了新的融资平台，并为其优质资产注入了新活力。

      随着“互联网+”的普及，许多大规模企业开始朝着多元化经营的目标前进，分拆上市也越来越成为企业寻求新融资平台、实现专有化经营战略的重要手段。在科创板的到来之前，由于 A 股分拆在准入机制上尚未形成明文规定，因此让子公司在境外分拆或是在新三板挂牌便成为了我国企业实现分拆上市的主要路径。2019 年底，证监会为了加强对分拆行为的监管以及对分拆流程与条件的规范，正式出台了《上市公司分拆所属子公司境内上市试点若干规定》，使得我国企业想要境内分拆子公司的想法得以落地。当前，《试点规定》的发布仅仅过去两年多，成功分拆的公司就已接近 10 家，紧跟其后的还有 60 多家企业，也相继公布了分拆上市意愿。可见分拆上市在资本市场上已然成为热门议题。因此，对于分拆上市的研究也是迫在眉睫。

      生益科技分拆生益电子作为《试点规定》出台后，首例 A 股企业分拆旗下公司至 A 股上市的案例，颇具时效性与典型性。从类型上看，生益科技属于高科技制造业，与目前多数有着分拆意愿的企业存在众多相同点。通过对不同资本市场下分拆上市规定的解读、对生益科技分拆上市动因的剖析、对其路径选择的分析以及对生益电子分拆上市后的效果的评价，本文可以在一定程度上帮助我国现阶段有着分拆想法的上市公司作出是否分拆、以何种方式实现分拆的决策，尤其对于注册制下旨在通过 A 股科创板实现分拆上市的公司有着较高的参考价值。

      本文采用了案例研究的方法，对上市公司为什么分拆上市、通过什么途径进行分拆上市以及分拆上市后的效果如何进行研究。首先，界定企业何种条件下的行为属于分拆上市的范畴，为本研究划定明确的范围；其次，对本文所需的有关分拆理论进行整理后作为本案例研究的理论支撑；然后，归纳出以前学者对于分拆上市的研究并找到此基础下还需深入研究的问题；接下来，介绍现阶段下我国上市公司可选的分拆途径并对不同资本市场下的分拆规定进行对比；紧接着，针对所选取的案例，对成功分拆的子公司生益电子及其在母公司中的战略地位进行介绍，并描述其分拆上市的过程；然后，对案例公司分拆上市的目的，通过什么途径实现的分拆上市以及分拆后的效果做出详细的分析。最后，针对案例提出本文研究结论、建议并指出本研究不足之处。

      经细致分析后所得结论有：第一，生益电子分拆上市的主要驱动因素为实现归核化经营战略与获得融资。第二，与生益电子存在共性的科技型企业在进行分拆时，选择 A 股作为分拆上市地点总体优势比境外资本市场更大。第三，分拆上市使得母子公司的估值均有所提升，而在不改变公司业务的情况下，在短期内对财务指标的影响很小。

      A spin-off listing is a reorganization of the internal operations of a group of companies, where parts of the internal operations are consolidated into a subsidiary and listed as a separate entity. Spin-off listings add a new financing platform for companies and breathe new life into their quality assets.

      Companies with large-scale businesses are moving towards diversification as the internet increases in popularity, and spin-off listings are increasingly a key means of seeking new financing platforms and achieving proprietary business strategies. Before the arrival of the science and innovation board, spin-offs of subsidiaries outside of China or listing on the New Third Board became the main route for Chinese companies to achieve spin-off listings, as there were no explicit rules on the entry mechanism for A-share spin-offs. Certain Provisions for Pilot Domestic Listing of Spin-off Subsidiaries of Listed Companies were officially issued by the CSRC at the end of 2019 to strengthen the supervision of spin-offs and the regulation of the process & conditions of spin-offs, enabling the idea of domestic spin-offs of subsidiaries wanted by Chinese companies to take hold. Now, nearly 10 companies have been successfully spun off just over two years after the publication of the Pilot Regulations. This is closely followed by more than 60 companies that have also announced their intention to spin-off listings. It is clear that spin-off listing has become a hot topic in the capital market. Therefore, research into spin-off listings is also imminent.

      Shengyi Technology's spin-off of Shengyi Electronics is the first case of an A-share company spinning off its subsidiary to an A-share listing since the introduction of the Pilot Regulations, which is quite timely and typical. In terms of type, Shengyi Technology belongs to the high-tech manufacturing sector which shares many similarities with most of the companies that are currently willing to spin-off. this paper will help listed companies with spin-off ideas in China to make decisions on whether or not to spin off and how to do so via the interpretation of the spin-off listing regulations in different capital markets, the analysis of the motivation of Shengyi Technology's spin-off listing, the analysis of its choice of path and the evaluation of the effect of Shengyi Electronics' spin-off listing. It is particularly useful for companies aiming to achieve spin-off listing through the A-share science and innovation board under the registration system.

      This paper adopts a case study approach to examine why listed companies undergo spin-off listings, what route they take to spin-off listings and how about the effect after spin-off listings. Firstly, a definition of the conditions under which a company's behaviour falls within the scope of a spin-off is made, to define a clear scope for this study; secondly, the relevant spin-off theories required for this paper are  collated and then used as the theoretical support for this case study; then, a summary of the previous studies on spin-offs is presented and the issues that need to be studied in-depth on this basis are identified; next, the options for spin-offs of listed companies in China at this stage are introduced together with a comparison of the spin-off provisions in different capital markets; a description of the successful spin-off subsidiary, Shengyi Electronics and its strategic position within the parent company is presented immediately afterwards in relation to the selected case, and the process of its spin-off is described; next, a detailed analysis of the purpose of the spin-off, the means by which the spin-off was achieved and the effects of the spin-off is presented. Finally, they are the conclusions, recommendations, and shortcomings of the study.

      The conclusions drawn from a detailed analysis are: firstly, the main drivers for the spin-off listing of Shengyi Electronics are the achievement of a refocusing business strategy and access to finance. Secondly, the overall advantage of choosing A-shares as the location for spin-off listings for technology-based companies with commonalities with  Shengyi Electronics is greater than that of overseas capital markets. Thirdly, spin-off listings increase the valuation of both parent and subsidiary companies, with little impact on financial metrics in the short term without changing the company's business.