Since the beginning of this year, there have been frequent cases of state-owned capital acquiring private listed companies in the capital market. This is due to the complex interweaving of macroeconomic policies, economic systems, and corporate strategies in the past few years, which has now reached a point of contradictions.Looking back at the formation process of this phenomenon, it can be found that the crisis has been brewing for several years: in the first stage, around 2015, the financial environment supports large and medium-sized private enterprises represented by listed companies to increase leverage, and quite a few large shareholders of enterprises increase leverage by means of equity pledge; in the second stage, the large shareholders of listed companies use leveraged funds for industrial investment or financial investment; in the third stage, companies that leveraged in the previous period experience investment failures and financial deleveraging, and the corporate financial crisis is on schedule.The acquisition of state-owned capital for private listed companies objectively deals in accordance with market principles and maintains financial stability, but it also reflects the inequality of financing. It is foreseeable that the phenomenon described in this article is not over. The current frequent occurrence of financial risks in private listed companies indicates that the nature of financial risks has changed to some extent, reflecting the pain of the transformation of private listed companies.
