上市公司以“换股”的方式购买资产，究竟是怎么回事？

Core Viewpoint - The article discusses the concept of "share swap" as a method for acquiring control of a listed company, particularly when cash is insufficient for the transaction [1]. Group 1: Asset Definition and Seller's Perspective - The term "asset" is broadly defined, encompassing various items that a seller may possess, such as real estate, machinery, intangible assets, and inventory [3]. - The example seller, "Old Wang Technology Company," holds a long-term equity investment representing a 10% stake in Company A, which is considered an asset available for sale [3][5]. Group 2: Buyer's Perspective and Transaction Details - The buyer, "Qian Duo Duo Technology," has 50 million yuan in cash and intends to purchase assets from Old Wang Technology Company, including real estate (10 million), machinery (5 million), intangible assets (20 million), and inventory (8 million), totaling 43 million yuan [7]. - After the asset purchase, Qian Duo Duo Technology has 7 million yuan remaining in cash [7]. Group 3: Share Swap Mechanism - To acquire the 10% stake in Company A, valued at 25 million yuan, Qian Duo Duo Technology opts to issue new shares instead of using cash, as its cash reserves are insufficient [11]. - The share issuance is calculated at a price of 10 yuan per share, resulting in the need to issue 2.5 million new shares to cover the cost of the equity stake [11][13]. - This share swap creates a new shareholder relationship, where Old Wang Technology Company becomes a shareholder in Qian Duo Duo Technology post-transaction [13]. Group 4: Conclusion on Share Swap - The article concludes that share swaps are a common acquisition method for companies lacking cash, allowing them to use their own shares as a payment tool, particularly advantageous for publicly listed companies due to the market value of their shares [15].