Path selection and value evaluation of spinoff listings from the perspective of registration systems: Evidence from the China Railway construction corporation

As a strategic asset restructuring initiative, the spinoff of China Railway Construction Heavy Industry Corporation (CRCHI) from China Railway Construction Corporation (CRCC) and its listing on the Science and Technology Innovation Board (STAR Market) addressed financing needs while aligning with national industrial policies. Integrated in theories of financing strategy, core competence, information asymmetry, and management incentives, the decision leveraged the STAR Market's cost-effectiveness, larger financing scale, and streamlined approval process to secure capital for growth and technological innovation. Post-spinoff, both firms strengthened core business focus and operational efficiency, driving significant profitability gains. Diversified financing channels, reduced financial leverage, and enhanced debt-paying capacity further underscored the financial benefits. CRCHI also demonstrated greater technological innovation, securing national patents and leading key research projects, reinforcing the spinoff's role in long-term value creation. Emphasized are the broader implications for corporate restructuring, where sustainable subsidiary growth, strategic alignment with the parent company, and optimal listing platform selection emerge as critical to maximizing long-term value. The results contribute to a deeper understanding of spinoff listings and offer actionable insights for corporations considering similar asset restructuring strategies to drive growth and innovation.