Spin-off listing is becoming an important means of strategic restructuring, resource integration, and capital operation for state-owned enterprises. According to iFinD data from Tonghuashun, as of April 9th, after excluding cases of termination of spinoffs, 73 A-share listed companies are promoting spinoffs, with over 50% coming from state-owned enterprises, including 14 central state-owned enterprises and 23 local state-owned enterprises. From the trend of state-owned enterprise spin off and listing, "A spin off A" dominates, and "Hong Kong spin off A" is also constantly emerging. For example, on April 10th, CITIC Metal, a subsidiary of CITIC Corporation, a state-owned enterprise in Hong Kong, was listed on the main board of the Shanghai Stock Exchange. It was not only one of the first 10 listed companies under the main board registration system, but also added another successful case of state-owned enterprise spin off. The interviewees believe that state-owned enterprises have become the main force in the "spin off", mainly due to the continuous promotion of policies and the continuous improvement of the spin off and listing mechanism. Against the background of establishing a Chinese characteristic valuation system and improving the valuation of state-owned enterprises, it is expected that the listed companies of world-class, specialized, and innovative demonstration enterprises are expected to continue to spin off, and the innovative state-owned enterprise business on the New Third Board has the potential for spin off. Policy support for the spin off of state-owned enterprises and listed companies is an important means of optimizing resource allocation in the capital market. From the perspective of the reasons and benefits of the spin off of state-owned enterprises, the main focus is on releasing the true value of subsidiaries, strengthening their financing capabilities, increasing their transparency, and strengthening information disclosure. Regarding this, Hu Conghui, an associate professor at the School of Economics and Business Administration of Beijing Normal University, told Securities Daily that many state-owned enterprises are diversified, and the valuation of diversified enterprises may have discounts. By splitting, the value of each business module can be more clearly highlighted. In addition, clear rules for spin off are one of the main driving factors for the gradual increase in the willingness of listed companies to spin off. In December 2019, the China Securities Regulatory Commission issued the "Several Provisions on Pilot Domestic Listing of Subsidiaries under the Spin off of Listed Companies" (referred to as the "New Regulations on Spin off Listing"), supporting eligible enterprises to spin off and list in China. On January 7, 2022, the China Securities Regulatory Commission (CSRC) announced the "Rules for the Spin-Off of Listed Companies (Trial)", integrating the rules for domestic and foreign spin off listings, and unifying and improving domestic and foreign regulatory requirements. According to incomplete statistics, since the implementation of the new split listing regulations, as of April 9th, more than 90 companies in the A-share market have issued split listing related announcements, and 21 subsidiary companies of A-share companies have successfully listed. Since the beginning of this year, the spin off and listing of listed companies controlled by central enterprises have been frequent, becoming an important tool for specialized integration of central enterprises. On March 8th, China Unicom released a plan to spin off Zhiwang Technology and list it on the Science and Technology Innovation Board; On March 9th, China Communications Construction Corporation announced that it planned to spin off its subsidiary and achieve restructuring and listing through restructuring with Qilian Mountain, which was approved by the State owned Assets Supervision and Administration Commission of the State Council. Qiu Yilin, a postdoctoral fellow at the Bank of China Research Institute, told Securities Daily that "spin off listings help state-owned enterprises obtain reasonable valuations and achieve the preservation and appreciation of state-owned capital. It is expected that more high-tech state-owned enterprises will join the spin off listing team in the future." Specialized, refined, and innovative enterprises are receiving attention. From existing cases of state-owned enterprise spin off, most of the targets are strategic emerging industries, involving semiconductor manufacturing New energy