华利安：2025年分拆交易研究报告（英文版）

Spin-off activity has continued momentum into 2025 as corporate management teams and boards of directors seek to unlock value for shareholders through the separation of their businesses. In this 2025 Spin-Off Transaction Study (the “Study”), we have examined 73 spin-off transactions that closed between January 2019 and June 2025 (the “Study Period”). Introduction 4 A spin-off transaction involves a corporation (the “Parent”) separating a business unit or controlled subsidiary into a separate,