A demerger is the splitting up of a corporate body into two or more separate and independent bodies. It is not a sale of the separate bodies themselves, as the original shareholders have shares in both companies. 分拆 就是把公司拆成 2 个或多个单 独的实体，原股东继续持现在多家公司股份。
优点：分拆可以充分评估 2 家公司，尤其他们是涉及不同领域时，2 家公司有不 同的风险，分拆可以利用股东调节 2 家公司的持股比例，以匹配自己的风险偏好。
1. The split does enable analysts to understand the two business fully, particularly when the two main divisions are in different fields.
2. The two divisions are likely to have different risk profiles, and splitting them up enables shareholders to adjust the proportion of their holdings between the two different companies.
缺点：
1. 过程比较昂贵，过度期间公司整体的价值都可能下滑。
2. 拆分的管理层可能无法胜任。
3. 对于资产和债务的承担，双方会有分歧，一方甚至融资渠道有问题。
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