Case Study Of Tianshan Aluminum Backdoor Listing

As we know,there are two ways for an enterprise to go public: one is direct IPO,the other is backdoor listing.Backdoor listing is more and more favored by enterprises because of its low cost and high success rate.But with the acceleration of China’s registration system reform,heat backdoor listings decline,shell resource value,too,fell,choose the backdoor listing companies in decline,but the backdoor listings will not disappear immediately,there are still some enterprises will exist for IPO obstacles or backdoor listings more accord with the development of the enterprise the truth and choose backdoor listed on the way.Tianshan Aluminum has good profitability because in November 2016 to August 2017 between Shihezi City environmental Protection Bureau issued a number of punishment decisions and can not directly IPO,but can only choose to backdoor listing.Through the tianshan aluminum successful backdoor listing of the external and internal environment analysis,found the following dynamics make tianshan aluminum take listed backdoor way: obtain the policy advantage,broaden the financing channels,IPO channels blocked,improve profitability and core competitive advantages,through the backdoor way get listed before the expected series advantage.Asset-based method and real option method are used to analyze the value of shell resources of Tianshan Aluminum backdoor listing,and it is found that the value evaluation of tianshan Aluminum backdoor New Territories pump industry is reasonable.The event study method and financial index method are respectively used to analyze the market performance of Tianshan Aluminum before and after the CSRC audit in the 30-day window period,and the solvency,operating capacity and profitability of Tianshan Aluminum before and after the backdoor listing.It can be concluded that the corporate performance of Tianshan Aluminum after the backdoor listing continues to improve.The motivation of Tianshan Aluminum backdoor listing is clear,the value evaluation of backdoor listing shell resources is reasonable,and the performance of backdoor listing has been effectively improved.Therefore,tianshan Aluminum’s successful backdoor listing provides a better successful experience for some high-pollution enterprises that also have IPO barriers or enterprises that still hope to complete the listing by backdoor way.First of all,we should make a good choice of shell resources according to the situation of ourselves and shell resource enterprises.Backdoor listed enterprises should select shell companies with appropriate scale according to their own operating conditions,assets,financing ability and development plans.At the same time,shell companies should have a certain quality,should not have too much debt and bad debt,and should have a certain profitability and restructuring plasticity;Secondly,it is necessary to evaluate the value of both parties involved in backdoor listing.It can be considered to hire a professional organization to conduct a comprehensive evaluation of all assets and liabilities to ensure the accuracy,authenticity and fairness of the final pricing;Thirdly,we should attach great importance to the safety and environmental protection of enterprises.Safety and environmental protection issues not only affect the compliance and long-term of enterprise production and operation,but also as a social responsibility that enterprises should undertake.