Research On Shell Resource Valuation In The Process Of Borrowing A Shell Through NEW OTCBB Based On The Case Of Dingxunhudong

With expansion of the National Equities Exchange and Quotations(NEEQ) on the nation scale. The multi-level capital market of china achieved a further development and improvement. An increasing number of medium and small-sized enterprises pursue to being listed on the board in order to raise capital to improve the development and expand in the future. But part of enterprises due to their aptitude, historical evolution, set up time and other factors their cannot direct listing financing in short time, which may influence company’s future development. As a kind of effective means, Reverse Merger is being more and more concern and attention by enterprises, that’s why the value of “shell resources” has been constantly speculated by market, it has already divorced from reality value. Based on this background, how to determine the value of “shell resources” attaracted serious concern. How to accurately and effective to evaluation of shell resource value under the reverse merger has become the urgent problem to be solved by market.Because of the NEEQ concept stock market just has been established, the studies for reverse merger are few. Guided by China’s A share market reverse merger and other related theories, this article is to study the value of shell resources in a reverse merger of the NEEQ concept stock market. This paper first studies the basic methods in a reverse merger shell resource value assessment, analyzing the defects of these basic methods in evaluating the values of shell resources, and pointed out the deficiencies of these methods in practice. The main purpose of the enterprises listed on the backdoor is that listing qualifications using traditional methods can not reflect their values. On this basis, this paper stands in the perspective of the acquirers, starting with the profits of the acquirers gained in a reverse merger, and divides the profits into two, it analyzes the circulation right value and control right value of stocks the acquirer obtained from the backdoor listing. And the value of these two incomes is defined as the value of shell resource. Then it uses the already achieved backdoor listing of Guangzhou and Europe cases to analyze the backdoor tripod-Interactive Guangzhou and Europe tradable shares listed value and control value obtained during the three new board, to obtain the total revenue value in the backdoor listing of Guangzhou and Europe, namely shell resource value.Finally, this paper summarizes the evaluation method based on the perspective of the acquirer gains advantages over traditional methods, and also analyzes the shortcomings of this approach. It assesses the value of shell resource through theoretical research and case studies, to provide valuable assessment guidance for the practical operation of the market backdoor deal.