Case Analysis Of SAEC Back-door Listing

In the era of rapid economic development, the method of enterprise turns to be Listed Company present various trend, especially for the emerging Chinese capital market, there is huge demand for Listed Company in domestic of China. However, it’s hard to reach overall IPO. Along with the international capital market financing securitization trend and the trend of continuous adjustment of Chinese economy, back-door listing in international and domestic market become an efficiency approach for Chinese enterprises to be listed and financing. Back-door listings as a convenient way, occurs with the development of securities market. It’s a kind of enterprise mergers and acquisitions. At present, experts and scholars have done a lot of research on back-door listing. The government also publishes regulations on optimization of enterprise merger and reorganization to guide and standardize the behavior of the back-door listing. This thesis using enterprises back-door listing as subject and analyze in the point of view that AVIC implement back-door listing by using capital reorganization.This article using theory and actual cases on descriptive research and case studies, through contrast and examples during this process, analyze and discuss the back-door listing related theory. This paper firstly introduces the background of the back-door listings and related theory concepts, combines with literature to review and summarize the development course and its behavior. Selecting SAEC (Shaanxi Aero Electric Company) using HAPM (Hubei Aviation Precision Machinery Technology Co., Ltd) to be Listed Company, adopt assess reorganization to strip the noncore business. The paper describes the background of the case, methods, difficulties, significance in detail, analyzes the elements for the back-door listing at the early stage. Then, the paper states the sufficient research on problems and issues occurs during this process for the case, puts forward some suggestions on Chinese enterprises back-door listing. Finally, the author summarizes the main points of this paper and provides prospect comments for the back-door listings.