A Study On Zhongmin Energy Back Door Listing

With the development of society and economics, the competition among the enterprises has become more and more sharp. In order to seek more survive and development space, most the top decision makers of company adopt positive ways, which explore new financing models through combination and reorganization and change of the company structure. Business combination has always been the focus of the society and Back-door listing recently has become the hot topic in Chinese capital market.For company capital, listed into the stock market is the most convenient way for enterprise development. But strict enterprise IPO audit system in our country makes many companies that are eager to get huge capital through IPO but can’t meet the requirements of the system only see the shadow of IPO and in some degree it also restricted the many "potential shares" type company development space. Under this backgroud, for non-listed companies that want to achieve control of listed companies, indirect listed model of these enterprises has become a great choice. The feature of Backdoor listing is that once the restructuring is completed, the listed company’s personnel and assets will be stripped out all. This means that the scope of business, the financial position and operating results of the company have also a fundamental shift finally.Because of the prevalence of the backdoor listing in recent years, studies of backdoor listings gradually become a hot issue. The problems of how to choose a shell company, specific operation method, and risk prediction and circumvention have also gradually get its solution. Moreover, whether the backdoor listings for both sides meet the expectations of the enterprise, whether for enterprise to bring the long-term and stable development, is worth exploring.This paper simply introduces the backdoor listing, shell resource and the concept and meaning of shell companies. Mainly in the combination of Fujian Energy listed backdoor South Fujian Paper case, from multiple perspectives it analysis the process of the whole of the backdoor listing, motivation, and compare the financial position, the risks and future development. This case took place in 2014, until 2015 year-end finally completed. In Fujian Energy is one of the main business for the wind power new energy power generation company, which is the controlling shareholder of Fujian Investment group. Fujian south paper is established in 2013. The controlling shareholder has changed from Fujian textile to Fujian Investment group. After completion of a shell, South Fujian Paper listed the name * ST Nanzhi can change to * ST Minneng, by a change in the papermaking industry as the emerging of wind power industry. The great significance of movement not only provides the reference for the subsequent backdoor listings, more importantly, but represents the epitome in the adjustment of industrial structure and resource integration for the follow-up and the combination of old and new industry.