Case Study Of Real Estate Companies Listing On The Backdoor

China's economic development has entered the new normal, and the economic growth is slowing, even the real estate industry which is closely combined with the development of national economy has also said goodbye to high speed growth, and welcomed a transition phase of industry reform. State-owned enterprises have taken a great share in the real estate industry, but its operational efficiency of assets is lower than the industry average, therefore property reform of state-owned enterprises is the key of the whole industry reform and transformation. Many state-owned enterprises choose listing to improve its operation efficiency, but the access to stock market threshold is relatively high, and the check for real estate enterprise is more strictly,only a few enterprises can reach the standard of IPO, so backdoor listing has become the only option. This paper, based on state-owned real estate company—Greenland Group, researches and analyzes cases of successful backdoor listing, hoping to provide guidance for other real estate enterprises' backdoor listing and help them out of financing dilemma, and to provide experience for the reform of state-owned enterprises with mixed ownership.In view of the Greenland's successful case of backdoor listing, coupled with the economic background of real estate industry, this paper analyzed the transaction motivation of both sides, and found that Greenland backdoor listing motivations are as follows:(1)Enterprise's IPO has continuously been blocked by the macro-environmental factors;(2) Hoping to solve the financing dilemma by backdoor listing;(3) Optimizing the enterprise's capital structure;(4) Meeting the need of enterprise's strategic development;(5) Gaining synergistic effect by listing.The lending shell motivations of Jinfeng Investment are as follows:(1) Forming horizontal competition with subsidiaries of the original controlling shareholder;(2) Bad business operation conditions. Combining the transaction motivation of two sides, this paper has made a comment on backdoor listing effect in such three aspects as financial condition, short-term market reaction and corporate governance.Financial situation in the use of accounting index method were analyzed and found the company after the backdoor listing to expand the financing channels, optimize the capital structure,financial situation improved; use event study on short-term market reaction was analyzed and found that the market for backdoor events good response, businesses add value; governance aspects of the company to improve the governance structure,improve the management efficiency. Based on the above analysis shows that the green door listing achieve the desired results. In view of this successful backdoor listing case, the thesis proposes following experience for your reference:(1) The operability of backdoor listing transaction plan should be strong;(2) Choosing appropriate timing and plan;(3) Taking full advantage of intermediary organ's specialty resource.(4)Attaching importance to cooperation with government sectors.