A Case Study On Backdoor Listing Of DCITS Spun Off From Digital China

At the age of Today’s big capital and big data , financing is crucial for enterprises.As the main way of enterprise financing, listing has been the focus of attention. The backdoor listing as a special way of listing outside the IPO, in recent years has been a lot of following for the failure of the first listed companies. As more and more companies choose backdoor listing, academia has become a hot spot on the backdoor listing. Shell resources by injecting assets and business makes business scope and direction of the development of listed companies have a fundamental change, can fundamentally change the financial situation, the backdoor company has obtained broad financing platform. So choose the right shell to take advantage of the theory of backdoor listing of resources, it will become a bigger and stronger way to get the company. Because of its special,backdoor listing transactions also had a lot of questions about the backdoor listing, from the selection of shell resources, causes both sides to backdoor and the performance analysis of backdoor listing, the scholars are worthy of in-depth discussion and Research on it.This paper selected Digital China split and backdoor listing case to a detailed analysis of the backdoor listing process, motivation and performance from different angles. As the first case of China’s H shares split return A shares, the DCITS case is groundbreaking. In this paper, we introduce the background of the case and the transaction plan. In the case analysis part is divided into four parts. In the spin off backdoor motivation part, according to the logic relation, firstly from the financial perspective, the valuation point and business strategy of digital split DCITS is analyzed;secondly according to the comparative analysis of A shares and H shares listed in split listed A shares again through reason; thirdly according the comparison of IPO and the way of backdoor listing analysis, DCITS backdoor at the end of the listing; finally *ST Taiguang is great as reason of shell resources. On the basis of the financial environment of both sides of the transaction, this paper analyzes the advantages of the method of share payment. In the mid and long term performance of the backdoor listing, select the financial indicators to qualitative analysis of the impact of the backdoor incident on both sides of the transaction. In the short term performance of the backdoor listing, the event analysis method based on analysis of the backdoor listing of events for the *ST Taiguang actual return rate of stock is caused by introducing CAPM model and least squares curve fitting method, the measurement of the cumulative abnormal return and inspection, and have the quantitative analysis of the positive role of backdoor listing the interests of shareholders. In the conclusion of the study and inspiration,this paper makes a summary of the conclusions of this study and puts forward some suggestions for other companies.