Case Analysis Of Backdoor Listing Of Tianrun Technology

In the context of the rapid development of China's capital market,business combination is to optimize the enterprise portfolio and promote the optimal allocation of the inevitable choice of the market.In recent years,with the non-listed companies continue to develop and grow up,they have a strong desire to be listed and to achieve its purpose of financing in the capital market.However,due to many restrictions on IPO,many high-quality non-listed companies can not be listed,so they can not raise funds from the capital market to favor the further development and expansion of the company.As a special way of business combination,the backdoor listing can bypass the IPO threshold limit,not only making non-listed companies to achieve the indirect listing,but also achieving the establishment of modern corporate system and the deepening of China's economic reform.The research methods chosen in this paper are normative research and case analysis.In the part of normative research,the literatures at home and abroad are reviewed and summarized,and the concepts,characteristics,motivations and three theoretical bases of backdoor listing are expounded.In the case analysis,this paper selects Tianrun Technology backdoor Xinjiang Tianhong listed as the object of study.On basis of analysing process,characteristics,motivation and the reasons for success of the backdoor listing,this paper compares the solvency level,operating performance and changes in shareholder interests of Tianrun Technology before and after its backdoor listing and analyzes the effect of this backdoor listing.Finally,based on the above analysis,this paper draws the conclusion of the study and reveals the general significance of the existence of this case analysis in order to put forward some constructive opinions on the listing of non-listed companies.The main contributions of this paper are:(1)analyzing the backdoor listing process,characteristics and main motivation based on the real case;(2)by analyzing the case,this paper reveals the effect of backdoor listing of non-listed companies and provides theoretical support for non-listed companies backdoor listing;(3)by in-depth case analyzing and summarizing the reasons for the success of backdoor listing,this paper provides reference cases for other non-listed companies which desire to achieve financing by backdoor listing.The basic structure of this paper is divided into five parts.The first part is the introduction,first of all,this part introduces the research background and the significance of the topic,and then overviews the domestic and foreign research results of scholars on the motivation,cost and income,performance of backdoor listing.At last,this part introduces the research methods,ideas and the basic framework of this paper.The second part is the summary of the theory of backdoor listing.Firstly,it introduces the concept and characteristics of the listing of the non-listed companies,and then analyzes the main models and motivations of the non-listed company backdoor listing.Finally,this part expounds the three related theories,including the theory of mergers and acquisitions,principal-agent theory,information and signal theory.The third part is the basic situation of Tianrun Technology backdoor Xinjiang Tianhong listed which introduces operating conditions and ownership structure of Tianrun Technology and Xinjiang Tianhong company.Then the process and the characteristics of Tianrun Technology backdoor listing are analyzed.The fourth part is case analysis,which firstly expoundes the motivations of Tianrun Technology backdoor listing and Xinjiang Tianhong selling the shell and then analyzes the reasons for Tianrun Technology backdoor Xinjiang Tianhong successful listing.At last this part analyzes the effect of Tianrun Technology backdoor listing by comparing the solvency level,operating performance and changes in shareholder interests of Tianrun Technology before and after its backdoor listing.The fifth part is conclusion and revelation,based on the results of theoretical and practical case analysis,this part summarizes the motivations and effects of Tianrun Technology backdoor listing and the reasons of its success and puts forward relevant suggestions,hoping to provide some references for other non-listed companies backdoor listing.