A Case Study On Chinese Stocks' S Backdoor Listing In Domestic

In the first half of 2015,China's capital market staged a series of major events.Accompanied by the occurrence of these events,the stock market has appeared rare bull market in recent years,this makes those who have been listed in foreign countries,the Chinese stocks companies envy,return to China's capital market to become the dream of these companies development goals.However,due to China Securities Regulatory Commission listed rhythm and flow of the enterprise has carried on the strict control,return to China's capital market is not easy.In the second half of 2015,accompanied by the stock market to a bear market,the China Securities Regulatory Commission even on July 4,2015,suspend the IPO,it led to the China Concepts Stocks listed in China even harder.In this case,asset restructuring and backdoor listing become a viable option.Focus Media backdoor Hedy Holding and successfully landed on Shenzhen Stock Exchange small and medium-sized plate on December 28,2015,became the first successful completion of overseas delisting,and the backdoor listing in China's capital market of China Concepts Stocks.The successful return of Focus Media played a great encouragement and leadership role in the companies who listed abroad and intends to return to China's capital market.Therefore,In-depth summarize of Focus Media through the backdoor listings to return to the experiences and lessons of China's stock market,systematic study the motivation,mode and path of the listing of Focus Media have the extremely important enlightenment and the reference significance to many of the stocks that try to return to China's stock market.The research content of this paper is divided into five parts: The first part,the introduction,mainly elaborated the research background,the research purpose and the significance,as well as the research thought carries on the analysis,and has defined the related concept.In the second part,the research literature review,the main part of the relevant literature at home and abroad to sort out,introduced the motives of the delisting of enterprises and backdoor listing motives,models,path and other research results and views.The third part,the relevant theoretical basis,this part introduces the motivational theory of privatization delisting and the related theories of backdoor listing,including the motive,mode and path of backdoor listing.The fourth part,Focus Media backdoor listing case analysis,is the focus of this article.This article introduces the basic situation of Focus Media as well as to its backdoor listing of events on the basis of a brief review.Then a comprehensive in-depth analysis of Focus Media overseas delisting and domestic market listing of the motive,backdoor listing model and the implementation of the path.The fifth part,introduces Focus Media backdoor listing experience and revelation.This part systematically summarizes the successful experience and lessons learned from the successful listing of Focus Media in order to provide the experience and guidance for many enterprises seeking to return to the Chinese stock market.The last part of the thesis is the conclusion and prospect of the research,and summarizes the full text,and points out the shortcomings in the research of the article and puts forward the future research direction.