The Transaction Pattern And Performance Evaluation Of Back-door Listing Based On Medical Corporation

Since the beginning of reform and opening up,China's capital market has been continuously improved.With the establishment of two stock markets in Shanghai and Shenzhen date back to 90 s,the corporation,issue security and receives funds in the public capital market,are getting increasingly emerged.However due to relatively cumbersome approval process,strict qualifying conditions and lengthy period of time of IPO in our country,the listing qualification is still a scarce resource.In addition,in order to protect the interests of investors,China has experienced eight times of IPO suspension,the shortest lasted three months,the longest since 2012 on November 3 solstice in January 2014,lasted 14 months window period,further deepen its scarcity.Therefore,the backdoor listing becomes a sub-optimal selection of incorporated enterprise to offer public stocks.The purpose of backdoor listing is at the right time to make the added value of the wealth of shareholders does not lose in the IPO.From the perspective of the time distribution of pharmaceutical enterprises backdoor listing,since 2012,a large number of pharmaceutical enterprises backdoor listing into the capitical market,this paper on the pharmaceutical enterprises backdoor listing motivation analysis,summed up the backdoor listing model,comparative and evaluation of enterprises in The financial performance before and after the listing of the backdoor needs which can provide reference for the pharmaceutical enterprises that need to be listed through the backdoor,and it have practical guiding significance for long-term development of the pharmaceutical market in the capital market.This article will expand on these points by using a case,study which based on Meinian Onehealth Healthcare Holdings Co.,Ltd.(hereinafter referred to as the "beauty in a health")made an acquisition to buy the stocks of jiangsu poetic group Co.,Ltd.(hereinafter referred to as the "poetic in jiang su")to get the chance to issue stocks.Through theoretical research combined with case study model,we search large number of domestic and foreign scholars study on backdoor listings to establish relevant theoretical basis.Furthermore,through the analysis the related basic theory of backdoor listing,this paper expounds the related concepts of backdoor listings.Thirdly,we analyze the current situation about backdoor listings of pharmaceutical enterprises and reveal the characteristics and effect of the pharmaceuticalenterprises backdoor listings.And then we analyze the detail of transaction process and evaluate its financial performance.Finally this paper summarize the pharmaceutical enterprises backdoor listing case and put forward some constructive suggestion,providing a backdoor listing mode and scheme selection for the same trade in the futur.We also enrich the sample about backdoor listing of the private joint-stock enterprises in our country.Through the case study,the conclusions of this paper are:In recent years,more and more pharmaceutical enterprises choose the way of backdoor listing.These enterprises have the characteristics of good operation and good development prospect.The main reasons is motivation of backdoor listing mainly to expand market share,and to avoid such a harsh IPO time and long listed on the way to expand the propaganda of the enterprises;pharmaceutical companies backdoor listing model to “private placement+major asset sales”,“private placement+asset replacement”;The majority of pharmaceutical companies backdoor listing the financial performance on the outstanding performance in that year,but has poor performance after a year,the evaluation of the ability of the indicators fell;on the backdoor listing of enterprises made recommendations to pay attention to their own image,reasonable choice listing mode,always pay attention to the financial situation of company.