Analysis On Motivation And Financial Effects Of Apecmix Backdoor Listing

With the rapid development of economy since China join the WTO,more and more private enterprises grow up and hope that through the capital market financing to deal with the enterprise expansion fund pressure.However,the formal IPO listing process is complex and need multi-level approval of Securities Regulatory Commission.During the long wait many companies often miss business opportunities.Therefore,many enterprises want to through the backdoor listing to achieve their financing purposes.In recent years,the backdoor listing trend is turning into a gusher,especially in 2016,there are more than 20 companies disclosed their reorganization plan which involves the backdoor or curve listing,this also shows that the market widely accept and recognize this kind of way.Under this background,this thesis is carried on.Through the research literature review about backdoor listing,I selected the high-tech light assets enterprise Apecmix backdoor listing Wanlida as the research case.In 2014,through the reverse acquisition of Zhuhai Wanlida Electric Co.,Ltd.,Apecmix successfully landed capital market,also it helps the company laying a solid foundation of further acquisition of overseas printer supplies counterparts,open up the industry chain level and further enhancement of the market competitiveness.Therefore,on the basis of the relevant concepts,characteristics and risk of backdoor listing research,this paper has studied comprehensively and deeply,from the Apecmix backdoor listing process and the result,hoping to give more enterprises inspire and suggestions.In the case analysis of Apecmix backdoor listing Wanlida,the paper first introduces the situation,transaction process and change of Apecmix's backdoor listing in detail from the background of the industry.Then the paper uses the SWOT analysis method to reveal the external opportunities and challenges faced by the enterprises.Through the measurement of the related cost and benefit of Apecmix's backdoor listing,the paper reveals the advantages of the enterprise backdoor listing.Then using the event analysis method to analyze the short-term stock performance,the paper reveals the market reaction and the short-term financing effect of enterprise backdoor listing.Also the paper uses the financial index analysis method to analyze the horizontal and vertical comparison of the enterprise itself and the industry competitor from the four aspects of the enterprise profitability,solvency,management ability and development ability,and further use the EVA trend analysis method to analyze the long-term performance of the enterprise backdoor listing influences.Based on the DuPont Analysis,the paper uses the method of circulation substitution to further analyze the subsequent follow-up capital operation of the company and relevant risks.Finally,based on the above analysis,the paper makes a summing up about Apecmix backdoor listing success point and relevant risks,hoping that through this case can give more small and medium private enterprises some revelation and follow-up capital operation risk avoidance recommendations.