A Study About Backdoor Listing Of Chinese Express Enterprises

The issue of backdoor listing has a high degree of concern in both the practice and academia.Different from the "registration system"adopted by mature capital markets,China's capital market is currently in the stage of "approval system." Securities regulators have the right to conduct qualification approvals for companies that are to be listed in China,and must go through complex administrative procedures when listing companies.Approval procedures must be approved before approval can be made in the capital market financing.This resulted in the scarcity of "shell resources" in China's securities market.Financing difficulties and financing constraints are still the main problems faced by our country's business operations.Under such circumstances,compared with the initial public offering,the procedures are numerous and difficult,and the backdoor listing is an indirect way of listing.Due to the shorter time required,the listing process and procedures are simpler and gradually affected.More attention has become an alternative to corporate listing and financing.The backdoor listing has eased the problems such as the initial listing difficulty,financing difficulties,and financing constraints of the company to a certain extent.As a result,the practice community has maintained a high degree of attention to the issue of backdoor listing.At the same time,academia has produced a series of research results on backdoor listing-related research.However,because different studies are under different contextual factors,different research methods are used to form very different research conclusions.Therefore,it is worthwhile to study the motivations and models for the backdoor listing of companies,the similarities and differences between cost-benefit under different models,and the economic consequences of backdoor listing.Therefore,this article takes SF Express as a case,combines the industry characteristics of the express logistics industry and other enterprises in the industry to backdoor listing,and studies the issue of backdoor listing of express delivery companies.The main research contents of this article include:the reasons for the SF Express backdoor listing,the backdoor listing process,and the economic consequences of backdoor listing.The article mainly analyzes the case of SF Express backdoor listing.By analyzing the specific circumstances of the case and combining relevant theories,it analyzes the causes of the SF Express backdoor listing from the industry level and the corporate level,and the method of obtaining control from the enterprise and the targeted increase in the number of enterprises.Two aspects analyzed the process of SF Express backdoor transactions,and analyzed the economic consequences of backdoor listing from the perspective of financial performance and market-level corporate performance before and after backdoor listing.