Case Study Of Private Express Delivery Companies With Backdoor Listings

With the rapid economic development and increasingly fierce competitive environment,continuously enhancing their financial strength and enhance competitiveness has become a continuous concern of enterprises,but also become the key to seek sustainable development.As we all know,the listing can help enterprises get a direct financing platform,driven by this interest,the listing qualifications become the critical resources of all enterprises.As one of the ways of mergers and acquisitions,backdoor listing not only can make the rational allocation of resources,but also can help private enterprises to solve the bottleneck problem in the development process such as the shortage of funds.However,not all enterprises can successfully realize the backdoor listing.Although some enterprises have completed the backdoor listing,there are still problems left over after the listing such as the break of the capital chain or contingent liabilities.Therefore,how to standardize the trading operation,successfully complete the backdoor,and realize the expansion and development of enterprises have become the test and problems for all non-listed private enterprises.Since 2015,China's private express delivery industry has set off a boom of intensive listing.Several top private couriers have selected listed financing.STO Express,YTO Express,YUNDA and SF Express are looking for financing through backdoor listing.This article selects SF listing as the case study.On the basis of expatiating on the related concepts of backdoor listing,firstly,it introduces the cases of SF listing,including the background and current situation of China's express delivery industry,the basic situation of both sides of the backdoor trading,and describes the content of the program and the reorganization process of capital operation of the backdoor listing of SF.Then it dissects and analyzes the case of SF's backdoor listing,mainly investigates the motivation of the specific transaction related to the backdoor and the characteristics of the backdoor operation,and further analyzes the post-listing effect and performance.Finally,further sum up the operation characteristics and success factors of SF's backdoor listing;put forward the enlightenment and reference to other privately-owned enterprises and the capital market by the successful backdoor listing of SF Express.This article focuses on analyzing the success stories of SF's backdoor listing,focusing on the motivation of enterprises to choose the backdoor listing,the effective operation of the successful backdoor listing,and the effect and performance brought by the backdoor listing to the enterprise,so as to provide a reference for the successful realization of the backdoor listing of private enterprises.