SF Express Backdoor Listing Motivation Research

With the rapid economic growth and the rapid development of e-commerce platforms in recent years,the express delivery industry has also entered a golden period of development.Since 2007,China's express delivery industry has been developing rapidly.In 2017,the country's total express delivery volume exceeded 40 billion,and the average annual growth rate was 42% in 10 years.It has become a veritable express country.However,due to the similar profit models in the early stages of development,the lack of differentiated products and services,resulting in serious homogeneity of the industry,express company can only compete for market share by depressing prices.Therefore,the average business unit price decreases year by year,but the manpower and material resources costs are gradually increasing,resulting in the industry status quo that the gross profit margin is gradually declining.Express delivery companies can only rely on the growth of business volume to stimulate the growth of income.The needs of users have become diversified and the industry is experiencing a period of transition from a labor-intensive to a capital-intensive industry.At the same time,the government has continuously introduced relevant policies to encourage the development of express delivery companies,reduce costs and increase efficiency for the logistics industry,encourage express delivery companies to capitalize on the strength of capital for mergers and acquisitions,and grow into a large-scale express delivery company with international competitiveness.In this context,the express delivery industry broke out in 2016.Yuantong backs up the listing of Dayang,becoming the first express delivery company.Subsequently,Shentong,Yunda,and SF have also listed in the backdoor.Zhongtong and Best Logistics chose to land on the NYSE IPO.Debon shares finally went public in January 2018 after a long IPO waiting period.This article selects SF Express,an industry-leading courier company,to sort out the whole process of backdoor listing,and analyzes its financial status and operating conditions after listing.Then we analyze why SF is listed on multiple levels,why SF abandon the IPO to choose a backdoor listing and why SF choose Dingtai New Materials as a shell company? Through the multi-angle analysis from the macroscopic and microscopic levels,the relevant conclusions are drawn.Based on the case analysis of SF Express' s successful backdoor,this article proposes several proposals for courier companies that still intend to make shellbacks in an increasingly strict regulatory environment,hoping to provide a certain reference value and research value for the company.