Case Study Of S.F.express(group)Co.,Ltd's Backdoor Listing To Dingtai New Materials

The backdoor listing has a long history in the capital market.In the early time,it mainly existed in the real estate industry.With the continuous development of the national economy and the change in the industrial structure,various industries are eager to join the capital market,hoping to make full use of the capital market to expand financing so that they can achieve the long-term development.With the rise of the "Internet + e-commerce" model recent years,the express delivery industry has ushered in an unprecedented development opportunity.At the same time,it is also facing the pressure of transformation and upgrading.The key lies in the issue of funds,so the courier industry is having set off an upsurge of competition for listing.S.F.Express(Group)Co.,Ltd,the leader of the logistics industry,had caused a lot of sensation by its backdoor listing.This paper has conducted a thorough and in-depth analysis of its backdoor listing,in the hope of generating reference for other companies with backdoor listing intentions.This paper takes the backdoor listing of S.F.Express(Group)Co.,Ltd to Dingtai New Materials as the research object.Firstly,I have introduced the both sides involved in this case and the background,process and transaction plan of the backdoor listing.Then I have an in-depth analysis about the reasons for the backdoor transactions from the perspective of S.F.Express and Dingtai New Materials.Then I focus on the company's performance after the backdoor listing of S.F.Express from three aspects of market performance,financial status and company development strategy.In market performance evaluation part,I synthetically utilizes the direct analysis of stock price and market value,the quantitative analysis of the event research method and the qualitative analyses of the refinancing effect.The results show that the backdoor listing rises the stock price and market value sharply in the short term and brings the excess income to the shareholders,meanwhile it has widen the enterprise financing channel and raise the financing ability.In the financial performance evaluation part,I combine the main financial data with the comparison of financial indicators,concluding that the backdoor listing strengthens the profitability and solvency of the enterprise,and optimizes the capital structure of the enterprise.In the corporate development strategy performance evaluation part,I found that the backdoor listing can improve corporate governance structure,providing a strong support for the implementation of strategic planning.Finally,I hope to give inspiration to other companies that want to go public through a summary analysis of the operation highlights in the process of the backdoor listing of S.F.Express,such as choosing high-quality shell resources,stripping assets and having substantive asset restructuring.