Study On Motivation And Effect Of Express Enterprises' Backdoor Listing

In October 2015,the State Council issued "Some opinions on promoting the development of Express Industry",which upgraded the express industry to an unprecedented strategic level,because of supported by national policy and the rapid development of electric business,express industry ushered in a good opportunity for development.In the fierce market competition,China's express enterprises have realized the double growth of business volume and income,but the profit rate has declined continuously.The competition of express industry will be upgraded to the competition of equipment and technology.The express enterprises are going to the stage of capital confrontation,and it has become an inevitable trend to land in the capital market.Therefore,since December 2015,STO first announced the start of the backdoor listing,several private express giants announced listing plan in succession.In addition to ZTO listed on the NYSE,STO,SF,YTO and YUNDA selected the way of backdoor listing,backdoor listing is the main way of China's Express enterprises listed.On September 8,2016,the newly revised "Management measures for major assets reorganization of listed companies" released,as the most stringent rules of backdoor listing,it raised the threshold of shell listing.The introduction of the new regulation policy is bound to have a greater impact on the enterprises that are going to carry out the backdoor listing.Data shows that since the new regulation issued,the number of companies to start the backdoor listing significantly decreased.Due to the listing upsurge of the China's express industry has just emerged,there are few case studies on the backdoor listing of express companies.This paper uses case study method to analyze the reasons,transaction process and economic consequences of the backdoor listing of express enterprises.In the development background of the express industry,this paper chooses STO and YUNDA two cases of backdoor listing,and analyzes the motives of the two enterprises' backdoor listing,the preference of shell resources choice,the trading mode of the backdoor listing,the economic consequences brought by backdoor listing,and the influence of the changes of regulatory policy on the backdoor listing.Through comparative study,this paper reaches the following conclusions:(1)Under the influence of the changes of regulatory policy,the speed of the enterprise to obtain financing through the backdoor listing is greatly reduced,thereby affecting the strategic deployment of enterprises.(2)The motivation of the express companies to choose backdoor listing is largely due to their urgent demand for listing.(3)Except in addition to improving the comprehensive strength,different express companies have different motivations for listing and different completion status.(4)In the choice of shell companies,the backdoor side tends to favor shell companies with small equity.(5)The choice of the "net shell" trading model is suitable for the express enterprises.(6)After the backdoor listing,express enterprises have reaped positive economic effects.