Case Study Of YTO Express Backdoor Listing

Since the 21 st century,with the rapid development of China's economy and the transformation and upgrading of the industrial structure,especially the booming of ecommerce and online shopping,China's express delivery industry has achieved rapid development opportunities in the past decade.According to the data from the State Post Bureau,in 2015,the total number of express delivery service companies nationwide reached 20,700 million,and the revenue is nearly 277 billion yuan.By 2016,the total number of express services in China exceeded 30 billion,and the scale of income was nearly 400 billion yuan.While the business volume and operating income of the express delivery industry are constantly growing,it is also necessary to use the strength of the capital market to further expand the financing channels.Therefore,2016 is an extraordinary year for the express delivery industry.Express delivery services include YTO Express,Shentong Express and Yunda Express.China's private express delivery companies,represented by SF Express,have chosen to go back into the capital market in the form of a backdoor listing.In the current environment of the entire express delivery industry,the express delivery industry is facing serious industrial homogeneity and increasingly fierce competition.On the other hand,YTO Express Courier's selection of a backdoor listing at this time is based on the country's continuous support of the express delivery industry.And it is an important corrective measure taken to achieve its strategic transformation goals and enhance the competitiveness of the industry.Since the YTO express researched in this article is the first express delivery enterprise successfully landing on the capital market in the express delivery industry,this article through a case study of YTO express delivery and successful landing on the capital market,analyze the motives of YTO Express selection of backdoor listing by Dayang.The impact of YTO Express' s backdoor listing on the company's equity and corporate governance structure,and the analysis of the changes in YTO Express' s financial performance before and after the backdoor listing,and it can provides some experience for the express companies that seek backdoor listing.