Analysis Of The Financial Effect Of The Backdoor Listing Of S.F. Holding Co.,Ltd.

At present our country has become the world's largest express delivery market,with the rapid development of the network shopping,the express industry in our country is in blowout,the express industry'strategic position is also increasingly thriving in the national economy.Given the important role of express enterprises in the national economic,in recent years,the government of our country has issued a number of policies that encourage and support express enterprises,and the development environment of express enterprises has gradually improved.This kind of direct access to capital market,that has created more direct financing channels,and it has become a popular way in China's express delivery industry.Express delivery enterprises have listed into capital market in the first year since 2016,such as STO Express,YTO Express,ZTO Express,S.F.Express,YUNDA.Deppon logistics is listed in A-shares through IPO in January 2018 and other second-tier delivery companies are also preparing.This also means that capital operation ability and resource integration ability will become the strategic high point of future industry competitions,and the competitive landscape of the industry will also be upgraded and transformed.The backdoor listing has the advantages of short period and simple procedure,which provides great convenience for many private enterprises to enter the capital market.The case of S.F.Express's backdoor listings also shows the development trend of China's express industry labor intensive,technology intensive and capital intensive is clear,that make it difficult to stand out and embrace capital markets.It is an essential step in its continued expansion and its role as a giant in the industry.Based on the theories and conceptual constructs of the backdoor listing,and elaborates the backdoor listings capital operation mode,we have made a comprehensive and in-depth analysis of the case of the listed company of SF and summarized experience and enlightenment from the process of shell and capital operation.Firstly,we introduced the trade both parties SF and Dingtai basic situation and its transaction motive,SF's listed options,the backdoor listing plan content,backdoor listing plan design and operating process.Then based on the motion controlling backdoor listing of short-term financial effect before and after analysis,cost-benefit analysis and financial performance analysis,we have obtained the effect evaluation of the financial effect and synergistic effect of the backdoor listing to verify the implementation of the case and the completion effect.Finally,we summarize the revelation and thinking of the successful backdoor listing.Its successful experience has these:select the appropriate shell resources,comparing the IPO mode to promote the reorganization of the shareholding system,talent resources are effectively integrated,divestiture financial assets,strengthen the risk control in the shell process.In the end,this paper summarizes the successful experience of backdoor listing,and further enriches the theoretical research on the backdoor listing of express enterprises.In this paper,we listed financing for private firms in order to solve some problems that should be paid attention to as a starting point,to analyze motion controlling the success of backdoor listing case as the core.We have focused on the effective ways and key points of successful backdoor listing,as well as the synergistic effect and performance before and after,and provided reference for non-listed enterprises to realize strategic development through backdoor listing.