The Performance Analysis Of The Backcdoor Listing For Meinian Healthcare Holdings Co.Ltd.

With the rapid development of society and economies nowadays,the market brings a good environment for the development of enterprises,but also lead to increasingly fierce competition in the market.In order to seize market share as soon as possible,companies usually need to expand their business scale and size,but in fact,the expansion of company scale must be supported by corresponding funds,which is also the original intention of company to achieve financing through listing.There are two main ways for Chinese companies to get listed in the securities market: IPO and backdoor listing.Due to China's strict examination requirements for IPO listing,especially for the financial status of the companies to be listed,the number of companies that can pass the examination is very small,and many companies with bright development potential are rejected due to various reasons that they cannot meet the relevant regulations.Moreover,the IPO approval process is complicated and time-consuming.Even if it can be approved,the enterprise may have missed the development opportunity when the IPO process is completed.In such an environment,backdoor listing,as an indirect way to enter the capital market,is favored by companies because it's highly efficient and time-saving.With the opening of the national policy on medical service industry and the improvement of consumers' living standard,people begin to pay more and more attention to health examination.Therefore the huge audience groups of medical and health industry will strongly promote the development of health examination industry,which is a "sunrise industry" with broad development room.In this context,this paper chooses Meinian Healthcare backdoor Jiangsu Sanyou as the case study.Meinian Healthcare is a large-scale and widely distributed professional health examination institution in China,which is more sensitive to the changes of national policies and market environment than small enterprises.Therefore,the research on Meinian healthcare backdoor listing of Jiangsu sanyou has a good representative.This article adopts the model of case analysis,first of all,on the basis of elaborating the background and significance,clarify the necessity of research and backdoor listing related research literature,in the theory section analyses the general agent of backdoor listings,and introduces the backdoor listings of common trading models and the performance evaluation methods and its theoretical basis.Subsequently,takes Meinian Healthcare backdoor listing as example,introduces the shell and the shell company's basic situation,summarize the operation process of Meinian healthcare backdoor listings,and analyzes the reason of the Meinian healthcare backdoor listings: mainly in order to broaden the financing channels,improve the company's reputation,and to reduce the time and cost of going public.Then,by using event study,financial index method to analyze the Meinian healthcare's performance and the reason why performance changed before and after the backdoor listing,the financial performance analysis is analyzed by three aspects: the debt paying ability,operation ability,profit ability,and the market reaction is analyzed by accumulated excess yield and equity appreciation these two aspects.According to various aspects of performance,backdoor listings helped Meinian healthcare to improve financial performance and increase shareholder wealth,then analyzed the main reason for the change with the combination of actual situation.Finally,in this paper,made a summary to the case of Meinian Healthcare backdoor listing,and according to the own situation of the case,combine case with whole health medical industry,analyzing the health the reasons for the success of backdoor listing,and summed up which is worth reference recommendations,help to provide a reference for those health examination companies which want to go public.