Research On The Performance Of Saurer Intelligent Technology Co Backdoor Listing

With the development and progress of China’s capital market,a growing number of operators want access to the securities market to broaden their financing channels.IPO is an important way for companies to go public for financing.However,China’s IPO listing has complicated review procedures,strict conditions,long waiting time,and even a lot of application projects rejected,which makes many enterprises eager for listing and financing step back.By contrast,backdoor listing requires much looser approval procedures and takes less time to achieve listing financing goals.Many excellent companies that need to inject new vitality into financing choose backdoor listing.However,in the second half of 2016,the China securities regulatory commission(CSRC)issued the "measures on the management of major asset reorganization of listed companies",which is called the strictest in history,and also means that the way of backdoor listing of companies will become more difficult in the future.According to statistics,from 2016 to 2017,the number of successful backdoor listed companies decreased significantly compared with previous years.At the end of October 2016,Saurer Intelligent Technology Co backdoor project was the first backdoor project in Xinjiang after the implementation of the new regulations.Therefore,under this background,it is of typical significance for Saurer Intelligent Technology Co to be a successful listed company through backdoor listing,and the research on the operation of backdoor listing and the performance after backdoor listing has theoretical value and practical significance.This paper takes Saurer Intelligent Technology Co backdoor listing of Xinjiang urban construction as the research object,and discusses the impact of backdoor listing on enterprise performance.Saurer Intelligent Technology Co and make a shell company is introduced the basic situation,the backdoor listing of the operation process,analyzes the reason of Saurer Intelligent Technology Co backdoor listings and risk,from the short-term market performance,the added value of economic and financial performance from three aspects,the study found that,first,Saurer Intelligent Technology Co backdoor Xinjiang urban construction plan was announced after the market investors gave a positive response,in terms of shares the company has received positive influence;Second,after the backdoor listing,the enterprise’s economic added value has also been increased,creating more value for shareholders.Third,the financial performance of the enterprise has changed to a certain extent.The solvency is worse than that before the backdoor listing,and the operating capacity has also decreased,but the profitability has been greatly improved.In particular,the operation and profitability of Saurer Intelligent Technology Co are both higher than the industry average level,leading the industry.At last,this paper makes a conclusion and research prospect.Backdoor listed companies should pay attention to the changes in their performance,timely analyze the reasons for the changes in performance indicators,and take some measures to solve the problems.In order to more comprehensively study the performance impact of backdoor listing,China’s performance evaluation system is worth the academia and managers to further improve;In addition,how to regulate the securities market and prevent the stock price of backdoor listed companies from deviating from the rise of company value in the short term is also a question for CSRC to consider.