A Comparative Analysis Of Tongjitang's Performance Before And After Backdoor Listing

In recent years,with the rapid development of China's capital market and the increasingly fierce market competition,the listing of companies is conducive to opening up a new financing channel,which can be used to further expand the production scale of enterprises,better develop their operations and improve their own management level.IPO listing refers to following the requirements of relevant laws and regulations.Firstly,the company must submit the application for listing to the securities management department,and then the securities management department carries out a series of strict checks.If qualified,enterprises can issue a certain amount of public shares in the stock market.Compared with IPO,backdoor listing has the advantages of fast time,saving time and cost,and simple procedure.It can not only optimize the allocation of resources,but also effectively solve the fund problem of private enterprises,guarantee the rapid expansion of capital and promote the development of enterprises.China's attention to health care industry has been increasing year by year.Under the background of aging population,widespread popularization of health concepts and policy dividends,such as medical insurance control fees,zero-plus drugs,drug registration,payment by disease type,consistency evaluation,and "two-vote system",many enterprises and investors are optimistic about the performance of pharmaceutical enterprises after listing.In recent years,more and more similar enterprises have begun to appear in large numbers,and the competition pressure of the pharmaceutical industry is also growing.However,private medical enterprises in China are relatively scattered and small.Rational and large-scale management and development has become an inevitable trend for the growth of the pharmaceutical industry.This paper takes Tongjitang's successful backdoor listing as an example,and elaborates the relevant process of Tongjitang's backdoor listing,and analyses the performance changes before and after Tongjitang's backdoor listing.Firstly,it searches and combs the relevant research of domestic and foreign scholars on backdoor listing,and summarizes the theoretical basis of backdoor listing;secondly,it analyses the current situation and possible risks of backdoor listing of pharmaceutical enterprises,then introduces the basic situation of both sides of backdoor listing cases,the general process of transaction,and uses SWOT analysis method to analyze the motivation of backdoor listing,through the use of event study.This paper compares and analyses the performance changes of Tongjitang before and after listing with the method of financial index analysis.Finally,it concludes that backdoor listing makes Tongjitang and hops achieve financial synergy effect,which has certain significance for the development of Tongjitang,and puts forward corresponding countermeasures and suggestions.