Research On The Motivation,risk And Performance Of The Backdoor Listing In Shunfeng Holdings

With the rapid development of e-commerce and changes in people's spending habits,China has become the world's largest market in the express delivery.The express business volume has ranked first in the world for four consecutive years.During the 13 th five-year plan period,the state has repeatedly issued documents to encourage the transformation and upgrading of the express industry,and supports the listing and financing of the express industry,and promote the sustainable development of the express industry.In this context,yuantong,shentong,yunda are listed by shell."Leading brother" shunfeng holdings was announced in February 2016 that it was receiving IPO guidance,and then it was transferred to the backdoor listing to speed up the listing process,which was approved by the CSRC in October of the same year.Through the backdoor listing of relevant research literature,selected the representative enterprises Shunfeng Holdings Backdoor listing Borrows Dingtai new material successfully lands capital market as a case to study,from the case on both sides of the motivation,risk and performance,and the third party regulatory aspects for further comprehensive analysis,finally it draws a conclusion and can provide reference for the express and other industry.The paper structure is as follows: the first part describes the research background and research significance,then the research framework and research methods of this paper are explained and the innovation and deficiency of this paper are pointed out.The second part sums up the conclusion of the domestic and foreign scholars on backdoor listings research.The third part first introduces backdoor Fang Shunfeng holdings and shell square Dingtai new material basic situation on both sides,then use PEST model to analyze the industry macro environment of Shunfeng holdings,using the potter five model analysis the competitive environment,and the last accounts development course and the scheme of backdoor listings.The fourth,fifth and sixth parts are the main parts of this paper.The fourth part,based on the perspective of shell side,for selecting the backdoor listings for motion controlling agent,risks,and the performance of the shell were analyzed,and the performance analysis includes financial analysis and non-financial analysis.The fifth part,based on the perspective of let the shell side of dingtai new material,chooses motivations,risks,and shell to shell after the performance analysis,performance analysis of both long-term interests and short-term profit analysis.The sixth part,based on the perspective of regulators,compares IPO and the regulation of the backdoor listing,summarizes the development history and status quo of backdoor listing supervision,selects appropriate sample data and evaluates the regulatory risk and performance of backdoor listing supervision by combining cases,and summarizes the summary at the end.Finally,on the basis of forming the conclusion of this paper,the experience summary and case enlightenment are presented for the shell borrowing side,the shell letting side and the supervisory side respectively.