Case Study On Backdoor Listing Of Z Internet Financial Company

Capital market is always changing and charming.Throughout the development history of China's capital market based on the evolution of the IPO practised system,we have developed from the initial Examination and Approval-based System to Authorized-based System.In March 2016,the State Council of our country formally authorized to implement the reform of Registration-based IPO System,and this will be a major direction of China's capital market.This paper selected "Z Internet financial companie's backdoor listing through Guangdong Homa Appliances Co.,Ltd." as a typical case to study.Backdoor listing behavior in this study can be regarded as a special product under the Authorized-based IPO System,as enterprises hope to adopt another way to list in stock market without being authorized rigorously through the Authorized-based IPO System.Using study methods such as case study,literature review study,financial statement analysis,comparative study,this paper tried to the highlight the features of the case,study the integration of platform company and industrial company,summarize the successful factors and exciting risks of backdoor listing,and provide practical reference for cross industry backdoor listing.First of all,this paper introduced the basic status of Z company,including primary business,financial state,control power structure and the characteristics of the Internet financial industry.Described the operating status and history of shell resources Homa,comparised with other companies in the industry and the development background of the household electrical appliance industry.Then elaborated the 4 steps in backdoor listing of Z company,including remove the share holding platform,agree on transfer of shares,purchase Z company and plan private issuing.Secondly,this paper studyed the cases from four aspects.1st.Found the reasons of Z company's backdoor listing behavior,including financing demand,capital market effect and dissatisfaction of IPO requirements,besides Homa had strength being shell resource,including clear ownership structure,single business structure,having the conditions of distributing profit and increasing stock offers,and low share price.2nd.Analyzed the price policy of backdoor listing,including the equity valuation of Z company,and the price of private issue.3rd.Analyzed the performance of backdoor listing,leading to the discovery that backdoor listing can improve company's business situation,promote profitability,raise stock price and achieve win-win situation of related parties.4th.Summarized the potential risks and characteristics of the backdoor listing of Internet Finance companies.Finally,based on case study,our capital market witnessed 2 new tendency of backdoor listing: 1st.The suspect cases of backdoor listing increased.Some enterprises are seeking for benefits through regulation corners.2rd.Cross industry backdoor listing cases increased.This phenomenon may lead to more market risks.In response to the new trends.We should keep an eye on the motivation,pattern,performance,risks of backdoor listing,and constantly strengthen the regulatory policy system...