Tieling New City Financing Platform Backdoor Listing Case Study

This article takes Metro Lingxin City as the research object.Tieling New Town i s under the guidance of Tieling Municipal Committee and Municipal Government unde r the guidance of “Resources Assets,Asset Capitalization and Capital Securitization”.I n 2009,after the preliminary search and screening Shell resources,ultimately Sichuan Zhonghui Pharmaceutical,with its small equity and moderate stock price,became the t arget of Tieling Caijing.On January 4,2012,the Shenzhen Stock Exchange issued an announcement,and the abbreviation of Zhonghui Medicine was changed to “Tieling New City”.On January 5,2012,the new shares were listed on the Shenzhen Stock E xchange.In the past three years,it has injected its high-quality equity into the listed company Sichuan Zhonghui Pharmaceutical(Group)Co.,Ltd.by means of backdoor li sting,transforming the smaller and single-product Chinese medicine manufacturer into stable profit,less risk and greater growth potential.City integrated operator.It is the main body of investment,the main body of implementation and the main body of ope ration of the urban infrastructure construction of the new urban area of Tieling City.Through the financial report of Tieling New Town in 2012-2017,this paper finds that the company's performance shows a loss before profit and then turn losses into profit,and the operating income in 2017 is less than the net profit.Further analysis of the company's financial activities found that the company started from the backdoor listing,the company mainly The financial activities are characterized by the issuance of stoc ks—land development and investment—bond issuance—redevelopment—loss—governme nt compensation—refinancing,and the company's essence is the financing platform of“government-led,market-oriented operation”.Tieling New City,which is a model of“government-led,company system,and market operation”,has completed the first-level land development of about 18 square kilometers of Tieling New City,and has opene d new cities such as water supply,sewage treatment,car rental,and advertising media.road.However,as a listed company to create value for shareholders is still full of u ncertainty,the company should at least continue to play the advantages of the existing operating model,develop sustainable business,adjust the company's business strategy t o actively find a way out,enhance the company's Sustainable development capabilities.