Research On The Causes And Performance Of The Backdoor Listing In NEEQ

The National Equities Exchange and Quotations(NEEQ)is an important part of China's multi-level capital market construction.Since its expansion into the country in December 2013,it has developed rapidly under various factors such as policies support,government subsidies,direct financing needs of enterprises,and massive funds from institutional and individual investors.The number of listings,non-public issuance financing,M&A transactions The amount of money has achieved explosive growth.With the help of the NEEQ,enterprises have investment and financing channels to alleviate the pressure of innovation and entrepreneurial enterprises' financing difficulties and high financing costs.Particularly noteworthy is that a large number of M&A and restructuring cases have emerged in the NEEQ.The capital operation and industrial chain of listed and non-listed companies have been realized through the merger of listed companies and the acquisition of NEEQ listing companies and NEEQ listing companies,mergers and acquisitions of non-listed companies and even listed companies.As a result of the integration,the NEEQ Market has become a large-scale M&A resource pool in China.Among them,under the background of the rapid increase in the number of listed companies and the amount of mergers and acquisitions,the trading of NEEQ shell resources is active and the shell resource prices remain at a relatively high level for a long time.As a special form of M&A and restructuring in the new blue board market,the increase in cases of backdoor listing of the NEEQ has caused concern among listed companies,unlisted companies and regulators.The development of the backdoor listing in NEEQ was developed in recent years,leading to intermediary agencies do not have a clear understanding of the NEEQ backdoor listing.It is easy to make improper backdoor listing arrangements,which incurs high backdoor costs,compared to the A Share Market.The more complicated backdoor motives and the significant differences in the backdoor operations methods and processes make it difficult for companies to obtain effective references from the case of backdoor listing of A shares.This article focuses on such issues and selects the case of Nanfu battery backdoor Yajin technology to be listed in NEEQ.It analyzes the reasons for the listing of Nanfu battery backdoors,the selection of shell companies,the selection of backdoor listing methods,and changes in financial performance and EVA indicators before and after the backdoor.The changes come to draw corresponding conclusions and recommendations.First,the theoretical basis and related concepts are defined,which lays a certain theoretical foundation for the following analysis.Then,a systematic analysis of the cases of Nanfang battery backdoor listing is conducted.At the same time,two major backdoor methods for the listing of NEEQ are introduced.After that,through analyzing the changes in the financial data of Nanfu battery backdoor listing,reflecting the changes in the profitability,operational capacity,growth capacity,and solvency financial indicators before and after the backdoor,as well as the changes in EVA indicators to analyze the backdoor listing of Nanfu Battery Finance.Finally,summarizing the above research results,combined with the summary of other cases of the NEEQ,draws some backdoor listing strategies and methods applicable to the NEEQ,and puts forward corresponding conclusions.Through the analysis of this paper,it is found that the company's backdoor listing of the NEEQ has a certain role in promoting the performance of the company,but its role is limited.If the company only focuses on refinancing activities after listing,and ignores the structural adjustment of resource integration,it will adversely affect the future healthy development of enterprises.Development has an adverse effect.A reasonable choice of shell companies can reduce borrowing costs,increase synergies,and increase the odds of a successful backdoor listing.There are various incentives for enterprises to backdoor listing,and in addition to traditional direct backdoor methods,there are also ways to circumvent the supervision and disguise the backdoor listing.With the strengthening of the supervision of NEEQ and the continuous refinement of relevant regulations,the use of regulatory loopholes to phase out the listing space will gradually shrink,and direct backdoor listing is the longest possible way.In order to safeguard the long-term healthy development of the new board market and the interests of investors,to eliminate speculation and the use of regulatory loopholes to carry out regulatory arbitrage behavior,this article proposes that when a company enters into a substantial definition of a backdoor listing,the controlling party acquires a change in the company's control rights.The acquirer or the related acquisition party injects the assets into or exceeds the quantitative determination condition of the amount of the total assets of the acquiree in the previous fiscal year.