Study On The Listing Mode Selection Of Private Express Enterprises In China

In recent years,China's express industry has developed rapidly,especially in the case of the overall slowdown of the domestic economy,the vigorous development of the express industry is very noticeable.The rapid development of express industry is accompanied by increasingly fierce competition and a large demand for capital.Several giants of private express companies in China have been seeking the way of listing.As of early 2019,there are seven successful private express companies listed in China.There are three main ways:domestic backdoor listing,overseas IPO and domestic IPO.This paper chooses three representative routes.Three companies,China Communications and Deppon,have studied and analyzed the advantages and disadvantages of the three listing modes in detail,and provided some suggestions for other domestic express companies,such as EMS,which will be listed soon.This paper compares and analyses three ways of listing from the aspects of listing conditions,regulatory environment and cost-benefit of listing.From the point of view of listing conditions,backdoor listing is the simplest,easy to operate,and the requirement of domestic and foreign IPOs is higher.Foreign IPOs are more suitable for some enterprises with overseas background.From the regulatory environment,even if the new regulation of restructuring strengthens the supervision of backdoor listing,it is still the most relaxed,the regulatory environment of foreign IPOs is the most perfect,and the protection of investors and the punishment of violating regulations are the most stringent.However,there is still room for improvement in the follow-up management.From the cost of listing,backdoor listing costs the highest,mainly the purchase of shell resources,foreign IPO costs are mainly intermediary costs and follow-up supervision costs,domestic IPO costs the lowest,mainly time costs and intermediary costs.From the perspective of listed earnings,overseas listing can raise a large amount of funds,expand the pattern of overseas markets,improve the level of governance and thus contribute to the improvement of profitability.Domestic IPO listing is easier to make the market better than backdoor listing.