Study On The Risk And Strategy Of Shentong Express' S Backdoor L Isting

The coming of the 21 st century has opened a new era of market economy in our country,and all walks of life have achieved leapfrog development,especially e-commerce.On the basis of the rapid development of E-commerce,the express industry of our country is also rising rapidly and the competition is fierce.At the same time,compared with the traditional initial public offering(IPO),the Reverse takeover because of the more relaxed audit system,lower time costs and a higher probability of success in the listed companies favor.So,in 2016,many express delivery companies through the backdoor way successfully listed.However,it should not be overlooked that Reverse takeover involves a series of complex transactions,the process may face a variety of unpredictable risks.In recent years,problems such as "shell speculation",insider trading and Information asymmetry have contributed to Reverse takeover failures.Even if the enterprise backdoor success,may also face the integration of adverse risks.In September 2016,China issued the "management measures of major assets reorganization of listed companies" on the back of the Enterprise has formulated strict provisions.In the following years,a series of related regulatory measures were issued that imposed restrictions on Reverse takeover,and in February 2018,new rules were issued that barred companies whose IPOS had been rejected from Reverse takeover for three years.Therefore,it is of great significance for the stable development of enterprises to identify the risks related to Reverse takeover and take effective risk prevention measures.This paper mainly focuses on the case study of shentong express' s backdoor listing of idisi,and analyzes the risks in the backdoor listing of shentong express by combining theory and case study.Firstly,this paper systematically positioned the relative risks of backdoor listing by combing the backdoor listing theory and risk theory.Secondly,in the case investigation of shentong express backdoor listing,the background of shentong backdoor listing,the situation of backdoor both sides and the backdoor scheme and process are introduced.Then,the paper USES qualitative and quantitative methods to identify and evaluate the backdoor listing risk of shentong express.Firstly,through the comparative analysis of financial data in different periods and the comparative analysis of backdoor listed enterprises in the same industry,it is identified that shentong express backdoor listing risks mainly include :(1)shell resource risks.(2)value assessment of risk.(3)financial risk.(4)risk of bet agreement.(5)industry competition risk.(6)risk of franchise mode.Then,the analytic hierarchy process is used to make an overall evaluation of the identified risks.Finally,according to the risks identified above,it introduces the corresponding risk coping strategies of Shentong Express,hoping to provide reference for other enterprises in the same industry in the risk coping of Reverse takeover.