Case Study Of Greenbelt Group's Backdoor Listing

In the past five years of reform and opening up,the domestic economy has made rapid progress.With the growing maturity of China's capital market,the stock market,as a barometer,also presents a prosperous and upward scene.A large number of enterprises are completing more abundant capital accumulation through listing financing and entering the fast lane of capital assisted development.Among them,a large number of state-owned enterprises are also gradually adapting to the development environment,actively transforming,and completing the mixed reform of state-owned enterprises through listing financing and access to social capital.However,due to the limitations of the existing IPO methods,it is difficult for enterprises to achieve their expected goals within a specific time limit.At this time,backdoor listing,with its unique advantages and characteristics,has gradually become a new choice for many enterprises when considering listing.Through the case of Greenfield group's backdoor Jinfeng investment listing as the starting point,starting from the theoretical introduction,in-depth analysis of specific cases,and for the analysis of the results of full demonstration and research,and finally draw the actual impact conclusions and experience enlightenment.In the first part of the thesis,the purpose and significance of the research are described respectively,and the relevant theoretical literature and development status of backdoor listing at home and abroad are listed and sorted out.At the same time,on the basis of explaining the research content and research methods of this thesis,the innovation of this thesis is clarified.In the second part of the thesis,the theoretical basis of backdoor listing is introduced,including the specific definition,subject description,listing process and the difference between backdoor listing and IPO.Through the theoretical extension,the related theory in backdoor listing is described and introduced.In the third part of the thesis,by introducing the actual case of Greenfield group's backdoor investment in Jinfeng,this thesis introduces the background of backdoor parties and the process of the whole event in the backdoor listing,and expounds and analyzes the causes of backdoor parties and the reasons for choosing Jinfeng investment.Then,by using data analysis and event analysis,the thesis evaluates the financial performance,capital structure,market reaction and risk factors of Greenland Group before and after the backdoor listing in a long-term comprehensive way,and obtains the influence of Greenland Group after backdoor listing on enterprises.In the fourth part of the thesis,the experience and Enlightenment of Greenland Group in backdoor listing are summarized.This thesis summarizes the experience of the same or similar enterprises in the choice of listing,timing judgment,and then in the selection of partners,and draws inspiration from two different perspectives of market environment and listed companies.Finally,the conclusion is drawn: in terms of financial performance,the debt paying ability,profitability,development ability and operation ability of backdoor listing to Greenland Group have been greatly improved in the short term,especially to Greenland Group in 2019 in the long term.In terms of capital structure,the registered capital is increasing every year,and the equity structure is more rationalized.In terms of market reaction,the short-term effect is obvious.Therefore,Greenland Group's backdoor listing has achieved the expected effect of the enterprise,and successfully achieved the expected goal of the mixed ownership reform of state-owned enterprises.It also provides an important reference and reference for a large number of state-owned enterprises to complete the new chapter of national reform through backdoor listing,which is both efficient and convenient.