Research On The Path And Effect Of Backdoor Listing Of Logistics Enterprises In China

Backdoor listing is essentially a kind of asset restructuring behavior in which the enterprises to be listed trade with the listed enterprises and obtain their control right in order to obtain the listing qualification.In recent years,the logistics express industry is in a high-speed development period.In order to gain an advantage in the fierce market competition and occupy more market shares,the powerful enterprises in the industry,such as Shunfeng,Yuantong,Yunda,etc.,have chosen to go public,and most of them choose backdoor listing with shorter time-consuming and greater assurance.With more and more enterprises choosing backdoor listing,the national regulators began to issue new regulations to prevent a series of problems caused by overheated backdoor market.The requirements for enterprises that choose backdoor listing are also gradually increasing.But backdoor listing is still a shortcut to IPO.The right time and method is very important for the company to borrow.In this paper,the case of Shunfeng holding backdoor Dingtai New Material Co.,Ltd.is taken as the research object,and the causes and consequences of the backdoor listing event of Shunfeng are analyzed systematically.Starting from the development of domestic logistics express industry,this paper first analyzes the macro background of logistics express companies choosing backdoor listing.Then through the description of the listing event and the analysis of the listing results,to explore the reasons for the listing and the choice of backdoor listing.Further in the shell company as well as the choice of backdoor mode,to explore the possible risks in the process of backdoor.Through horizontal and vertical comparative analysis,this paper studies the preparation for backdoor listing and the financial performance response of the operation after listing of Shunfeng,and obtains the overall evaluation of the impact of backdoor listing on financial performance.Finally,it analyzes the positive influence of backdoor listing behavior on the development strategy of enterprises,summarizes the conclusions of case study,and puts forward the suggestions closely related to the conclusions of case study,which can be used as a reference for the enterprises to be backdoor listed in the future.Generally speaking,it is correct for SF holdings to choose backdoor listing,which conforms to the national policy direction and industry trend.After the continuous adjustment of the plan and the communication and coordination with all parties,it finally succeeds in backdoor listing.After listing,its financial performance has improved significantly,the company's transformation and development are smooth,and its popularity and competitiveness are greatly improved.It can be said that the backdoor listing of SF has been a very successful capital operation,which has boosted the confidence of enterprises in the industry who intend to follow the example of SF listing,and left a lot of valuable experience in selecting shell resources and avoiding listing risks.