Study On The Asset-injection Behavior Of "Backdoor-like" In 5I5J Holding Group Co.,Ltd

According to relevant World Bank reports,75% of Chinese private enterprises view financing constraints as a major obstacle to their development.The high threshold for IPOs and the release of new rules for backdoor listings have made it difficult for many high-quality companies to enter the capital market through conventional means to ease financing constraints.In this case,“backdoor-like” have quietly emerged,becoming another path for enterprises to resolve financing constraints.At the 59 th meeting of the M & A and Reorganization Committee,Nanyang Technology,Connie Electromechanical,and Kunbaida A,issued shares to purchase assets,which were approved by the regulatory authorities.Aerospace Rainbow,Longxin Technology,and 5i5 j have taken the lead in realizing curve listing by injecting “backdoor-like” assets after implementing the new backdoor regulations.Based on the fact that 5i5 j as the first batch of “backdoor-like” asset injection enterprises completed after the implementation of the new backdoor regulations,this paper selects the case that the asset-injection behavior of “backdoor-like” in 5i5 j as the research object.Using a combination of theoretical analysis and typical cases to analyze in depth the reasons why 5i5j's choice of “backdoor-like” asset injections to land in the capital market,5i5j's “backdoor-like” asset injection behaviors and the production effect of “backdoor-like” assets is injected,on this basis,the experience of successfully implementing “backdoor-like” assets is summarized.Through the case analysis of the “backdoor-like” asset injection of 5i5 j,this paper finds that in addition to the high threshold of IPO and backdoor listing,the advantages of “fast-backdoor” financing and low funding pressure make 5i5 j prefer to choose “backdoor-like” as a listing method.In terms of “backdoor-like” design,this paper finds that 5i5 j not only achieves “backdoor-like” by keeping the actual controllers of listed companies consistent before and after the asset injection,but also the effect of asset restructuring is guaranteed through three major measures: selecting enterprises that can produce synergistic effects as injection targets,making reasonable performance commitments,and keeping the original management unchanged.In terms of the effects of “backdoor-like”,this paper finds that the "backdoor" asset reorganization can not effectively improve the short-term shareholder wealth of the enterprise,but it can bring great improvements to the company's own value and financing environment.Based on this,this paper holds that “backdoor-like” for high-quality assets is indeed an effective way to achieve curve listing,but enterprises should promote their long-term development for the purpose of implementing “backdoor-like”,pay attention to guaranteeing the effect of asset reorganization and maintain good communication with the regulatory authorities during the review of the plan.The main contributions of this paper are the following two aspects.On the one hand the list way of 5i5 j is different from other traditional methods.This paper explores the motivation,methods and effects of enterprises using “backdoor-like” behavior,which can provide ideas and references for other enterprises with needs.On the other hand,the asset-injection behavior of “backdoor-like” has not risen for a long time.There is not much research in this field in academic circles.The systematic research and analysis on the asset-injection behavior of “backdoor-like” has made up for the deficiency of the research.