Analysis Of The Motivation And Performance Of Offcnedu’s Backdoor Listing

With the increase of employment pressure caused by the economic downturn,the vocational education and training industry has entered a period of medium and high-speed development.Due to the strong replicability of the company’s operation mode,the relatively low threshold and the fierce competition in the industry,in order to achieve long-term success in this industry,we must expand the scale,improve the reputation of the enterprise,multi track layout,and strive for the maximum market share,which undoubtedly puts forward high requirements for the financing ability of the enterprise.Most of the enterprises in the education industry,especially the non-academic vocational training institutions,are private enterprises.There are only three financing channels: advance collection,private lending and bank loans.The first way is not only limited in amount,but also has a strong periodicity.The high interest rate of private lending undoubtedly increases the burden on enterprises.At the same time,as a private enterprise background,the light asset industry is also difficult to finance from the bank Therefore,listing is undoubtedly the best way of financing.With the advancement of the registration system,the IPO threshold is gradually reduced,but the registration system does not mean no audit,especially in the transitional period,the main board and the small and medium-sized board are still unknown to the extent of their tolerance to the education industry.In contrast,backdoor listing still has a huge attraction for private enterprises.This paper uses the way of case analysis and theory,starting from the listing motivation,non-financial indicators and financial indicators,taking Offcn Education Technology Co.,Ltd.as the research object,compares and analyzes the data before and after its listing,so as to draw a conclusion.Firstly,on the basis of reading a large number of relevant literature at home and abroad,the author summarizes the characteristics,reasons and economic consequences of backdoor listing.Secondly,the author analyzes the impact of backdoor restructuring policy,IPO rejection rate and delisting policy on the shell premium in backdoor listing,and draws the conclusion that the expected shell premium is fairer after 2022.Thirdly,the paper introduces the education industry This paper analyzes the listing channels of A-share listed companies of educational institutions,forecasts the development trend of education and training industry combined with relevant policies,and analyzes and summarizes the current situation of non academic training industry in detail,so as to pave the way for the development analysis of public education in the following paper.Then,it,starting from the case,describes the specific situation of the two parties and backdoor listing,analyzes the business income of public education before backdoor listing in detail,and makes industry comparison to explain the important reason why public education has become the first share of public examination.Then,it analyzes the reasons for public education listing,the changes of enrollment and recruitment after listing,and the comparison of financial data before and after listing This paper summarizes and analyzes the positive impact of backdoor listing on the development of public education in order to provide reference for similar private enterprises,especially education and training institutions.