Study On The Motivation And Performance Of Aixu Technology Backdoor Listing

With the development of society,society as a whole,the demand for non-renewable energy such as fossil fuels is increasing,but the world’s oil,gas and coal reserves only enough human decades of use,so the world within the scope of increasing demand for renewable energy sources such as solar energy,and vigorously support photovoltaic industry enterprises in China in recent years,Aixu technology,as a leading manufacturer of crystalline silicon solar cells in the industry,has a good momentum of development.The company hopes to expand financing channels through listing,expand the industrial scale,and achieve economies of scale.Although traditional IPO can help enterprises to quickly get large-scale financing,but more stringent IPO audit system in China,the demand is higher,to the enterprise is difficult,time cost is high,by contrast,backdoor listings to enterprise’s looser constraints,time cost is lower,backdoor listing of the success rate is higher,so Aixu technology choice backdoor listings,Research on the motivation,path and performance of backdoor listing of such enterprises can summarize the experience of successful backdoor listing,which can be used for reference and inspiration for many similar enterprises hoping to achieve listing through backdoor.This paper selects Aixu Technology,a leading enterprise in the domestic photovoltaic power generation industry,as the research subject to study its backdoor listing event.First of all,we know the main body of the backdoor,and then study the backdoor motivation of the backdoor path,again under the event study method to select the company 30 as the window period before and after the announcement,with event window to 120 days to estimate window,on the basis of the actual yield and separate accounting estimate yield,and subsequent calculated the difference yields and the cumulative difference between yield,to analyze Aixu technology stock response to market information.Then in the financial index method to select solvency,operating ability,profitability and growth ability of the four ability of financial indicators,and to analyze the changes of these indicators before and after the backdoor listing,find out the real reasons for these changes,in order to analyze the backdoor performance.In order to make up for the deficiency that the financial index method does not consider the cost of capital,the difference between the net profit after tax(NOPAT)and the cost of capital invested is used to calculate the economic added value of Aixu technology before and after the backdoor,and the change trend and reasons of economic added value are analyzed.Through the above research,this paper draw the following conclusions: first,the event research method is listed on the company’s short-term performance,under the law of Aixu backdoor listings of science and technology,the study found before restructuring announcement markets have been in promoting higher stock prices,after the event has shares harden,obtained significant excess returns in the short term,in the event a longer period in the future,the market is still fermenting the event,positive and negative two attitudes appear alternately,resulting in positive and negative excess returns.In general,the market is very enthusiastic about the realization of the restructuring and listing of Aixu technology.Second,in the financial index method of Aixu technology before and after the backdoor financial performance of the study found that backdoor listing makes Aixu technology to broaden the financing channels,so that a large number of working capital into the enterprise,promoting the company in Foshan、yiwu.The completion and operation of several production bases in Tianjin has driven the mass production of PERC batteries,expanded operation and production,formed scale effect to reduce costs,and had a positive promoting effect on the company.Therefore,the company’s market performance is good,and the company’s operating capacity is profitable.Indicators of development capacity have been improved after the backdoor listing,but the company’s performance in these aspects is poor due to the impact of the epidemic in2020 Thirdly,in the EVA method,the research results show that THE EVA value of Eisu Technology has been declining year by year since 2016 and reached a low point in 2018,indicating that the company’s financing constraints limit the company’s expansion and development.After the backdoor listing in 2019,financing constraints were improved,and EVA rapidly increased to 1.03 billion yuan,returning to a high level of EVA.It can be seen that through backdoor listing,Aixu technology’s financing channels are broadened,financing needs are fully met,operation and production can be expanded,scale effect is formed to reduce costs,and positive promotion effect is generated,so as to continuously improve the enterprise’s economic added value.Finally concluded that the backdoor listings help Aixu science and technology to broaden the financing channels,seize the market opportunities,to bring the company at the same time the advertising effect and synergistic effect,it also concluded revelation,companies listed on the public to choose the right way,at the same time also should pay attention to choose the appropriate shell company,to focus on relevant government policies and dividends.It is hoped that the research of this paper can provide reference and inspiration for many similar companies who are seeking listing opportunities to realize enterprise development.