Backdoor Listing Model And Performance Analysis For Hua Yuan Backdoor ST Happiness-For Example

Backdoor listings is in addition to the IPO(hereinafter referred to as the "IPO") outside the another important way of listing, is also a special form of merger, acquisition and reorganization. In the 21 st century, China’s real estate industry vigorous development, has become one of the important pillar of our country’s economy. But prosperity behind major crisis. Money is the lifeblood of the development of real estate enterprises, did not last real estate enterprise financing ability is difficult to become bigger and stronger. Our country real estate enterprise’s capital mainly comes from bank loans. Single financing channel and the lack of sustainability, has become the Achilles’ heel of the development of the real estate enterprises in our country. So let company public, in order to get the stable capital market financing platform, becomes the multitudinous longs for real estate enterprises. But in our country, the real estate industry are greatly influenced by national macro policy, real estate enterprises IPO is often restricted by policy, many real estate enterprises is through the backdoor listing, it provides support to the research of this paper.In this paper, the main content is listed on the backdoor ST huayuan real estate happiness case study. ST happy for three consecutive years of losses by CSRC special processing into ST shares, huayuan property as a private enterprise with good profitability, the huge development potential, hope to get the qualifications for seeking financing by listing on the stock market to expand the company scale, begin by both sides after six months of restructuring. In this paper, using a combination of theoretical research and case analysis, first of all, literature review on the related research of scholars at home and abroad, and introduces the related basic theory and the shell, after the enterprise is the main reason for shell to save costs, achieve listed enterprise to expand the financing channels; The second step is the shell side of the case and shell company introduces the basic situation, and through the financial data analysis huayuan real estate and ST happiness development present situation, through the analysis of the corporate financial data of both sides before the backdoor huayuan real estate face bigger financial risk, the company want to develop, must explore new financing channels, on the other hand, the continued operation of ST happy ability is a big challenge, facing delisting risk; Third, combined with relevant theoretical analysis backdoor ST huayuan real estate happiness shell model and the design of the trading process. Huayuan real estate chose the major asset sales + absorption merger + share reform mode of shell, the shell pattern design, greatly reduce the enterprise’s cash flow pressure, and the cost of the shell; Fourth, huayuan backdoor listing events before and after the announcement of market performance and financial performance analysis, the whole performance of shell is obtained. In the short term backdoor has greatly increased the enterprise’s market performance, financial performance change is more apparent. But in the long run, huayuan financial index does not change significantly before the backdoor. Backdoor listings that, in general, huayuan real estate listing qualifications, ST happiness out of the financial burden and delisting crisis, the two sides reached a win-win situation.In this paper, through specific case analysis, the backdoor process of huayuan property and conduct the thorough research to the backdoor performance, temperament, and for the other similar private enterprises backdoor listing the choice model, design a shell provides a scientific and effective method in the process of trade, improve the success rate of the backdoor listing, enriches the private enterprises backdoor listing of the successful cases.