Case Study On Financial Performance Of Backdoor Listing Between Focus Media And HEDY

In 2015,many China-biotics chose to return to A share market .Trying to be private and using the ways of backdoor listing or IPO to return to A share market has already been chosed by more and more China-biotics.But as for China-biotics,coming back to A share market will never be so smooth.Every China-biotic must be faced with many problems:Which is a better choice, IPO or backdoor listing?How to remove the VIE structure?and so on.Financial performance of backdoor listing has a decisive effect on the future development of any enterprises,so the financial performance of the backdoor listing has become one of the hot topics both in the theoretical and practical circles.Therefor, this paper selected Focus Media,which is considered as the first China-biotic that completed backdoor listing and returned back,as the research project,considered the case of backdoor listing between Focus Media and HEDY as its clue,considered the financial performance of backdoor listing between Focus Media and HEDY as study perspective.It will have a certain practical significance for other enterprises on solving the problems encountered in the process of backdoor listing and make them avoid detours in the process of backdoor listing and coming back to A share market smoothly.In this paper, I mainly used the quantitative analysis method, qualitative analysis method, case study method and literature research method , especially the quantitative analysis method.After using financial ratio analysis to evaluate the financial performance of Focus Media,I also used the DuPont analysis to evaluate the financial performance of the media before and after the backdoor listing synthetically.The essay includes four parts.The first part is the introduction of this paper,which includes:research background and significance?research status at home and abroad?research thinking and methods?research content and framework?innovation point and deficiency of this paper;the second part is case description, which introduced the basic situation of backdoor parties and the whole process of backdoor listing;The third part is the case analysis,in this part ,I firstly defined the problem of the case study, and then introduced the related concepts and theoretical basis,after that,I used the financial ratio analysis and DuPont analysis to evaluate the financial performance of the media before and after the backdoor listing synthetical ly;the fourth is the part of conclusion and suggestion.In the fourth part,it raised some potential problems related to the financial performance of backdoor listing between Focus Media and HEDY and raised some successful experience related to it.In the meantime,it gave some suggestions to raise the financial performance of Focus Media after its backdoor listing,it also gave some suggestions for other China-biotics who want to come back to A share market.