Financial Performance Analysis Of CFLD's Backdoor Listing

Enterprises often choose backdoor listings as its strategic development strategy in order to achieve the expansion of production and operation and enhance its market competitiveness.The backdoor listings have many significant influences on enterprise in many aspects,such as enterprise's business strategy,financial status and so on.As a special way of mergers and acquisitions,backdoor listing has become a way of listing that many enterprises choose to avoid the numerous barriers of IPO.In recent years,private enterprises' backdoor listing behaviors occur frequently in China,in this context,this thesis explores the behavior systematically and combining with the actual situation of our country to provide ideas for private enterprises backdoor listings,has important research significance.This paper has adopted a research method combining case research with comparative analysis.In case analysis part,taking CFLD which is active in the capital market as the research object,this paper has introduced the background and process of CFLD's backdoor listing,analyze the characteristics and motivation of the CFLD's backdoor listing,and then evaluates the influence on the company's financial performance from backdoor listings through the change of the company's financial indicators before and after backdoor listings.In comparative analysis part,through reading a large number of backdoor listings trade related information and looking up WIND database,corporate reports,announcements of listed companies and so on,the author analyzed the related financial performance indicators before and after backdoor listings and then analyzed the influence on financial performance from the behavior of backdoor listing.Finally,this article,through the analysis of a series of research conclusion above,summarized the experience of CFLD's backdoor listings and calculated the enlightenment to our country private enterprises backdoor listings.This thesis is divided into five chapters.The first chapter introduced background and significance of this article,summarized the related domestic and foreign research literature,illustrated the overall research ideas and methods of the article,and then constructed the overall framework of the article.The second chapter is the theory summary of backdoor listing and its financial performance.Firstly,it defined the definition of backdoor listing and summarized the motivation of private enterprises' backdoor listing;then,it discussed the financial benefits and measures of backdoor listing;finally,three theoretical bases about backdoor listing are illustrated.The third chapter is a case study of CFLD.This chapter introduced the basic situation of both sides before the backdoor listings and analyzes the reason why CFLD choose backdoor listings;then,it explained the design and the project implementation process of CFLD's backdoor listing.The fourth chapter is a financial performance analysis of CFLD's backdoor listing.This chapter analyzes the financial effect from three aspects,including financial performance,capital structure and the market reaction.The fifth chapter is the summary of experience and enlightenment of CFLD's Backdoor Listing.This chapter,through the summary and analyzes of the earlier parts,summarizes the successful experience of CFLD's backdoor listing,so as to provide enlightening for China's private enterprises which are willing to backdoor listing.Today,private enterprises in China all want to promote their own development with the help of the capital market.It is not a surprise that backdoor listing is widely welcomed by the entrepreneur in the security capital market and most of the enterprises aim to achieve financing and increase issues in stocks.Thus,this paper to examine the motivation of backdoor listing in private enterprises has great significance.Admittedly,the whole process for a company to conduct backdoor listing is considerably complicated,which may end up with undesirable outcome.Through the analysis of the case of CFLD,it indicates that the capital structure of this company is optimized,but the financial achievement quota is not well-achieved.Therefore,it has practical implications if the whole performance of private company's achievement can be researched.So this paper has conducted elaborate analysis on the case from the trade subject,CFLD,which accomplished the backdoor listing by using ST Guoxiang.From this case,the success experience and the potential shortages can be revealed as a reference for other companies to draw on.