A Research On Financial Performance Of Backdoor Listing Of JK Group

In recent years,the real estate industry has developed vigorous.It is not only become one of pillar industries of our country quickly,but also become the popular enterprises.The property belongs to the capital-intensive industries.We must have enough capital,so that the enterprise can get steady long-term development.Now the biggest problem that the real estate enterprises need to solve is how to acquire finance.In China,the real estate enterprise financing mainly rely on loan from the bank.But in order to reduce the credit risk,the bank limits the loan of real estate enterprises through bank policy now;So real estate enterprises have to find other way of financing.At the national level,real estate enterprises as a pillar industry is influenced by the macroeconomic regulation and control greatly,and real estate enterprises IPO has policy barriers.And for the most of real estate enterprises,it is difficult to reach the standard of the IPO,so the backdoor listing become the only way to achieve the purpose for most real estate enterprises.It is facing enormous challenges of how to successfully “backdoor listings” and standard operation and achieve the rapid development of the enterprise.The Chongqing government support domestic enterprises actively.And in the circumstances of “shell resource” is quite tight and there are so many competitors,JK group shell ST DY achieved success.This paper is based on the case of JK group shell ST DY successfully.Through the study of theory of merger,acquisition and reorganization and backdoor listings,we summed up the experience and enlightenment from the case.In the case of analyzing backdoor listings of JK group,firstly we introduced the basic information and trading motives of JK group and the ST DT,this paper expounds the backdoor listing of the content and process scheme;Then we analyzed the financial performance of JK group after the backdoor listing,through comparing the financial position and operating results of backdoor listing before and after,then testing on the completion of backdoor listing;Finally we summary JK group listed successful experience from the case,which is the local government's strong support,the company's own strength and the strategic preparation,correct selection of shell company.From the analysis of the case of JK group shell ST DY,after absorption merger JK group,the shell company ST DT not only solve the equity of the company's internal struggle,but also improved the companies operating difficulties,and further enhance the comprehensive strength of the company;The borrow shell JK group achieve it's purpose,which win a broader financing path and the capital market.Take JK group success as the core,from which to explore enterprises backdoor listing of the successful experience,for other private enterprises to explore out another kind of financing path,provides the samples for the strategic development of the enterprise.