The Studies Of SF Backdoor Listing

During the 13 th Five-Year plan period,China's economy has entered a new norm.As the promote of supply side reform,China's economic restructuring is imminent.As an important force of national economic restructuring process,the express delivery industry has a significant impact on the economic development of our country.In addition,proposal of the National Express countryside" and "The Belt and Road" strategy allowed the market demand of express delivery industry continue to release in the overseas market,the western regions and rural regions.In 2016,China's express industry met new development opportunities,and industry competition is increasingly fierce.New opportunities and new demand?fierce competition urge the major express companies to seek being listed and financing.As a leading company in the express delivery industry,the successful backdoor listing of SF proprietary company is representative.In this paper,we will use the case of SF proprietary company to study the causes and process of the backdoor listing,as well as the impact of the backdoor listing on the ownership structure and performance of the company.First of all,we will summarize the SF backdoor listing plan,and analysis the backdoor listing motivation combined with the background of the industry and the depth of the company's status.Secondly,we will study the impact of backdoor listing on the ownership structure and profitability.After the completion of the backdoor listing,the controlling shareholders of listed companies changed from Ji-lu Liu to Ming Tak Holdings(SF controlling shareholder),and the actual controller changed from Jilu Liu into Wei Wang.The backdoor listing of listed companies led to holding rights change.At the same time,the backdoor listing of the listed companies promoted the main business to change from the metal manufacturing industry to the express delivery industry,and improved the operating ability of listed companies.Finally,we found the market gave a strong positive reaction after the completion of backdoor listing.The backdoor listing increased the value of the company and brought positive wealth effect to shareholders.At the same time,the company's financial performance had brought a positive impact to both sides of the transaction and achieved a win-win situation for both sides.The research and analysis of SF backdoor listing enriched the breadth and depth of the backdoor listing of the express delivery industry.It was the helpful to find the methods to finance?improve the performance of the company and achieve sustainable development from the perspective of the backdoor listing of private express delivery companies so as to promote the healthy development of China's express delivery industry.