| With the continuous development of China’s market economy,more and more enterprises want to be listed to enter the capital market for direct financing,the use of sufficient funds to enhance their competitive strength.However,in the context of the existing policy,IPO listing of the high criterions,strict conditions,queuing for a long time and so a series of restrictions factors make companies have to turn their attention to the backdoor listing.A backdoor listing essentially involves the merger between a listed company(commonly referred to as a ’shell’)and an unlisted company(’target’),after which the shareholders in the target control the shell.And it shows the advantages of simple review process,high success rate,less time.So far,many companies have successfully listed backdoor.There are many scholars to research and analysis the backdoor listing,including finance,securities,publishing media,real estate and other fields,but no one study of online game industry.In the 21 st century,nobody can live without the Internet,the online game industry also will be the rapid development as an indispensable part of cultural and entertainment industry.At the same time,online game industry competition is becoming increasingly fierce.ZEUS interactive since the establishment of less than four years has become a strong performer,as the second successful backdoor listing online game development company has made a great flutter.In this paper,I’m using a micro perspective to analyze the one company case with five aspects.The first part analyzes the research background and significance of the paper and the research status of the backdoor listing at home and abroad.The second part introduces the theoretical concepts related to the backdoor listing and the performance evaluation methods that will be adopted in ZEUS interactive.In the third part,the author makes a brief introduction to the ZEUS interactive(the unlisted company)and the KEMIAN wood(the shell company),and makes a detailed analysis of the motivation.ZEUS interactive is started by the web game.In 2013 mobile game began a period of the best development period.For ZEUS interactive,the biggest motive of the backdoor is that the company wants to go through the listed company this platform,the use of financial advantages through mergers andacquisitions to enter the field of mobile online games,mobile online games in the golden period to seize the high.The fourth part focuses on the analysis of the financial performance before and after the listing of the ZEUS interactive through the event analysis,financial index analysis,DuPont model and EVA evaluation method.And Comparing with the average level of online industry.Finally,the whole study is summarized and suggestions are made,which will provide reference for enterprises that want to be listed later. |
