Case Study On Performance And Risk Of Backdoor Listing Of Focus Media

In 2015,there was a trend of the concept stocks to return to A-share market.In August of the same year,there were nearly 20% shares announcing the return of A-share market,such as the Focus Media,Qihoo 360,Century Internet,Bona,China Tour and so on,which of the reason is the low valuation of overseas,refinancing difficult and overseas short power.At the same time,our capital market has gradually been improved,in which our shares can get a higher valuation and refinancing,increasing visibility.Privatization and backdoor listing has become the normality.December 2015,Focus Media,a typical stocks,returned successfully to A-share market for backdoor listing.So this paper selected Focus Media as the research object.As the first backdoor listing of stocks,there is great practical significance to study its performance for Focus Media returning to the domestic capital market for more than a year.It not only helps to explain the reasons for the emergence of the return of stocks,but also to provide experience for the upcoming backdoor listing of Chinese stocks.This paper adopts the method of case study,analysis of backdoor listing from short-term and long-term performance,including the direct observation method and case study method,in order to ensure the rationality of short-term performance.The use of financial indicators,such as profitability,solvency and operational capacity,to study the backdoor listing for the company to improve long-term performance.And it further pointed out the backdoor listing of the difference between the long term performance.Although Focus Media successfully returned to the domestic capital market and accessed to the backdoor listing synergies and performance,the backdoor listing of a large number of potential risks is easy to be ignored by the parties concerned.This paper studies the risks of the three stages before,during and after the backdoor listing,in order that the relevant parties can deep understand the capital market backdoor listing is the capital operation of the coexistence of performance and risk and dialectical look backdoor listing.According to the results of the case study of the backdoor listing of Focus Media,this paper puts forward the corresponding suggestions,which can be used for the reference of the backdoor parties,especially the listed companies,the regulators and the investors of the capital market,to meet the needs of all parties.And it promotes China's capital market backdoor listing of standardized operation,to achieve the healthy development of the capital market.