Research On The Performance Of Backdoor Listing In HBKY Company

In our country,"difficulty in listing"has always been an obstacle to many enterprises that want to raise funds through the capital market to expand their operations.There are two main ways for Chinese enterprises to list A shares:first,initial public offering(IPO);second,backdoor listing.As we all know,the current system of listing in China is still the approval system.Under this policy,enterprises want to go public through IPO face a series of problems,such as high threshold,long waiting time and so on.Therefore,backdoor listing has become a good choice for some qualified IPOs but want to enter the capital market quickly.Many enterprises successfully avoid IPOs by backdoor listing,and achieve the purpose of listing.But at the same time,the SFC has taken some measures to circumvent the threshold of listing by backdoor listing,including continuously strengthening the audit of backdoor listing.In the standards issued by the Securities Regulatory Commission in 2014,we can see that the strict degree of backdoor listing audit is roughly equal to that of IPO.For non-listed companies,backdoor listing is becoming more and more challenging.Therefore,after 2014,in the case of the new regulations issued by the SFC,it is very valuable for enterprises that can still enter the A-share market by backdoor listing to analyze and study backdoor listing.Therefore,this paper has a strong practical significance for non-listed companies to study the backdoor listing under the new regulations of the SFC.In the past few years,the " backdoor listing" craze in the express industry has attracted the attention of the capital market.Among them,Wang Wei,the founder of Shunfeng Express,the leader of the express industry,once said that it would never be l isted,but in 2016,it landed in the capital market through backdoor listing.This makes us have to face up to the "charm" of backdoor listing.As one of the most important energy industries in China,the coal industry once made brilliant achievements.From 2002 to 2011,its development was even more rapid,which was also known as the "Golden Decade".However,after the feast,the coal industry entered a bitter winter.Coal enter:prises are also actively looking for ways to make enterprises out of difficulties,but at present,they have not explored an effective way.HBKY Company is the only large state-owned coal enterprise in the coal industry in China,which has been reorganized and listed since February 2014.This has played a key role in enhancing the confidence of the whole coal industry.This paper takes HBKY backdoor LMKH company as an example,and chooses relevant financial reports as data source to analyze the performance of the company since its listing.The first chapter describes the background and significance of this study,and establishes the research methods and ideas.Chapter 2 introduces the overview of backdoor listing and related theoretical basis.Chapter three explains the general situation of the two companies in backdoor listing,the motivation of backdoor listing of HBKY company and the process and plan of backdoor listing,and makes a detailed analysis of the process of backdoor listing of HBKY company.Chapter IV studies the performance of HBKY company after backdoor listing from two aspects:market performance analysis and financial performance analysis,and summarizes the improvement and help of HBKY company after backdoor listing through comparative analysis of data.The fifth chapter draws a conclusion that HBKY company has been successful after backdoor listing,puts forward some policy recommendations,and summarizes the shortcomings of this study.