Research On The Mode And Performance Of The Listing Of "Like Backdoor" Sanaifu Of China Wenfa

Listing is the natural choice of deepening economy and intensifying competition among enterprises.Listing of enterprises means that they can obtain more resources and achieve the goal of sustainable profit.And the high-quality development of listed companies can further produce a huge positive impetus to China’s industrial structure adjustment and economic structure transformation.In the process of the development of China’s capital market,backdoor listing has always been a hot issue.It is not only a product of the scarcity of listing qualifications,but also an important way for enterprises to list besides IPO.With the continuous development and evolution,the means of implementing backdoor listing become more and more abundant,thus some "backdoor" listing modes with exquisite design and complex scheme appear.As an emerging financial phenomenon,the opportunities and risks contained in it are worth paying attention to and discussing.In this paper,with the help of the successful classic case of "like backdoor" and "three aifu" listed in Chinese literature,the application of "like backdoor" model and performance consequences are studied.From the explanation of core concepts and basic theories,gradually to the selected case in depth.In summarizing the main parties on the basis of the basic situation,the concrete from the path,the design key points and the potential risk in the three aspects,the model of the backdoor restructuring,and with the completion of the reorganization of assets,the benefit of the listed company also produced a huge change,therefore this article through the event study method and financial ratio analysis from the Angle of market and financial two shell after the completion of the economic evaluation of the performance of and reasons for the performance change before and after the restructuring.Conclusions and inspirations from this case analysis: China Wenfa has achieved listing through the "similar backdoor" mode of "tripartite transaction".Although there are behaviors to avoid backdoor standards,it also achieves the goal of high-quality development of underlying assets and profitability of listed companies.The scheme was successful because it met the regulatory standard of "effectively improving the quality of listed companies" and did not conflict with relevant laws and regulations.This case has some inspirations for both the enterprises to be reorganized and listed and the capital market regulator: for the former,the quality of asset injection should be given priority,the stability of control rights should be paid attention to,and the reasonable arrangement of the integration period should be strengthened.For the latter,on the one hand,corresponding policies should be formulated to cooperate with the reform of registration system to guide "backdoor" transactions into IPO;On the other hand,it is necessary to improve the delisting system and supporting mechanism to do a good job in the capital market survival of the fittest auxiliary work;At the same time,we should also pay attention to distinguish the difference between formal restructuring and substantive restructuring.We should not only strengthen the supervision of "deceptive restructuring" to prevent the resurgence of "shell speculation",but also provide certain support for high-quality innovation assets to get higher quality development through backdoor listing on the capital market.