Research On Financial Performance Of Changchun Sinoenergy Corporation Backdoor Listing

Since reform and opening up,China’s rapid economic development to promote further mature capital markets,securities market is increasingly perfect,state-owned enterprises and private enterprises have joined the listed company.By listing of the enterprise,not only can improve corporate governance structure and sort out your company’s own development strategy,but also mass to raise money in the stock market,to promote the rapid growth of the company.In our country,IPO and shell is a chief way for listed companies,because the IPO audit program trival time-consuming and high cost,and suspended for many times,make enterprise sometimes fail to solve the plight of the enterprise,sometimes lose sight of development opportunities.Therefore,"backdoor listing" becomes the first choice for many enterprises,which is closely watched by the market.Under the background of China’s vigorous development of clean energy,such as natural gas,the industry has a promising future,so it faces great opportunities and challenges.From December 2012 to January 2014,the CSRC suspended trading of the IPO and strengthened the determination of zhongtian energy to choose the backdoor listing.Meridian energy shell long group listed the restructuring of the case,is the sunrise industry in China and sunset industry integration of resources,each other to seek a way out of a typical representative,in particular for clean energy in our country enterprise listing,restructuring and development of the future,etc.,provides a good reference caseBased on the meridian energy u have backdoor group as an example,the market effect of meridian energy backdoor listings and carry out specific analysis on financial performance,including share price volatility,calculate calculate equity,hence shareholder wealth increment rate and dilution,both parties to evaluate the value of the meridian energy;The horizontal and vertical analysis is carried out on the four main capabilities of energy debt service,profit,application and development of zhongtian energy.Through case analysis,research shows that:the backdoor listing is mutually beneficial and win-win for both parties,the stripping of bad assets of the original shell company,into the shell side of high-quality assets,improve the efficiency of the allocation of resources,and trade in the process of trade both parties get the benefit of different level.Through the backdoor listing,the financial and operating conditions of the energy in the shell side are obviously improved.