Case A Nalysis Of ZWCM Backdoor XXGF

As one of the most promising industries recognized in this century,the cultural industry has gradually become the new engine of China's economic growth.At present,the registration system has not been implemented in China!s capital market.If Chinese companies want to go public,there are only two ways of IPO listing and backdoor listing.From the perspective of historical experience and reality,the international publishing media industry is often controlled by the state or large consortia,and the industry is highly competitive.If China's publishing media enterprises want to break through themselves in this environment and become bigger and stronger,they must realize the strategic transformation and scale development through the power of capital.China's publishing media companies have focused their attention on IPO and backdoor listing.In addition to the support of national policies,entering the secondary capital market can bring new financing channels for the company,improve the company's popularity,and the convenience and efficiency of backdoor listing itself is the main motivation of ZWCM backdoor listing.For XXGF,a shell company,due to the risk of delisting due to poor management,selling shell can maximize the loss reduction,which is also what the local government is willing to see.After ZWCM completed the backdoor listing,through the analysis of its financial performance before and after the listing,it can be found that the company's main financial indicators are stable,debt service,operation,profitability and development ability have been improved to some extent.In addition,the backdoor listing of ZWCM has also had a major impact on corporate governance,ZWCM from original state-owned enterprises into the mixed ownership enterprise,modem corporate governance structure step by step,improve the efficiency of corporate governance,especially in the refinancing of the company,save a lot of the cost of capital,for the transformation and upgrading of ZWCM provides a great help.From the case of ZWCM backdoor XXGF listing,some experience can be summarized for later publishing and media enterprises.For example,mixed payment mode can be used in backdoor listing to reduce the pressure on the company's cash flow.Packaging operational assets for listing at one time,so as to maximize the competitiveness of the company after listing;In addition,we should be alert to the abnormal fluctuations of shell companies*share prices so as not to increase the acquisition cost of our own.Finally,based on the analysis of the whole case,countermeasures and Suggestions are put forward for the regulators and publishing media enterprises.The regulators should standardize the review procedures of backdoor listing,formulate listing standards in line with publishing media enterprises,and strengthen continuous supervision.For publishing and media enterprises that want to go public through backdoor,they should establish a modem enterprise management system before going public,carefully select shell resources and win the support of local government,and try their best to maintain the integrity of the industrial chain in the selection of listed assets.