The Case Analysis Of Express Industry Backdoor Listing

With the development of China's capital market,A batch of companies with poor operating performance and difficulties in maintaining development have been divided from listed companies,because of these companies still have listing qualifications,So called "shell company".The "shell company" has become the target of other companies wishing to enter the stock market to obtain listing qualifications,and gradually became a scarce resource in the stock market.By the way of backdoor,more and more private enterprises,state and large enterprises as well as group companies has be or want to be transformed into a listed company,and go on the stage of the securities market.This conversion of property rights and assets has triggered great public concern and enthusiasm for the backdoor of listed companies.In the past two years,there have been a large number of express delivery companies that have listed themselves in the backdoor,even SF,which is still considering IPO in February 2016,was also turned to backdoor in May,therefore,the backdoor listing has become a popular way for the development of the express delivery industry.This thesis makes an in-depth analysis and Research on the backdoor listing of courier firm with two kinds of business models: YTO Express and SF Express.On the basis of the definition of the backdoor listing concept of the company,the relationship between backdoor and M&A,the related theory of backdoor listing,and the performance evaluation after backdoor listing,carry out a comprehensive analysis on the example of the “join” mode as well as the case of SF's successful backdoor listing on behalf of the direct camp mode,summarize experience and inspiration from shell company's choice,backdoor mode and policy.In the process of case analysis,the article first introduces the mode of backdoor listing of two express companies,the change of ownership structure and the motivation of backdoor listing.Secondly,use the horizontal comparison method and the longitudinal comparison method to analyze the financial indicators before and after the backdoor listing,make the conclusion that backdoor listing is beneficial to the company's short-term performance.Finally,from the three aspects of policy driving,shell company selection and the choice of backdoor,the relevant enlightenment and conclusion of successful case backpacking are derived.In terms of policy,we should pay attention to the change of policies,look for the right time to borrow the shell,and cater for the financing mode of express enterprises encouraged by the state.On the choice of shell companies,we should choose high quality shell resources with low risk and low burden.In the form of backdoor,through the assets or major asset replacement way to "shell" to avoid cash acquisition,compliance and transaction pricing should be fair.In this thesis,we have studied the courier companies with two modes of franchise and direct operation in China.It will help the companies that will be backdoor listed choose the more appropriate "shell" resources and choose a more suitable restructuring mode.The conclusions of this thesis can be used for reference by the express enterprises which are planning or planning to backdoor listing.