Research On The Motivation And Performance Of CGA Backdoor Listing On Mieiluo Pharmaceutical

Since China joined the WTO,China's economy has developed rapidly,and more and more private-owned enterprises have grown and are hoping to raise funds through capital markets to deal with the financial pressure on their expansion.However,the formal listing process through the formal IPO model is complicated and usually requires the approval of the CSRC at multiple levels.Enterprises often miss business opportunities in the long wait.Therefore,many companies are hoping to achieve their own listing and financing and further development through the shortcut of backdoor listing.In recent years,the backdoor "blowout" is on the rise.Especially in 2016,nearly 20 companies announced the restructuring of backdoor related issues.This shows that the market is widely accepted and recognized as a backdoor listing.At the same time,Some development and change is there in China auto industry.Driven by the national policies,the automobile circulation enterprises have responded to calls for bigger and stronger.At the same time,the automobile circulation enterprises also face various development challenges.The reasons behind this are mainly due to two points: 1.The slight profit growth in the automobile industry has become a new normal;the new policy has been gradually released and the level of reform has not been reached yet;Auto market 100 cars,easy car,car home,Lynx,represented by the rapid development of the electricity supplier,the new mode of play is the impact of manufacturers licensing,4S shop monopoly of the existing industrial model.The formation of serious asymmetry with the above objective reality is that the brand manufacturers are still holding high in the fight,high target high;high 4S stores into the market,most of the high standards of investment,which directly led to a large number of large 4S shop losses,manufacturers contradictions Increasingly sharp;2.Financing difficulties as a private enterprise growth and development obstacles,and the listing has become the best choice.In this context,this article through the combing of the research literature related to backdoor listing,select the CGA backdoor Meiluo Pharmaceutical as a case study.As the largest automobile distribution company in China,CGA has more violent feelings than the smaller dealers in the macro and medium-sized environment.So,the listing of CGA becomes particularly necessary.Therefore,the research CGA Automobile backdoor Merlot Pharmaceutical listed with high representativeness.There are two main ways to go public in China's IPO: IPO listing and backdoor listing.Although the CSRC has now changed the standard for backdoor listing from an approaching IPO to an IPO equivalent,raising the threshold for backdoor listing a lot,the actual passing rate of backdoor listing is still higher than that of the IPO market,so the market is still not enthusiastic less,but there is an increasing trend.Enterprises through backdoor listing financing,and the use of funds raised with the company's financial performance is inextricably linked.Therefore,the research on the financial performance of the backdoor listing has research value.This article explores the motivation of CGA's backdoor listing and evaluates its financial performance and analyzes the reasons for the changes in its financial performance.CGA is a leader in the automotive distribution industry and has a certain representation of its successful backdoor listing.Therefore,the article selects the case of the listing of CGA Automobile Backdoor Merlot.The research focuses on the analysis of the reasons for the backdoor listing of CGA Automobile and the financial performance before,during and after the listing of the backdoor listing.This article first reviews the relevant literature both at home and abroad,and then analyzes the motivation of CGA backdoor listing,followed by a detailed analysis of the financial performance of CMBC.The conclusions of the article are as follows: Under the condition that the IPO of the CGA Auto Company was blocked,the backdoor listing became the best choice for entering the capital market;the backdoor listing agency of the CGA Automobile Company was formally effective.The backdoor listing has a positive effect on the market and financial performance of CGA.Finally,this paper puts forward the suggestions and suggestions for the successful backdoor listing of CGA Auto companies and promotes the company's continued development.The first is to find suitable shell resources and M&A transaction models.Second is to increase the inspiration from backdoor listing performance;The third is to regulate the market.