Case Study Of Backdoor Listing

In recent years,the entire express industry competition tended to be fierce,and the industry profit showed a downward trend.Encouraged by the country's policies,capital began to enter the field of express delivery industry,and the courier industry shifted from the previous price competition to capital level competition.In addition,the national policy promotes the merger and reorganization of courier industry,and speed up the formation of a number of internationally competitive enterprise groups,and the courier industry speeds up to integrate.In the trend of accelerated consolidation and reorganization of the courier industry,the express companies do not want to lag behind other companies in the starting line of the capital market,so each listing is the first trend.As one of the express companies with the fastest delivery rate in China's courier industry,with the "natural extension" type of expansion,its operating scale was getting bigger and bigger,and involving more and more types of business.However,the growth rate of the courier industry has gradually slowed down.Coupled with the price war and the continuous rise in the cost of employing,the operating profit margin of enterprises has been declining.However,expanding other businesses requires substantial capital support.Moreover,express' s business of Shunfeng takes a self-support model,and is very dependent on funding support.Therefore,Shunfeng's two major competitors,Yuantong and Shentong have already prepared for the backdoor listing,on May 23,2016,Shunfeng took share replacement to backdoor listing,and the asset price is 43.3 billion yuan.On February 24,2017,Shunfeng held a reorganization and listing ceremony at the Shenzhen Stock Exchange,officially landing A-shares market.This paper is divided into five parts.The first part demonstrates the domestic and foreign research on the backdoor listing,and lists the introduction of the background and significance of case.The second part introduces the case of Shunfeng backdoor listing: introduce the background of the case,the operation process of the backdoor listing and the assets evaluation method of Shunfeng backdoor listing.The third part mainly analyzes the case: the motivation of Shunfeng's backdoor listing,such as the choice of listing method,the development of Shunfeng and the courier industry;and the detailed analysis of vertical and horizontal comparison of Shunfeng's financial performance of backdoor listing;finally,the reason why Shunfeng successfully backdoor listing is analyzed.The fourth part is based on the case and obtains some experience and enlightenments: first,the new rules of the major assets reorganization of the listed companies have a great influence on the listing of the borrowed shell,which causes the heat of the case to decline;second,the IPO is regarded as the main reason of the depreciation of shell resources,and polarization of demand will become increasingly apparent;third,in the future,quality will be the main focus of the express industry competition,and the express companies will speed up to the integrated logistics business development layout,marking that the express industry has transformed from the stage of complete competition to the leading competition,and future oligarchs probably take shape.The fifth part is the conclusion of this article.