Analysis Of The Causes And Performance Of Backdoor Listing Of STO Express

In recent years,the rapid development of Internet technology and e-commerce has promoted the rapid development of China's express delivery industry.According to statistics from the State Post Bureau,China's express delivery volume surpassed that of the United States for the first time in 2014,becoming the first country in terms of express delivery volume.In December 2015,STO Express gave up its IPO in reverse listing and became the first domestic private express delivery company to go through the backdoor listing and landed on the capital market.This article uses the case study method to research the incidents of the STO Express backdoor Ad listing.In the case of the basic situation,it introduces the basic situation and financial information of the backdoor and shell company,analyzes the transaction structure in the backdoor and the listed company after the backdoor.The right to control was analyzed on the backdoor listing of STO Express and the motivation for the sale of Shell Company by IDC,analyzing the risks faced by both parties in the backdoor case.In the performance part of the case,the short-term performance of STO Express backdoor IDC was analyzed using the event research method.The financial indicators method was used to study the long-term financial performance of the listed company.The purpose was to analyze the financial performance of the express delivery company through backdoor listing.Impact,thus providing a reference for companies that choose to backdoor listing in the express delivery industry.The main conclusions of this paper are as follows:(1)There are many reasons why private express delivery companies choose to go public,but they are mainly due to the strong financing needs and the need for structural upgrades in the internal management of the company.Since state-owned enterprises have stronger financial strength and a higher level of corporate reputation relative to private enterprises such as STO Express,it is relatively difficult for private enterprises to use indirect financing to enhance their corporate strength.As a result,private enterprises have turned to the direct financing of capital market demand.opportunity.Backdoor listing in direct financing is more feasible than IPO.(2)After STO Express(002468)announced the backdoor listing,the stock price rose continuously.Through the analysis of the financial indicators before and after the backdoor,the financial performance of the listed company after the backdoor was significantly improved.At the same time,good financial performance confirmed the company's backdoor listing.Have a better financial situation.