A Study Of The Path And Performance Of Express Enterprises Backdoor Listing

In recent years,the rapid development of China's express delivery industry has become an important part of China's economic development and modern service industry.From 2011 to 2016,the express delivery industry has maintained a high growth rate of around 50 for six consecutive years,but the express delivery industry has also encountered its bottlenecks: the competition for homogenization is severe,the unit price of express delivery continues to decline,and corporate profits are further squeezed.The decline in industry gross profit margins and low-cost profit-making methods have made the capital chain of the express delivery industry need to be supported in other ways.Landing on the capital market has become the only method for the survival of the Chinese express delivery industry at this stage.The ways of listing are mainly divided into IPO listing and backdoor listing.Due to the characteristics of the express delivery industry itself,it is difficult to meet the IPO listing requirements,and the backdoor listing has its own advantages.Therefore,the express delivery industry has started an upsurge of backdoor listing since 2015.This article discusses the causes of SF Express' s backdoor listing and evaluates its financial performance,and analyzes the reasons for changes in its financial performance.SF Express is a leader in the express delivery industry.Its successful implementation of backdoor listing has certain representation.Therefore,the article selected the case of SF Express' s listing of Dingtai Rare Earth & Hi-tech materials CO.,LTD for research.Based on a certain theoretical basis,this article first analyzes the causes of the backdoor listing of SF Express by combining the status of the express delivery industry,the express delivery industry,and the business model under the SF's differentiation strategy.Then,through the short-term market reaction and the long-term financial performance of the backdoor before,during,and after the listing,we evaluated the performance of the backdoor listing of Shunfeng Holdings.Finally,the paper concludes that: With the IPO being blocked,backdoor listing has become the best choice for SF express to enter the capital market.The backdoor listing has successfully achieved the SF Express backdoor driver;backdoor listing has positive effect on the financial performance of SF Holdings.Finally,the following conclusions can be drawn: With the IPO being blocked,SF Express has become the best choice to enter the capital market with backdoor listing.The success of the backdoor listing has eased the financial pressure of SF Express and solved its financing problems.Both long-term and short-term performance have a positive effect.And based on this case I find: companies need to tailor to their own listing routes;companies need to focus on corporate governance after listing;peer effect on the company's financial performance and resource integration after the backdoor listing.