The Study Of Back-Door Listing Of Berry Genomics

In 2016,the China securities regulatory commission(CSRC)issued the "measures on major asset reorganization of listed companies",which set strict standards for back-door listing.In view of the speculation behavior such as "speculation shell" in recent years,we have taken the measure of canceling the supporting financing.The pricing of back-door listing is regulated to promote the healthy development of capital market.In this context,many back-door listing companies have been rejected by the CSRC or have given up mergers and acquisitions.In view of this phenomenon,this thesis analyzes and studies the back-door listed enterprises,which can be used for reference for the future back-door listed enterprises.This thesis takes Berry Genomics as examples to analyze,Berry Genomics are the first successful back-door listing companies after new regulations,so it has certain reference significance.Based on domestic and foreign literature reference and summary,after a clear definition of the concept of mergers and acquisitions and the back-door listing,transaction motive of back-door listing are analyzed according to the theory of M&A,principal-agent theory and information asymmetry theory,on the basis of the back-door listing before the use of equity transfer completed shareholding structure adjusting and optimizing the structure of the debt problem,solve the cancel form a complete set to improve the debt financing structure and equity transfer was used to optimize equity structure of the problem.This thesis analyzes how to reduce the financing risk by m & a fund.To study the effect of counter party agreement on reducing performance commitment,compensation risk and valuation risk.Finally,based on factor analysis method,the comprehensive ranking of Berry Genomics in the same industry before and after back-door listing was compared and analyzed,and the performance evaluation was made.By thinking of the case of Berry Genomic with a starting point to get some enlightenment: Utilize the dual effect of equity transfer can optimize equity structure and debt structure;Use mergers and acquisitions funds can reduce the financing risk;This paper researched the function of valuation adjustment mechanism on the future;Through the back-door listing has realized the promotion enterprise's overall competitiveness.This thesis provides a reference for subsequent enterprises to achieve strategic development through back-door listing.