| High-quality economic growth is the top priority for economic transformation and development in the new era.As an important force to promote the high-quality growth of China's economy,the gene sequencing industry has become the focus of attention from all walks of life.In 2016,the State Council put the gene sequencing industry into the “13th Five-Year Plan” and made a top-level design for its scientific and orderly development.In addition,the implementation of the second-child policy,the increasing awareness of people's health and the advancement of biotechnology have greatly promoted the vigorous development of China's gene sequencing industry.At the same time,the establishment of genetic testing companies has been established,and the industry competition has become increasingly hot,accelerating the evolution of the gene sequencing industry.In this context,in order to be able to stand out in the fierce competition in the industry,gene sequencing companies have rushed to list financing,in order to expand their operations with capital,seize market position and enhance their competitive advantage.At present,the way in which Chinese companies go public mainly includes IPO listing and backdoor listing.IPO listing needs to meet various conditions and requirements,and most SMEs are difficult to pass the public offering of stocks.In addition,the SFC's strict review is affected by government policies.IPO listings require a long lead time,and companies need to pay higher time costs to go public.Compared with IPO listing,backdoor listing has the advantages of low threshold and short time-consuming,which can avoid the review and requirements of IPO listing,which greatly reduces the time cost of listing.For the gene sequencing enterprises that are in the stage of rapid development and urgently need financial support,the backdoor listing is a curve development path for rapidly achieving listing financing.The research object of this paper,Bei Rui He Kang,as the first backdoor listed companies in the gene sequencing industry,has a typical case of backdoors,which can provide reference for the peer companies that are in urgent need of listing financing.This paper firstly adopts the literature research method to sort out the academic achievements of domestic and foreign scholars on the trading mode,motivation and performance of backdoor listing,and elaborates the related concepts and theories of backdoor listing,which is the case introduction and analysis part of the following.To lay a theoretical foundation;then,to introduce the case study of Bei Rui He Kang Tianxing Instrument,to explain the background,motivation and transaction implementation process of the case of the backdoor listing;then,the case analysis part is the key chapter of the case study,respectively From the quantitative and qualitative perspectives,this paper analyzes the effect of the listing of Bei Rui He Kang Tianxing Instrument.The quantitative analysis showed that the stock price rose sharply in the short term after the success of the backdoor,the long-term stock price stabilized,and the stock return index improved.At the same time,the company achieved expansion and distribution and the entire industry chain,and all assets,operating income and profits have increased significantly.As a result,Bei Rui He Kang's solvency,profitability,operational capability and growth capacity have improved compared to the backdoor listing.The qualitative evaluation part elaborates and analyzes the three aspects of increasing the visibility of the industry,improving the corporate governance structure and increasing the value of the company.It turns out that the backdoor listing has a positive effect on this.Finally,this paper summarizes the relevant research conclusions of the case study,and then proposes the enlightenment of Bei Rui He Kang's backdoor listing,in order to provide effective peers and other listed backdoor listed companies in terms of listing preparation,trading plan design,and financial performance improvement suggest. |
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