Case Study On SF Express Backdoor Listing

In recent years,online shopping has become increasingly popular,making the express delivery industry develop at a high speed.In particular,faced with huge profit margins,many companies compete for market share competition incentives.However,enterprises that operate express delivery business generally face the phenomenon of lack of funds and inadequate management.Under this background,a number of express delivery companies have successively adopted listing methods to meet the needs of financing to promote enterprise development.Compared with IPO,backdoor listing has the advantages of easier approval process and shorter waiting time.Therefore,backdoor listing has become the preferred method for many companies to achieve their listing targets.SF Express operates as a “standard-type” enterprise in the express delivery industry.Since its establishment,it has gained a good reputation in the market.Through the backdoor listing financing,it can better realize the development of the enterprise and is also of great significance to the development of China's express delivery market.In this paper,the case of SF Express' s backdoor Dingtai new material is taken as the research object.Through the process of combing the data of SF Express and the related data,the reasons for the successful listing of the backdoor are studied.Specifically,it includes the following aspects: First,it is the introduction part of the article,which summarizes the research background and research significance of this paper.By combing the existing literature viewpoints and classifying and summarizing,this paper proposes the innovation and analysis focus of this paper.In the second part,through the introduction of the basic information of the borrower and the shell company,the process of listing the backdoor is sorted out and the reasons for the choice of the backdoor listing are analyzed.In the third part,the event analysis method is used to analyze the effects of SF and Dingtai new materials and the market reaction through the calculation of excess return rate and accumulated excess return after the incident,and draw the final conclusion.In the last part,the paper analyzes the reasons for the successful listing of the backdoor,summarizes it,and puts forward corresponding suggestions and inspirations to provide reference for the future backdoor listing of enterprises.Among them,the reasons for the success of the backdoor listing are mainly as follows: Firstly,the adjustment of the backdoor listing plan was carried out in time,and the assets of the enterprise part with low back-end and relatively high requirements were stripped.It enables enterprises to focus on the development of express delivery business and help enterprises to successfully realize backdoor listing.Secondly,affected by the state's economic development,many industries are increasingly dependent on express delivery business.The national policy strongly supports the development of express delivery business and encourages capital injection.Thirdly,in terms of shell resource selection,Dingtai New Materials possesses the characteristics of high-quality shells such as relatively concentrated equity,small equity,gradually weaker profitability and less debt.The choice of shell resources will benefit the listing of the backdoor and whether it can be realized smoothly.Have an important impact.Fourthly,the back-to-back listing has chosen the appropriate payment method.The combination of asset replacement and additional issuance has reduced the use of cash in the backdoor listing process and improved the efficiency of backdoor listing.Fifth,the express delivery industry is supported by the national industrial policy.