Research On The Mode Selection And Consequence Of Backdoor Listing Of Express Industry

With the prosperity of the market economy,the continuous development and improvement of e-commerce has driven the rapid development of the express delivery industry.The number of express delivery enterprises,especially private express delivery enterprises,keeps increasing,and the scale of business is also expanding.However,behind the rapid development of the express delivery industry,there is a fierce competition.The broad development prospects of the express delivery industry,combined with lower entry barriers,have attracted more and more enterprises to join the express delivery market,especially the e-commerce express market.The profit model of express delivery enterprises is simple,leading to a series of problems such as serious homogenization and low gross profit margin,which has further aggravated competition in the industry.In the face of increasingly fierce competition,express delivery enterprises must strengthen their own strength in order to maintain a place in the market,and the expansion of enterprises requires the support of capital.It is difficult for express delivery enterprise itself to meet the needs of development.Therefore,express delivery enterprises are seeking to go public,hoping to obtain financial support for enterprise development through the capital market.However,China's IPO audit standards are strict and cumbersome,and after many suspension periods,there are many enterprises waiting to be listed,and the queue time is long.The backdoor listing has won the favor of many enterprises due to its short time to market,low cost and high probability of success.Since 2016,Yuantong Express,Shentong Express,Yunda Express,and SF Express,which are among the top domestic express delivery enterprises,have chosen to use the backdoor to achieve listing financing.This paper selects the first private express delivery enterprise Yuantong Express,which successfully completed the backdoor listing,as the research object.Under the background of the express delivery industry,it analyzes the motivation of the backdoor listing,the choice of the backdoor mode and evaluates its performance,in order to provide reference experience for the listing financing of other express delivery enterprises.This paper first explains the related concepts of backdoor listing,reviews and summarizes related theories and literatures,and briefly analyzes the institutional background of backdoor listing.Then on the basis of background analysis of express delivery industry,this paper analyzes the motivation of Yuantong Express backdoor listing from the aspects of selecting listing and choosing backdoor,and introduces the implementation strategy of Yuantong Express backdoor listing.Then it introduces the mode of backdoor listing,and analyzes the selection of the rond-the-clock delivery model and evaluates it.Finally,the economic consequences of Yuantong Express's backdoor listing are evaluated from the aspects of market performance and financial performance.Based on the case analysis of Yuantong Express's backdoor listing,this paper draws conclusions and makes relevant recommendations.The main conclusions of this paper are as follows:The backdoor listing of Yuantong Express conforms to the inherent needs of the current situation,economy and self-development,and chooses the backdoor mode that is in line with and is conducive to its own development,obtains good market response,and improves financial performance.On this basis,the other reference for other express delivery enterprises is:to enhance their own strength,to prepare for the listing,should choose the appropriate listing method and grasp the timing to implement,in the backdoor listing need to choose the appropriate backdoor mode.In addition,the government should improve the legal system and provide policy support.