Analysis On The Motivation And Effect Of Backdoor Listings Of Chinese Express Enterprises

In recent years,the development of e-commerce has grown fast,which also helps express logistics enterprises develop rapidly.The scale has been continuously expanded and the number has been increasing.However,due to the special nature of this industry and the homogenization service of express delivery,the unit price declines continuously.In spite of its development,there is huge industry competition pressure hiding behind.By their own capital,the current express delivery enterprises are hardly to meet their goal,which is to survive in the express delivery enterprises,to gain a favorable position in the market and even to expand the scale to stand out.So the express delivery companies are eager for the opportunity to go public to gain the capital needed for the long-term development of the enterprise.However,in recent years,IPO have become more and more difficult to get passed,and the reviewing procedures are complicated,and the time required is getting longer.The backdoor listing is well known for it saving time and cost.Therefore,Yuantong Express,Yunda,SF Holdings and Shentong Express have tried a backdoor listing.This paper takes the first express delivery company in China,Yuantong Express,as an example to analyze the motivation and the trading mode of its backdoor listing,and evaluate its performance,which may be drawn experience on for other companies.Firstly,this paper introduces the research background,purpose and significance of Chinese express delivery industry.Secondly,it reviews and summarizes the domestic and foreign research on the motivation,trading mode and performance of the backdoor listing theory system and related concepts.Thirdly,it introduces the development status and existing problems of the current express delivery industry in China,and introduces the research background of the research object Yuantong Express and Dayang,as well as the trading plan of the backdoor listing.Then,the motivations of Yuantong Express and Dayang Chuangshi are analyzed.In addition,three other express delivery companies(SF Holdings,Shentong Express and Yunda)are selected to evaluate their performance.Then it analyzes the market effect after the backdoor listing of Yuantong.Finally,it is concluded that by backdoor listing,Yuantong Express achieved it strategic goals,got the required funds,enhanced its competitiveness and popularity,and became the first express private enterprise going public in China.The backdoor listing got its expected effect.