A Case Study On Backdoor Listing Under The Background Of State-owned Enterprise Reform Of Saurer Intelligent Company

In recent years,private enterprises,as important market players in China,have made significant contributions to China's rapid economic development.The report of the 19 th national congress of the communist party of China(CPC)pointed out that a level playing field should be created for private enterprises to participate in the national economic construction.At present,the mixed-ownership reform promoted actively,and it has provided new development opportunities for private enterprises.There is an increasing trend of capital integration between state-owned enterprises and private enterprises through holding shares,equity participation and other forms.By injecting high-quality assets into state-owned enterprises,the optimal allocation of state-owned capital and industrial upgrading can be realized.For leading enterprises with both brand strength and industry,under such a policy background full of opportunities,rapid listing into the capital market can help enterprises to get on a larger development platform.Therefore,compared with IPO,many enterprises choose the backdoor listing as a special way.However,in September 2016,China securities regulatory commission(CSRC)announced the "strictest new rules on backdoor listing".In the case of the strict review standards for backdoor listing,the selection of objects and modes of backdoor listing determines the efficiency of backdoor listing in some way.At the same time,in the reform process of state-owned enterprises,there are some state-owned enterprises affected by policies and horizontal competition.Facing the situation of poor operation and loss of their main business,state-owned enterprises have chosen to carry out mixed ownership reform and realize asset restructuring and preservation.Saurer Intelligent Company selected in this paper took the mixed-ownership reform as an opportunity.Under the operation of its controlling shareholder Jinsheng Company,it settled in the local listed state-owned enterprise,Xinjiang Urban Construction Company,which not only completed the rapid listing of private enterprises,but also realized the preservation and appreciation of state-owned capital.In this paper,it first describes the policy background and relevant theoretical basis are elaborated in detail,and analyzed the process and backdoor plan of Saurer Intelligent Company backdoor listing from multiple perspectives.The financial effect and comprehensive effect of backdoor listing are explored by combining a series of methods such as financial index analysis method and event research method.Finally,on the basis of case analysis,the author draws a conclusion and obtains enlightenment.Therefore,the backdoor listing in this case enables both state-owned enterprises and private enterprises to achieve a "win-win" situation.From the perspective of Xinjiang,which is the core of the silk road,the success of the backdoor listing also responds to the "One Belt And One Road" strategy,which provides great help for promoting the development of textile industry in Xinjiang.Based on the analysis of the case of Saurer Intelligent Company backdoor listing,This paper analyzes the advantages and disadvantages of backdoor state-owned enterprise,and analyzes the transaction mode that private enterprises adopt in the backdoor listing under the restriction of the new regulations.Second,this paper analyzes the effect of backdoor listing from four perspectives,including asset quality,cash flow,strategic expansion and enterprise value.The significance of this study lies in hope of supplementing the backdoor listing related research content,and provides reference for other private enterprises and state-owned enterprises which are also facing restructuring in reform path.