Study On The Backdoor Listing Performance Of SF Holdings

In recent years,with the vigorous development of the national economy,people's consumption level and approach have changed,and the e-commerce industry has developed rapidly.With the support of several preferential policies issued by the government,the development environment of the logistics industry is gradually improved,which eventually leads to the rapid rise of the express industry and its strategic position in the national economy is increasingly prominent.At the same time,the market puts forward higher requirements on the comprehensive service capacity of express enterprises,and the vicious competition between their industries is getting fiercer and fiercer,and the development of express industry is facing a bottleneck.Therefore,more and more logistics enterprises have gradually accelerated the integration of resources,market and customers,and have chosen to enter capital market financing to realize enterprise transformation and upgrading.Due to the stricter requirements for initial public offering(IPO)enterprises in China,cumbersome approval procedures,inestimable time cost,and numerous restrictions on listing conditions and policies,some of the enterprises rejected by IPO chose to go public by backdoor.Therefore,since 2015,the express delivery industry has set off a wave of backdoor listing.SF holdings is the only private express delivery enterprise that adheres to the direct business model,and its backdoor listing is typical.This paper mainly takes the backdoor dingtai new material listing of SF holding company as a case,and first expounds a series of theories and bases of backdoor listing.Then,it briefly introduces the operating situation and ownership structure of the shell side,makes a detailed analysis of the internal and external causes of both sides of the transaction,and sorts out the operation process of the shell side listing.Second incident analysis,synergistic effect analysis,non-financial indicators before and after the law of motion holding listed the long-term and short-term financial and non-financial performance carries on the analysis comparison,discovered in the backdoor listing information is released,the market reaction is good,the whole enterprise value enhancement,on both sides of the stakeholders to bring positive wealth effects.Finally,on the basis of the case formation,it is concluded that this economic behavior significantly improves the performance of the company,creates a new situation of mutually beneficial and win-win situation for buying and selling shell companies,enriches the breadth and depth of the case study on backdoor listing of logistics industry,and provides favorable reference experience and enlightenment Suggestions for private companies in other industries.