Research On The Listing Path Of ST Huiqiu In Reverse Acquisition Of Tianxiaxiu

Benefit from the reform and opening-up policy over the years,China's social economy has made great progress,and the capital market has shown a prosperous scene.More and more enterprises are competing for the capital market in order to break through the bottleneck of development.Usually companies can enter the capital market through IPO or backdoor listing.However,China's IPO registration system has not been fully implemented,and the approval system still dominates.The Issuance Appraisal Committee is getting stricter.IPO pass rate hits record lows and the waiting time is longer.Therefore,more companies may plan overseas listings or choose backdoor listing paths.At the same time,with the rise of the new economic industry,Many new media marketing companies hope to use the capital operation to achieve the expansion of financing scale.With the failure of many corporate restructuring issues,how to enter the capital market through backdoor listing has become an issue for many companies to explore.Under this background,IMS has successfully become the first new media marketing listed company through backdoor listing.The research on its path can provide some reference value for other companies.This article mainly uses case analysis method and literature research method to investigate the backdoor path of the world show in detail.Firstly summarize the related research on the motivation of backdoor listing,the selection of shell resources,and the selection of backdoor models,explain some concepts and theories,and then summarize the general path of backdoor listing.First of all this article introduces the basic situation of the transaction subject and important time nodes in the implementation process.Then analyzed the impact of this plan on listed companies,it can be found that the matter has generated a good market response.This article focuses on the complete implementation process of the IMS reverse merger.The entire listing path process is divided into three parts: clear backdoor motivation,identification of high-quality shell resources,and specific backdoor scheme design.Firstly is to analyze the reasons for choosing this path,such as the strategic development needs and etc.Secondly is to analyze the criteria adopted by IMS in selecting shell companies,specifically including investment value,legal risks and etc.Thirdly is to study the design process of IMS backdoor listing scheme.Including how to achieve the divestiture of the original business,using the comparative analysis method,the author finds out the specific reason why IMS adopted this mode,and how to protect the interests of small and medium shareholders of listed companies.This paper believes that this path has unique advantages such as optimizing corporate governance structure and safeguarding the shareholders' equity of the shell company.In terms of follow-up integration,this paper studies how to stabilize the operation order of IMS through effective operation after the completion of reorganization.Finally we evaluate the listing path of IMS.And put forward the applicable conditions of the scheme.Then sum up some successful experiences for a lot companies that want to go public in the same way.Such as choose the listing path carefully,seize the backdoor listing opportunity,then reasonable match to choose shell resources and backdoor listing models carefully,and focus on resource integration.The significance of this article is embodied in the following two aspects.On the one hand,it summarizes the realization path of backdoor listing based on objective data,and focused on the process of advancing the reverse suction path.On the other hand,IMS is also the first new media marketing company enter the capital market successfully.Its listing path has also provided successful experience for many new media marketing companies struggling to find unsuccessful listings.