Research On The Motivation And Model Of Chinese Express Delivery Companies' Listing

With the deepening of economic globalization,the development and improvement of e-commerce platforms and information technology,the support of policies and regulations,and the increasing demand for people's shopping,China has developed into a large express delivery country in recent years.Courier companies are one of the representatives of the emerging service industry in China,and are an important part of our national economy,which promotes the continuous development of our economy.However,at this stage,the express delivery industry is showing a slight and even unprofitable competitive situation.Various express delivery companies are trying to use price wars,service wars,and other methods to compete for market position.In response,express delivery companies have adopted mergers and reorganizations or listed companies to carry out the industry.Upgrade is the general trend.Due to the fierce competition in the industry,the complexity of listing audits,and the scarcity of listing identities,those who are leading in the capital market in the industry can have earlier opportunities to achieve their goals and develop into leading companies in the industry.Therefore,since Shentong first listed on the capital market in December 2015,several major giants of private express have stepped up the pace of listing.However,according to previous research literatures,most of the literatures focus on individual cases or backdoor listing case studies,while there are few special case studies on the entire express delivery industry.This paper explores whether there is a gap between the motive and model of the express delivery company's listing.In the internal relationship,the relationship between the two is sorted out to supplement the gap between the listing model and motivation of the express delivery company.This article uses comparative analysis and induction methods to analyze the listing motivation and listing model of four representative listed companies in the express delivery industry.By analyzing and comparing the listing motivations and models of the four listed express delivery companies,exploring the differentiated listing motivations and listing models of the four express delivery companies,and summarizing and summarizing the internal linkages of different listing motivations that prompt companies to choose different listing models.Finally,from the perspective of the differences in listing motivations,according to the expectations that companies want to achieve,choose a listing mode that suits them,and list the possible listing effects to provide reference for future companies in the express delivery industry.Through the case study and analysis of the four companies,the following conclusions are reached:(1)Enterprises in the express delivery industry choose to go public not only for financing motivation,but also for some differentiated motivations,which may be expressed as capital motivation,capital motivation,and strategic motivation.(2)According to different listing motives,courier companies will choose different listing models.There is a correlation between the two.The differences in the choice of listing model are mainly reflected in three points,that is,different methods of backdoor listing or IPO listing,different domestic or overseas listing markets,and different listing sections.(3)Under the influence of different listing motivations and listing expectations that express delivery companies want to achieve,the listing model chosen may also be different.Express delivery companies with financing motivations and governance motivations may prefer the listing model of “backdoor listing on the main board of the Shanghai Stock Exchange” in order to achieve a fast listing speed,a short-term valuation premium,and a listing expectation of significant shareholder equity dilution.For the financing and capital motivated express delivery companies,in order to achieve fast listing speeds,low listing costs,insignificant dilution effects,and better performance in the sector market,they may prefer the listing model of“ Shenzhen small and medium board backdoor listing ”;Express and financing motivation and express delivery companies may favor the "foreign IPO" listing model in order to speed up the listing review,maintain the foreign equity structure,open the international market,and increase their international listing expectations.Express delivery companies with financing motivation and strategic motivation also have the expectation of increasing domestic brand value and social awareness to promote domestic brand strategy construction and retaining high-quality resources in the country to stabilize the capital market,which may be biased towards “domestic IPOs”.