Comparative Analysis Of Two Backdoor Listings Of Aosaikang

The development of the medical field involves people's livelihood issues that the country and the people pay close attention to.The party and the state attach great importance to the reform and innovation of the pharmaceutical industry.To develop itself,the pharmaceutical industry needs constant technological innovation,the introduction of technical talents,the development of core competitiveness,and the need for financial support is more important.For private pharmaceutical companies,there are certain difficulties whether it is direct financing or indirect financing.In the indirect financing,it mainly refers to bank loans,and financing by bank loan is difficult for private enterprises to realize.Direct financing methods mainly include bond financing and stock financing.Private pharmaceutical enterprises also have high difficulty in issuing bonds,demanding rating requirements and imperfect development of enterprises themselves.Investors lack confidence in the bonds issued by private pharmaceutical companies.As the capital and time cost of back-door listing is lower than that of IPO listing,many would-be listed companies have chosen back-door listing for financing,so as to increase the operating performance of the company,improve the visibility of the company and realize the continuous development of the company.In 2019,the new rules on mergers and acquisitions and reorganizations were officially released,prompting the back-door reorganization and listing of enterprises to recover further.Through the comparative analysis of two back-door listing cases of Aosaikang Pharmaceutical Co.,Ltd.,this paper summarizes the influencing factors of different back-door listing effects,provides important enlightenment for back-door listing of private pharmaceutical enterprises,and further solves the financing difficulties of private enterprises.This paper takes the different effects of Aosaikang backdoor Datong Gas and backdoor New Oriental Star as the breakthrough point.Firstly,it introduces the topic background and research significance of the paper,sorts out and reviews the domestic and foreign literature,explains the research content and research methods of the paper,and expounds the innovation points of the paper.On this basis,the failure of Aosaikang backdoor Datong Gas and thesuccess of backdoor New Oriental Star listed are explained in detail,including the background of both backdoor parties,the operation process of back-door listing twice and the different effects of back-door listing twice.Secondly,the paper makes a careful comparison and focuses on the two back-door listing of Aosaikang,which mainly involves a comparative analysis on the shell company selection,capital operation,corporate governance risk and market development of Aosaikang's back-door listing.And the influence of back-door listing effect is explained respectively.Finally,the paper summarizes the factors influencing the different results of two back-door listing of Aosaikang,and obtains the corresponding suggestions: mainly includes selecting shell resources with simple equity and poor operating conditions,formulating lock-in period of share and commitment of performance to improve the corporate governance system,choosing high market share of the listed companies,using location advantage of the listed enterprises for the company promotion and development,etc.Through the comparative analysis of the failure of Aosaikang's backdoor Datong Gas and the success of backdoor New Oriental Star listed,this paper obtains the experience and enlightenment for the private pharmaceutical enterprises to be back-door listing reference,and helps to solve the financing difficulties of private enterprises.