Case Study On The Failure Of Backdoor Listing Of Tianyuan Manganese Industry

With the vigorous development of Chinese private enterprises,their demand for funds has become more and more urgent,and many enterprises intend to land on the capital market to raise more abundant funds.Compared with the tedious and time-consuming shortcomings of IPO listing approval,the method of backdoor listing has provided them with a new path,and once became a hot topic and the focus of attention of all parties.However,looking at the failure cases of backdoor listing in recent years,enterprises still face many problems in the process of backdoor listing.These problems not only hinder the achievement of the goal of corporate listing and financing,but also may cause the company to face serious legal consequences and even have a significant impact on the company's continued operations in the future.This article mainly uses the four methods of literature research method,case analysis method,comparative analysis method and inductive summary method.Taking Tianyuan Manganese Industry Co.,Ltd.as the case for the listing failure of Yingli Te Chemical Co.,Ltd.,it analyzes the backdoor listing process and finds out the case operation.The main problems in the process,and the root causes of these problems are discussed in detail,and the corresponding countermeasures and recommendations are finally summarized.Looking at the case as a whole,Tianyuan Manganese's backdoor listing ended in failure.It was caused by the five major reasons: it was caught in the risk of improper shell selection,the risk of triggering information disclosure,the risk of ignoring process approval,the risk of contract litigation,and the risk of tender offer.Considering and analyzing the above reasons,combined with the example of Tianyuan Manganese's backdoor listing,it is proposed that when other private enterprises are listed on the backdoor,the choice of the shell company should be optimized,information disclosure regulations should be followed,process approval links should be emphasized,contract disputes and application offers should be carefully guarded.Takeover waiver of these five general recommendations.It is hoped that the introduction and analysis of this article will allow private enterprises to avoid related risks and learn relevant lessons in the process of subsequent backdoor listings,and hope to bring some reference and inspiration to private companies planning backdoor listings in the future.