| Backdoor listing is a way for non listed companies to acquire the controlling right of listed companies through acquisition and asset replacement,so as to obtain financing by issuing additional shares of listed companies.In the period of market downturn or IPO suspension,backdoor listing is a convenient way for enterprises to choose listing.The essence of backdoor listing is the process of merger and reorganization.After the backdoor party obtains the control of the target company,it can inject its own excellent assets,peel off the target company’s non-performing assets,and improve the target company’s business and management methods,which can obtain huge synergy effect.After obtaining the financing,the backdoor party can invest the capital in the industrial upgrading,improving the product competitiveness,improving the marketing ability and expanding the market share.In China,IPO has some disadvantages such as high threshold,high cost and long time.Backdoor listing can avoid the restrictions of listing laws and complicated approval procedures.It has the advantages of simple procedures and short time.After listing,backdoor enterprises can increase investment in research and development,enhance core technology,realize product diversification,improve the anti risk ability of enterprises,and gain competitive advantage in the fierce international market competition.This paper takes the reverse purchase and listing in Hong Kong as an example,analyzes the motivation of backdoor listing,the financial and non-financial effects,and the full text is divided into six parts.The first part introduces the research background and significance of the paper,summarizes the research status of scholars at home and abroad,and states the research content,innovation and framework of this paper.The second part introduces the related concepts and motivation theory.The third part combines the characteristics of the industry to analyze the current situation and risk of the industry financing.The fourth part is a brief introduction of the case,including the introduction of the backdoor and the seller,the advantages of listing in Hong Kong and the analysis of the process and motivation of reverse M & A.The fifth part is the case analysis.First,it introduces the background and motivation of backdoor listing of CIMC Investec,then introduces the process of backdoor listing of CIMC Investec,and finally,it makes financial analysis and Non-financial Analysis on this backdoor listing.Financial analysis includes financial performance and market effect analysis,including horizontal financial performance analysis and vertical financial performance analysis after reverse purchase;non-financial performance analysis,from the perspective of strategic development and market share.The sixth part is the conclusion and Enlightenment of the study.The case successfully listed and obtained good performance to give the enlightenment to the same industry enterprises,including the selection of target enterprises,the way of listing,and the equivalence of supervision.At the same time,it analyzes the shortcomings of the case and the limitations of this study.Based on the theory and practice,this paper summarizes the successful backdoor listing experience of the case company,which can be used for reference for China’s transportation equipment manufacturing enterprises in Hong Kong. |
