A Case Study On The Listing Of Zhuolang Intelligent Backdoor Xinjiang Urban Construction

The normal operation of a business requires capital,and one of the most efficient and fast ways to raise capital is to enter the capital market.Due to the increasingly strict audit standards for IPO in China,it becomes difficult for enterprises to choose the first option--IPO listing.Generally speaking,IPO is the best choice.Because of this situation,a new way to market is hot-backdoor listing.However,in September 2016,there was a great enterprise reform in China’s capital market.The reason for this reform was that China released a new method for managing the assets reorganization of listed companies.Compared with the previous rules and regulations,many new standards have been added in this document.It has strengthened the supervision on companies’ backdoor listing and has higher requirements on companies that have backdoor listing.In this way,the following questions become particularly important: whether the company continues to choose backdoor listing,how to design the trading scheme after choosing it,and the impact of backdoor listing on the performance of the company.Therefore,it is of practical significance to study the cases of backdoor listing after the new regulation.In this context,this paper selects a backdoor listing case--zhuolang intelligent backdoor xinjiang urban construction,which is the first successful case after the implementation of the new regulations in 2016.In order to provide reference for other companies in related industries in the future when backdoor listing,this paper will analyze and study the motivation of backdoor listing,the payment method of backdoor listing and the effect of backdoor listing,and find out the success factors in this case.First of all,this paper sorts out the relevant researches on backdoor listing by domestic and foreign experts in recent years,and sorts out the relevant theories of backdoor listing,thus paving the way for the following researches.Then it introduces the ownership structure of the company,the basic situation of both parties,the transaction mode and the whole backdoor process.Then the shell side and let the shell side of the agent were analyzed,and then according to the influence of different factors on the backdoor ZhuoLang intelligence analysis of xinjiang urban construction the listed terms of payment,mainly through the control factors,free cash flow,shell on the characteristics of three influence factors were analyzed,and the analysis to summarize the advantages and disadvantages of the backdoor listing of payment.Then,the effect of the backdoor listing was analyzed from the market reaction and financial status before and after the backdoor listing of zhuolang intelligent,and the results of the backdoor listing were analyzed with the event study method.It was found that the accumulative excess return rate continued to rise during the event period,indicating that the market reaction was positive.The financial index analysis method is used to conclude that after the completion of backdoor and successful listing,the profitability,solvency and growth ability of zhuorang intelligent enterprise are improved.Then the author summarizes the experience of the successful backdoor listing.The successful experience of the backdoor listing includes following national policies,searching for high-quality shell resources,designing reasonable backdoor schemes,and paying attention to the risks after resource integration.Finally,the author summarizes the analysis and research on the backdoor listing case of zhuolang intelligent backdoor project in xinjiang urban construction and draws the corresponding conclusions and inspirations,including inspirations on the motivations of backdoor listing,the choice of payment method,the selection of national policies,and the selection of shell resources.These experiences and inspirations provide references for future backdoor listing enterprises.