Research On The Motivation And Performance Of Backdoor Listing Of New Energy Vehicle Companies

The world's energy and pollution problems have gradually become the most difficult problems today.It is imperative to develop a new-energy-automobile industry.However,new energy auto companies are still in the early stage of development.In order to raise sufficient funds,find financing ways and enhance their business capabilities,they would choose Listing.However,under the IPO audit system in China,the requirements for listing conditions of enterprises are relatively strict.New energy auto companies can't meet the requirements of IPO.Therefore,they will turn their attention to the way of backdoor listing.First of all,it briefly introduces the company profile,backdoor scheme,implementation process and results of backdoor events.Secondly,it explores the motivation of BQ company's backdoor listing from two aspects: the choice of backdoor listing path and opposite company's choice.Then from the four aspects of financial performance,market performance,value-creation ability and non-financial performance,this paper makes a comprehensive comparative analysis of BQ company's performance before and after backdoor listing and summarizes some problems after backdoor listing.Finally,the corresponding countermeasures and suggestions are put forward for new energy vehicle enterprises,which can provide some experience for future new energy vehicle enterprises when they plan to go public.The research results show that the motivation of BQ company's backdoor listing mainly comes from the particularity of the industry.The main reason for BQ company to choose backdoor listing is that it has a large amount of capital demand and can't meet the examination standard of IPO.After backdoor listing,the financial performance of the company has not been improved.The market performance of BQ company continues to decline.The value creation ability of BQ company is weakened.Backdoor listing has only improved the non-financial performance of the company.New energy vehicle enterprises should strengthen cost control,improve the profitability of main business,strengthen capital management,improve the speed of loan recovery,pay attention to capital cost and prudent financing,further increase R & D investment and shorten project construction period.