Research On Risk Control Of Backdoor Listing Of Photovoltaic Enterprises

In recent years,vigorously developing renewable energy has increasingly become one of the important ways to achieve carbon peaking and carbon neutrality.Among various renewable energy,solar energy is developing the fastest.Re-development has created new opportunities,coupled with the advent of the era of unsubsidized photovoltaics and parity,which has boosted the elimination of outdated production capacity,all of which have made enterprise competition more intense.With the release of "Creating Conditions to Encourage Listed Companies to Carry out M&A and Restructuring" issued by the China Securities Regulatory Commission at the end of October 2018,more and more photovoltaic companies develop through backdoors assistants.However,backdoor listing is essentially a complicated merger and reorganization activity.The characteristics of photovoltaic industry determine that they cannot do without risk control.Aixu Technology,the research object of this paper,successfully launched the first shot of backdoor listing in 2019,which is inseparable from risk control,but there are also problems.Therefore,studying the risk control of Aixu has certain reference significance for other photovoltaic companies.This paper takes Aixu Technology’s backdoor listing of ST Xinmei as the research object.By studying the research results of domestic and foreign scholars on backdoor listing,the relevant concepts and theoretical basis of backdoor listing are introduced,and the current situation of backdoor listing of photovoltaic enterprises is analyzed.The reasons for the backdoor listing and the specific transaction process of the case company are analyzed;using the AHP,according to the sequence of backdoor listing activities,namely the backdoor preparation stage,the implementation stage and the integration stage,the more important risk indicators in each stage are selected to build a risk indicator system,according to the assessment results,carry out specific analysis and control research on the risks of each stage.Based on the research of the full text,the following conclusions are drawn:(1)According to the evaluation results of the risk index system,Aixu Technology is at a higher risk in the preparation stage,focusing on shell resource selection and value evaluation,at a lower risk in the implementation stage,and at a general level in the integration stage.Risks focus on performance commitments and operational integration.(2)Risk control in shell resource selection,value assessment,financing and payment plays a significant role.Select Shanghai Xinmei,which has had three years of equity disputes,poor profitability and firm willingness to sell shells,to ensure the simplicity of the shareholder structure as much as possible;from the comparability of business and transactions,the static and dynamic price-earnings ratios are lower than other listed photovoltaic companies.Guarantee the relative rationality of the valuation;adopt the "asset replacement +private placement" model suitable for its own capital situation,cleverly avoid large-scale shell purchase funds,and successfully obtain control by paying for its own equity evaluation price.(3)Risk control in performance commitment is insufficient.Enlightenment from Aixu Technology’s backdoor listing risk control case:(1)Photovoltaic companies are full-chain production industry with close relationships between upstream,midstream and downstream.Backdoor listing between business-related companies can avoid subsequent integration conflicts to the greatest extent possible.(2)Affected by national policies and market demand.Photovoltaic enterprises should prudently estimate the income and set the performance compensation amount according to their own financial strength;(3)Enterprises focusing on specialized batteries,their ability to resist risks Lower than an integrated enterprise,the necessary business expansion and vertical integration model will enhance the enterprise’s risk resistance.