Research On The Performance Of Backdoor Listing And Returning To Chinese Capital Market Of JA Solar

In recent years,under the background of blocked financing channels in foreign capital markets and booming domestic development,many Chinese PV stocks have opened the way to return to A-shares.In 2019,Jing’ao Solar,the industry leader,took the way of backdoor listing,and became the first enterprise to successfully return to A-share.Its successful experience has strong reference significance.This article selects the case of Jing’ao Solar’s backdoor listing to evaluate the comprehensive performance of the company after the backdoor listing,using the changing trend of the backdoor party’s economic effects before and after the restructuring as a starting point.Firstly,by reviewing relevant literature and public information,this paper analyzes the motivation for Jing’ao Solar’s backdoor listing,and analyzes the economic effects after the listing through targeted vertical and horizontal comparisons.Then,the event study method is used to evaluate the short-term performance of the company.Finally,the financial indicator analysis method,economic value added analysis,and catastrophe progression method are used to analyze the changes in the overall performance of the company before and after the backdoor listing of Jing’ao Solar.The research results indicate that due to factors such as the era background,the company’s failure to resume trading in a timely manner,and the absence of successful precedents,the short-term market performance of the company began to decline after experiencing two days of positive effects,and the market remains suspicious of this event.However,in terms of long-term performance,the company’s economic performance,environmental performance,and social performance have all improved.In particular,backdoor listing has brought significant improvements to the company’s profitability and growth potential,indicating the correctness of the strategic choice of backdoor listing,but there is still room for improvement in operational capacity and social performance investment.Finally,this article summarizes the performance of Jing’ao Solar after its backdoor listing,and puts forward targeted suggestions on the company’s development,whether Chinese stock companies choose backdoor listing,and whether investors continue to be optimistic about returning to A-share Chinese stock.