Motivation and Performance of Backdoor Listing: A Case Study of Shunfeng

Abstract

With the arrival of the new normal of economic development, the growth rate of business volume in the express delivery industry has been gradually slowing down since 2015, while the emergence and development of the e-commerce industry will have an impact on traditional express delivery enterprises. Through the survey method, comparative method and literature method, this paper selects the case of the backdoor listing of SF, and through the analysis of the internal and external motivations of the backdoor listing, the performance analysis using the consolidated financial performance method, as well as the analysis for its listing risks, it can provide reference and reference for the future listing of enterprises. The results of this paper indicate that most of the courier industry chooses to go public by backdoor listing in order to broaden their financing channels, and that backdoor listing can improve corporate performance to a certain extent. In addition, this paper can provide an evaluation method and reference experience for other enterprises to list in shells, and provide reference ideas for potential shell companies whether to give up shell resources. It also provides regulatory suggestions for the formulation of relevant policies in China.