SF backdoor listing M&A is a special type of M&A, which is usually called backdoor listing or backdoor merger. Backdoor listing refers to a company that has been listed on the stock exchange and has certain assets, financial foundation and market value (usually called "listed company"). By acquiring another unlisted company (usually called "target company"), the target company can borrow shares of the listed company to go public.

The process of SF's backdoor listing and merger is as follows:

1. Choose the right listed company: SF, as the target company, needs to find a qualified listed company that agrees to carry out backdoor listing, that is, a "shell company" for mergers and acquisitions.

2. Negotiate the transaction: SF Express negotiates the transaction with Shell Company to discuss the merger and acquisition conditions, transaction structure, valuation and other related matters. Both parties need to reach an agreement and sign relevant agreements.