A Study On The Legal Problems Of "Backdoor Listing"

Backdoor listing is a form of takeover of listed companies，and also a kind ofshortcut of company listing. In order to achieve the purpose of their assets indirect listed,private enterprise gain the control power of the listed company through a certain way,then inject high quality assets into the listed company. It is a kind of advanced form ofcapital operation mode, and developing along with the continuous development of theperfect securities market economy and contemporary enterprise’s financing needs.Through the backdoor listing, private enterprise listed their assets and widen thefinancing channels, the listed shell company achieve the goal of earnings growth, andavoid the risk of being delisted.But as the related party transactions and insider tradingviolations intensified in backdoor listing, backdoor listing regulation has been focusedon by securities regulators, market participants and scholars.Through the case analysis of the gold leaf gem listed backdoor light furniture, thisarticle puts forward the insufficient of the securities regulation law of backdoor listing,and by using the experience of mature securities market norms, puts forward legislativesuggestions.