Study On The Legal Risk Prevention In Backdoor-Listing Of Real Estate Enterprise

With the strict limitation in IPO application and approval in inner market, the enterprises are hard to be a listed company for many reasons, such as the macro economic environment and the stock market management. In the context, the so-called shell resource become precious and many enterprises use the method backdoor-listing to become a listed company. The real estate enterprises have large and urgent financing needs, however, the regulatory policy become more stricter, so backdoor-listing is a good way for those enterprises. However, because of information asymmetry, manipulation and insider trading, there are lots of legal risks in back-door listing. The enterprises may not reach the financing goal and undertake legal risk and legal liability. This dissertation researches the phenomenon of back-door listing and analyzes the risk contained in this process with the following five parts:The first part is brief introduction. This part introduces the background, the analyzed object and other related issues as the start points. The second part is the definition and categories of back-door listing, especially analyzes the legal concept of back-door listing and the current practice. The third part is the advantages for real estate enterprises using back-door listing. Though there are lots of risks in the back-door listing process, the limitation of policy, law and market prompt the real estate enterprises’ back-door listing. The fourth is the legal risks in back-door listing by real estate enterprises. This part analyzes that the legal risk including the shell resource quality, the share deficiencies and other risks in the back-door listing process. This part also put forwards the point that the real estate enterprises would experience immense risks in back-door listing. The last part is some suggestion for risk prevention in back-door listing. This part put forwards that if the risks are controlled, back-door listing is still a desirable way for the enterprises. This part put forwards some suggestion in the whole process.