Study On Transaction Structurein Backdoor Listing Of Greenland Group

One of the basic functions of capital market is to optimize the allocation of resources. Backdoor listing is an effective way to realize the optimization of resources. According to their own actual situation, conditional enterprises should choose the most suitable way to achieve backdoor listing and use a low threshold to enter the capital market. By improving the ability of innovation, the quality of operators, and the structure of governance, these enterprises will maximize their economic benefits.This thesis focuses on several key factors affecting the success of backdoor listing, including the purpose and positioning of backdoor listing activity, comprehensive analysis and evaluation of the shell company, and financing channels. Taking the restricting of Greenland Group and Jinfeng Investment as an example, we especially study the transaction structure of backdoor listing.The main contents of the thesis include:1. Chapter 1 mainly puts forward the research background and purpose of this thesis and introduces research method and main contribution.2. Chapter 2studies some theory relating backdoor listing. It introduces the concept of asset restructuring, and mainstream model how listed company to participate in the asset restructuring. Furthermore, it also introduces concept and characteristics of backdoor listing and the usual way and transaction structure of backdoor listing in the capital market.3. Chapter 3 mainly discusses about the current situation of backdoor listing in the security market of China, and introduces the motivation why real estate enterprises take backdoor listing as a key approach to getting listed.4. Chapter 4 is the main part of this thesis. It focuses on the transaction structure of Greenland Group’s backdoor listing by restructuring Jinfeng Investment. In includes the profile and the transaction arrangement as well as the risks this case may encounter.5. Chapter 5 concludes this thesis and gives several suggestions for the regulative agency to regulate the backdoor listing.