Backdoor Listing Problem Research

As the development of information society, enterprise merger has become an important way of efficient allocation of social resources. Acquisition and reorganization of enterprises is the inevitable outcome of the social and economic development. Backdoor listing is one of the most common ways of acquisition.In the acquisition process, enterprises throw away the bad assets of the original shell company, own assets and business of it. After completing the acquisition integration business, companies seek for rapid development of the capital market. Backdoor listings help enterprises to enhance the company image, to get government support, and to obtain the potential competitive advantage.Jiangsu Tianying environmental enterprise successfully use ST Kejian as a shell company, becomes one of the few qualified listed private enterprises, at the same time, the concept of environmental protection has won the wide attention from the market. It takes a short time to overcome the problems of the acquisition process, it is widely recognized by the capital market, it also ensures the value of environmental assets. And it creates a better platform for future development of listed companies.The full article is divided into five chapters. First chapter is the introduction. The second part are the backdoor listing related theories. Third chapter introduces the case of Tianying uses ST kejian as a shell company. In the fourth part, I analyze the case above. In the fifth part, I discuss the revelation of the case which Tianying environmental enterprise uses ST Kejian as a shell company. In this article, through backdoor listing related theories and the case study, I try to seek for revelation to other listed companies and the way to use the case as a reference.