The Mode And Cost-benefit Analysis Of Backdoor Listing Of Securities Companies

Due to the reform of non-tradable shares and the excess financial liquidity, domestic securities market has ended a five-year sustained bear trend and securities firms enjoyed sharp profit growth since 2006.Further,a number of securities firms tried to explore a way of backdoor listing after the first successful case of Haitong Securities and the topic of such way of listing became hot among the capital market. However,we need more incisive recognition and research over the reason of the pursuit of the backdoor listing of securities firms.The paper first summarizes the theoretical base and major research findings of international &domestic backdoor listings,following with a detailed analysis of regulatory model of domestic securities market and the background and motives of the backdoor listing of securities firms. The paper then sums up the models,characteristics and key factors of the backdoor listing of securities firms by studying some domestic classes cases.Base on that,we try to set up a series of indicators to analyze the cost-benefit for both sides of the deal during the listing and provide reference and foundation for other securities firms.