Research On The Criteria For The Identification Of Backdoor Listings

With the development of China's social economy, the enterprise in the market is becoming more and more intense competition, some small scale and backward industrial structure of the companies are gradually being phased out. To demand better development, the enterprise managers are taking various means to rich enterprise strategy structure, and find new financing channels. Come into the market, is the most convenient and safe way to obtain financing, but the China securities regulatory commission(CSRC) for initial public offering of audit is very strict, and go through a long time, so many companies started by backdoor listings to enter the capital market financing platform. But because of the backdoor listings that don't have a specific trading pattern, only depend on the two standards prescribed by the CSRC, so caused some of this should be a backdoor listing of the mergers and acquisitions, but in some ways to escape the backdoor listing, thus, at present, the standard of identifying a backdoor listings can't completely cover all through the backdoor listing transaction type.This article analyzes and researches the case of Languang Group goes public by using the shell resources of Dikang pharmaceutical industry CO., LTD. and the case of Sanqi network technology Co.,LTD backdoor listing of the Shunrong company,Ltd. from different aspects to explore the backdoor listing of standards. Firstly reviews the theoretical achievements of overseas market, on the basis of this theoretical defining the concept of backdoor listings, and briefly introduces several for backdoor listing of the operation mode in our country. Then described the relevant standards of backdoor listing at home and abroad in present.Then focuses on analyzing the two cases, one is Languang Group shell Dikang pharmaceutical industry CO., LTD, successfully come into the market, Languang Group as sichuan province's largest real estate enterprises, over the years, always wanted to enter the market to raise money, the finally got, become the first real estate in recent years the success of backdoor listing first.Another case is the Shunrong company,LTD acquisition the shares of Sanqi network technology Co.,LTD,As a company in emerging industries, Sanqi network technology Co.,LTD development and gradually expanded in recent years, how to access to capital markets to raise money to become a big problem, this cooperate with Shunrong company successfully avoiding backdoor listing of the review, and Shunrong company from " Sanqi network " instead. Through the analysis of the above two cases, Languang Group and Sanqi network technology Co.,LTD in terms of access to capital markets have had a similar experience, but the end result is different, one is a backdoor listing, one is to buy assets, creating a question of the backdoor listing standards. At the end of the paper from four aspects to analysis the standards of backdoor listing, control changes, the main business and the company name change, the acquisition of assets by more than 100%, total time deadline.In this paper, a case study approach and comparative analysis, we believe that our final on that standard backdoor listing is not comprehensive enough, so there are always some companies to circumvent the backdoor listing on the capital market, but ultimately reaches and listing the same effect, for the backdoor listing or should strengthen supervision.