Research On Back-door Listing Under The 2016 New Regulations Of Mergers And Acquisitions

Nowadays more and more companies are anxious to go public to obtain the convenience of financing,acquisition and reorganization,which provided to listed companies from the capital market.However,not every company can go public by issuing shares directly.In order to raise money and promote its development,a number.of non-listed companies choose the back-door listing,which becomes one of the important way to go public in the stock market.Not only does it open up the financing channel of the capital market and optimize the allocation of capital market resources,but it is also conducive to accelerate the establishment of modern enterprise system,deepen the reform of the economic system,promote the healthy development of financial and capital markets in our country.In order to regulate the chaos of back-door listing that exists in capital market and support the listed companies to improve their quality,in Sep.2016,China Securities Regulatory Commission revised and issued "Measures for the Administration of Material Asset Reorganization of Listed Companies" and some relevant measures,which is known as”the harshest-ever back-door listing measures".It improved the identification criteria by quantified indicators,qualitative indicator and specific indicator of regulatory system,which brought new requests and challenges to the companies attempting back-door listing.This thesis intends to illustrate the demand and the risk of the companies attempting back-door listing are confronted with after the new rule was issued with a case study.It gives enlightenment to the companies planning to be listed by analyzing the case about the preparation,the confirmation process,the cost and performance and the impacts of back-door listing.