What does backdoor listing mean? Generally speaking, non-listed companies listed by backdoor can use the ability of listed companies to raise funds in the securities market and serve the development of enterprises. Backdoor listing is divided into two steps, the first step is equity transfer, and the second step is asset replacement, which is what we call backdoor listing. Backdoor listing has incomparable advantages over direct listing. The most prominent advantage is that the shell company's profitability has been greatly improved due to asset replacement, and its value in the stock market may increase rapidly, so the value of equity purchased by enterprises may also increase exponentially, and the income obtained by enterprises may be very huge.