Shell listing, also known as "backdoor listing" or "reverse takeover", means that a non-listed company buys a certain proportion of shares of a listed company to obtain the listing status, and then injects its own related business and assets to achieve the purpose of indirect listing. Generally speaking, backdoor listing is a better choice for private enterprises.
Backdoor listing means that private companies gain a certain degree of control by injecting assets into listed companies (shells) with low market value, and use their status as listed companies to list the assets of their parent companies. Usually shell companies change their names.