The specific reasons are as follows:
1. Because the CSRC has strict requirements on GEM stocks, the risk of GEM stocks is usually much greater than that of A shares. Backdoor listing generally involves a large number of related transactions. In order to protect the interests of small and medium-sized investors, it is necessary to fully, accurately and timely disclose the information of these related transactions in accordance with relevant regulatory requirements. The regulation of backdoor listing tends to be strict, and the value of shell resources will decline. Moreover, the backdoor door of GEM has been closed, and this signal deserves high attention. The risk of GEM is actually much greater than that of the main board, and many people have long forgotten the risk in their fanaticism. Therefore, in order to protect the interests of investors and maintain social and economic stability, the CSRC prohibits the backdoor listing of GEM stocks.
2. Backdoor listing means that private companies gain a certain degree of controlling rights by injecting assets into listed companies 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. To put it bluntly, backdoor listing means that a listed company obtains the controlling right of listed ST company through acquisition and asset replacement, and this company can raise funds by issuing additional shares of listed companies, so as to achieve the purpose of listing.
Legal basis:
Measures for the Administration of Major Asset Restructuring of Listed Companies Article 12 A listed company and its holding companies or holding companies purchase or sell assets that meet one of the following criteria, which constitutes a major asset restructuring:
(1) The total assets purchased and sold account for more than 50% of the total assets of the listed company at the end of the audited consolidated financial accounting reporting period in the latest fiscal year;
(2) The operating income generated from the purchase or sale of assets in the latest fiscal year accounts for more than 50% of the operating income of the listed company in the audited consolidated financial accounting report for the same period;
(3) The net assets purchased or sold account for more than 50% of the net assets of the listed company at the end of the audited consolidated financial accounting report in the latest fiscal year, and exceed 50 million yuan.
If the purchase or sale of assets does not meet the standards stipulated in the preceding paragraph, but the China Securities Regulatory Commission finds that there are major problems that may damage the legitimate rights and interests of listed companies or investors, it may, according to the principle of prudential supervision, order listed companies to supplement the disclosure of relevant information, suspend trading, hire independent financial consultants or other securities service institutions that meet the requirements of the Securities Law to supplement the verification and disclose professional opinions.