Backdoor listing can bypass a series of audits by the securities regulatory authorities, thus shortening the time cost of listing, reducing transaction costs and realizing listing quickly, clearly and quickly. As we all know, China's securities regulatory authorities will conduct a series of audits on enterprises applying for listing, which will consume a lot of time and cost. The use of backdoor to achieve listing does not need to be audited by the securities regulatory authorities, but only needs to negotiate with the shell side to enable enterprises to achieve listing as soon as possible.
Backdoor listing is one of the forms of assets reorganization of listed companies, which means that non-listed companies buy a certain proportion of shares of listed companies in order to obtain listing status. Generally, there are two steps: first, acquisition of shares, sub-agreement transfer and on-site acquisition, and at present, agreement acquisition is more common; The second is shell replacement, that is, asset replacement. The whole process of backdoor listing usually takes more than half a year, and the most important link is the exemption of tender offer and the approval of major asset replacement, especially the reorganization of core assets and framework design in finance and law. These tasks must be completed before reorganization.
Backdoor listed companies do not need to disclose their own enterprise indicators to the meeting, which can enhance the concealment of enterprises to a certain extent. Enterprises directly listed through the main board need to publish their own indicators, including profit level and capital amount. It is necessary to have a meeting before listing, but it is not necessary to go public by backdoor.
This time, 360 was listed on the backdoor of Jiangnan Jiajie, and the stock of Jiangnan Jiajie also increased five times. It can be seen that this backdoor listing is threatening.