Whether a backdoor listing is illegal or illegal

Backdoor listing is a normal market behavior, not an illegal act, nor is it an improper means.

Introduction: Backdoor listing is to obtain the controlling stake of the listed ST company through acquisition, asset replacement, etc., and the company can be financed by issuing additional shares of listed companies, so as to achieve the purpose of listing.

Compared with general enterprises, the biggest advantage of listed companies is that they can raise funds on a large scale in the market, so as to promote the rapid growth of the company's scale. Therefore, the listing qualification of listed companies has become one"Rare resources", the so-called"shell"It refers to the listing qualification of a listed company. Due to the incomplete transformation of the mechanism of some listed companies, they are not good at operation and management, their performance is not satisfactory, and they have lost the ability to further raise funds in the market, so they should make full use of this of listed companies"shell"resources, it is necessary to reorganize their assets, and backdoor listing and backdoor listing are two forms of asset restructuring that make fuller use of listed resources.

Backdoor listing refers to the listing of the parent company (group company) of a listed company by injecting major assets into the listed subsidiary, and one of the typical cases of backdoor listing is Johnson & Johnson's"Mother"Borrow"sub"shell

In order to protect the interests of small and medium-sized investors, the information of these related-party transactions needs to be fully and accurately disclosed in a timely manner in accordance with relevant regulatory requirements.

It's not illegal, but it's not popular anymore, it used to be an act of going public to make money, but it was legally legal.

One of the completely legal methods to go public. At that time, Gome Electric was listed in Hong Kong through a backdoor listing. In fact, it is a method of buying shares that have been listed in an inactive, low-priced, and relatively well-managed thing, and obtaining the right to list in a certain place through methods such as shell washing, capital injection, and re-listing.

P S: I saw it when I finished writing, why are you so stingy and don't give a cent.

I don't agree with what I said upstairs, now the company wants to go public, and backdoor listings account for 2 3, which is very popular and legal, because backdoor listings are relatively safe and cost less money

Allowed, there is no violation of the law in itself. Backdoor listing refers to a private company that injects assets into a listed company with a low market capitalization (shell) to obtain a certain degree of controlling interest in the company, and uses its status as a listed company to make the assets of the parent company listed. Usually the shell company will be renamed, backdoor listing generally refers to the parent company (group company) of the listed company by injecting the main assets into the listed subsidiary to achieve the listing of the parent company, backdoor listing is roughly divided into three steps:

1.The group company first spun off a piece of high-quality assets and went public; ，2.Listed companies raise funds through share allotments; ，3.

The listed company uses this money to buy another asset of the group company.

Backdoor listings are of course allowed, and in practice, many companies may choose to go public by backdoor when the IPO is difficult.

Legal analysis: Legal backdoor listing is a normal market behavior, not an illegal act, nor an improper means. The acquisition methods of backdoor listing mainly include: acquisition of Ranxiang by agreement, acquisition in the secondary market, free transfer, asset replacement, etc.

The main types of answering liquid payments in backdoor listing are: cash payment, asset replacement payment, hybrid payment, equity payment, and debt payment.

Legal basis: Administrative Measures for the Acquisition of Listed Companies Article 6 A listed company shall not be acquired under any of the following circumstances: 1. The acquirer bears a relatively large amount of debt, which is outstanding when due and in a continuous state; 2. The acquirer has committed major violations or is suspected of having major violations in the past 3 years; 3. The acquirer has committed serious market dishonesty in the past 3 years; 4. The purchaser is a natural person.