Analysis of the Problem of the Interest Transfer in the Process of Back-door Listing

DOI

10.2991/bems-19.2019.10How to use a DOI?

Keywords

Back-door listing, interest transmission, ownership dilution.

Abstract

Back-door listing could quickly promote the market resources’ integrating. Meanwhile, it not only helps the shell resource companies avoid the risk of delisting, but also provides a rapid expansion channel for the back-door companies. The concentration of ownership of listed companies in China leads to the frequent interest transmission of the controlling shareholders after the back-door listing. Based on the Jumpcan Pharmaceutical back-door listing, this paper analyzes the “tunneling” behavior that the major shareholders encroach on the interests of small and medium shareholders by transferring the company property and profits, so as to achieve the interest transmission. Besides, this paper puts forward some suggestions to ameliorate the company’s equity structure, strictly supervise the asset appraisal institutions, and improve the pricing mechanism as well as control the dividends of back-door listing etc.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Siya Wang
PY  - 2019/05
DA  - 2019/05
TI  - Analysis of the Problem of the Interest Transfer in the Process of Back-door Listing
BT  - Proceedings of the 1st International Conference on Business, Economics, Management Science (BEMS 2019)
PB  - Atlantis Press
SP  - 61
EP  - 68
SN  - 2352-5428
UR  - https://doi.org/10.2991/bems-19.2019.10
DO  - 10.2991/bems-19.2019.10
ID  - Wang2019/05
ER  -