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With the development of China’s capital market,securities companies have got great achievements. In order to expand market share,improve the sustainable profitability,enhance core competitiveness,more and more securities companies achieve bigger and stronger through going public,most of them choosing backdoor listing method. At present,backdoor listing is the appropriate choice for china’s securities companies going to the capital markets with lower cost,faster speed. However,studies on backdoor listing of securities companies are still in the early stage and research results are still little,so it is important to strengthen the studies on backdoor listing of securities companies .In this paper,the author integrates the theoretic research methods with practical research methods,and focus on standardized research and case studies; at the same time,intersperses comparative and historical methods,with the purpose of achieving a comprehensive,deep analysis of it .First of all,this paper introduces the concept of backdoor listing of securities companies,highlights its advantages and disadvantages,and then lists the literature review,puts forwards innovative ideas based on existing researching results,and introduces theories about backdoor listing.Then focus on Haitong securities’s backdoor listing operation,conducts a comprehensive study about its background,planning,difficulties,Significance,and pays much attention on the four core issues——cash option,merger accounting treatment of goodwill,assets valuation and government intervention. After that,conducts a full study on the problems of backdoor listing and proposes solutions to those problems,meanwhile,the author hopes regulation agencies should play an important role on it so as to impose a comprehensive,appropriate and effective regulation on backdoor listing of securities companies.At last,this paper Summarizes the main points,expounds innovation and inadequacies,and outlooks the further research .
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