Source: https://www.equirus.com/glossary/backdoor-listing
Source: https://www.ebc.com/forex/what-is-a-backdoor-listing-all-about
Recap : 監管套利（Regulatory Arbitrage）是利用監管制度之間的差異，無風險地降低（合規）成本、謀利（爭取最大利潤）、節省（走程序所需要的）時間。
應用於股票市場，常見的操作方法：
1.借殼上市 (Back door listing or reverse merger) ：審批流程會比新股上市 (Initial Public Offering, IPO) 簡單，好處是節省時間和成本。
2.中國企業境外上市： 首先設立離岸公司 (Offshore company)，然後收購一間在中國境內營運及產生合法收入的實體生意（可以是透過 reverse merger 把離岸公司和實體生意合併），又或者透過連串複雜的契約關係，讓前者分享後者的合法收入。然後把離岸公司在美國或香港上市集資（境外上市），令隱藏在離岸公司背後的老闆套現及獲利，同一時間把實體生意的利潤轉移至中國境外，即是走資（繞過外匯管制）。從老闆的角度看，是一舉兩得。
境外上市的另一個好處，是避開中國政府的監管，讓外國投資者能夠透過購買境外股票，參與一個中國政府不容許外資參與的行業（例如：以互聯網為基礎的國產科網股）。問題是：這種玩法所使用的股權結構（提示：Variable Interest Entity, VIE) 在中國的監管架構之內屬於灰色地帶，萬一中國政府裁定這種股權結構違反法例，外國投資者所購入的境外股票可能一夜變廢紙，即是有法律風險。英語傳媒認為這種玩法是中國式騙局，請參考《延伸閱讀》部份提供的參考資料。
而不論是 1 或 2，如果過程中牽涉帳目做假或其他企業管治問題（例如：境外上市公司的大股東透過財技把公司的資產轉移至第三地），便是金融欺詐。已經有多間在美國或香港上市的中國企業被揭發帳目做假（提示：瑞幸咖啡 Luckin Coffee）或出現企業管治問題（提示：許家印+恒大集團）。欲知詳情，請上網。
美國人的回應方法，是把中國企業的問題公開，警告投資者不要上當，請參考《延伸閱讀》部份提供的美國金融紀錄片 The China Hustle（中譯：中國大騙局）。主題：在美國上市的中國企業是個世紀大騙局，而協助它們上市的華爾街大行是幫兇，動機是巨額佣金。另一個幫兇，是負責審核帳目的四大會計師 (Big 4)。受害者是散戶，即是小市民。
延伸閱讀／參考資料：
百度百科：監管套利 (原文：簡體字)
https://baike.baidu.com/item/%E7%9B%A3%E7%AE%A1%E5%A5%97%E5%88%A9/10598448
節錄：監管套利（英文名：Regulatory Arbitrage），又稱制度套利，是金融市場參與主體透過註冊地轉換、業務形式變更等方式，利用不同監管制度差異降低成本或規避監理的行為。國內外部分學者也將「監管套利」定義為「利用不同監管機構在監管規則和標準上的不同甚至是衝突，選擇監管環境最寬鬆的市場進行經營活動，從而達到降低監管成本、規避管制從而獲取超額收益的目的。
主要類型包括：跨監理主體轉移、跨時段調整、市場主體認同轉換等，典型模式有離岸公司設立、稅務套利及資訊揭露方式轉換。實務上表現為同業業務嵌套、聯合貸款風險轉嫁及費用轉移等規避監管要求的行為。監管套利有雙向影響，既可能倒逼制度完善，也可能加劇系統性風險 (Systematic Risk) 和監管失效。
在《監理套利：中國金融套利的主要模式》一文中（沈慶劼，人文雜誌，2010，05:80-85），將「監管套利」分為了五種類型，分別是：(1) 從一個監管主體轉到另一個監管主體；(2) 從一個時間段轉移到另一個時間段；(3) 從一種市場主體身分轉為另一種業務揭露方式；(4) 從一種業務形式轉換成另一種業務形式；(5) 從一種揭露方式轉入另一種揭露方式。
(1) 從一個監管主體轉到另一個監管主體
- 鮑富萊蒙王妃離婚案
- 在經濟特區設立機構
- 設立離岸公司（BVI）
- 企業境外上市
(2) 從一個時間段轉移到另一個時間段
- 排隊融資
- 累進課稅（所得稅）
(3) 從一種市場主體身分轉為另一種業務揭露方式
- 代持代發債券
- 利用關聯公司轉移定價 (Transfer pricing)
- 利用不同性質的公司之間所得稅法的差異進行稅務規劃
- 買殼上市 (Back door listing)
(4) 從一種業務形式轉換成另一種業務形式
- 稅務套利
- 會計要求轉換
- 日本對外幣債券的資本管制
- 國外公司透過顧問公司控股中國國內公司
- 中國企業間接海外上市
- 帶贖回權的股權投資（名股實債）
(5) 從一種揭露方式轉入另一種揭露方式
- 選擇固定資產折舊方法
- 選擇存貨計價法
- 延後虧損計提
（推介原因：監管套利的實例，詳述具體操作方法以及背後的邏輯。原文是簡體字。）
螞蟻掌耀才
耀才證券曾升 38%
香港證監會 9 月已書面批准螞蟻收購、待發改委審批
撰文：梁浩碩
香港經濟日報 2025/10/13
節錄：香港本地券商耀才證券金融 （港股編號：1428） 股價午後抽升，耀才股價最多升 38%，高見 12.06 元，即市成交已增至近 18 億元。耀才證券金融於上周五（10 月 10 日）公告，9 月要約人螞蟻控股已獲證監會批准成為耀才持牌機構的主要股東，目前亦待國家發改委審批其申報材料。
螞蟻集團今年 4 月宣布擬入主耀才，主席葉茂林擬出售 50.6% 或 8.58 億股予螞蟻控股，每股作價 3.28 元，較當時停牌前的 2.79 元溢價 17.6%，涉資 28.15 億元。螞蟻控股交易將被動觸發耀才全購要約，但公司表明有意維持上市地位。
至 8 月時《華爾街日報》曾報道，因應內地愈來愈多監管機構考慮審查交易，螞蟻入主耀才的時間表將被推遲。其後耀才隨即於交易時段內發公告稱，經公司向要約人查詢後，公司了解與有關部門就收購事項的相關流程正按計劃推進中。
（推介原因：2020 年末，螞蟻集團在港交所的 370 多億美元上市計劃在巨大壓力之下遭煞停。表面上的原因，是馬雲在公開場合批評中國的銀行業，得罪了既得利益者，之後馬雲沉寂了一段時間。五年後，螞蟻集團收購香港的證券商耀才，即是借殼上市 (Back door listing or reverse merger)，是監管套利的好例子。）
Investopedia
Understanding Back-Door Listings: Process
and Real Examples
By Jason Fernando
Updated December 23, 2025
https://www.investopedia.com/terms/b/backdoorlisting.asp
Key Points:
- Back-door listings allow private companies to become publicly traded without meeting stock exchange listing requirements.
- This method often involves acquiring an existing publicly-traded company to gain access to the public market.
- While less expensive than an IPO, back-door listings can still incur substantial costs, often requiring significant debt.
- Private companies may pursue back-door listings for increased liquidity, legitimacy, and easier access to capital.
- Companies may opt for this strategy if they cannot meet the pre-tax earnings or other requirements for traditional listings.
（推介原因：借殼上市 (Back door listing) 的定義。Investopedia 是值得推介的網上財經術語辭典。）
Equirus
Backdoor Listing
https://www.equirus.com/glossary/backdoor-listing
Key Points:
- It is a method by which a private company becomes publicly listed by merging with or acquiring an already publicly traded company, typically one with little to no active business operations (often called a shell company).
- This allows the private company to bypass the traditional Initial Public Offering (IPO) process.
What is Backdoor Listing?
A Backdoor Listing, also known as a Reverse Merger or Reverse Takeover (RTO), is a method by which a private company becomes publicly listed by merging with or acquiring an already publicly traded company, typically one with little to no active business operations (often called a shell company).
This allows the private company to bypass the traditional Initial Public Offering (IPO) process.
How It Works?
- A private company identifies a publicly listed shell company.
- It merges with or takes control of the listed entity.
- After the transaction, the private company’s shareholders usually own a majority of the combined entity.
- The private company effectively replaces the business operations of the listed shell, gaining a stock exchange listing in the process.
Why Companies Use Backdoor
Listings
- Faster listing process: Avoids lengthy IPO procedures and regulatory
approvals.
- Lower costs: Generally less expensive than conducting an IPO.
- Market access: Provides quick access to public capital markets.
- Brand and credibility: A public listing can improve visibility and investor
confidence.
- Avoids market risk: Not dependent on timing or investor appetite, unlike IPOs.
Risks and Concerns
- Regulatory scrutiny: Authorities may question the transparency or legitimacy of the process.
- Legacy issues: The shell company may have hidden liabilities or poor reputation.
- Low investor confidence: Some investors view reverse mergers as a sign of weak
fundamentals.
- Short-term price volatility: Often leads to speculation and unstable share prices.
China: live and let VIE
by Nana Li, ACGA
The Asian Corporate Governance Association (ACGA)
25 January 2022
https://www.acga-asia.org/blog-detail.php?id=48
Intro: A listing loophole used by tech firms such as Alibaba and Tencent to list overseas recently received a PRC regulatory stamp of approval. What is a VIE, why is it controversial and what does the future hold for these structures? ACGA’s China Research Director Nana Li has some answers.
What is a VIE?
A VIE (variable interest entity) is a corporate structure used by privately-owned Chinese companies, including Alibaba and Tencent, to circumvent PRC restrictions on direct foreign investment in key sectors such as telecoms and the internet. It was first used by Sina Corp for its 2000 listing on Nasdaq in the United States, and hundreds of other firms have followed suit over the past 20 years, enabling them to raise billions of dollars from foreign investors.
In a VIE structure, foreign shareholders own shares in a shell company (often registered in the Cayman Islands or the British Virgin Islands) and use complex contracts to control the operating entity inside China (see the graphic below).
Why are VIEs controversial?
For years, VIEs have stood on
shaky legal ground. If strictly interpreted according to Chinese law, they are
de facto illegal. There have been cases where courts have
disallowed VIEs. But historically, the state has never formally clarified their
legitimacy. Therefore there was a risk that VIEs could
be declared void, wiping out foreign investment in these issuers overnight.
Clifford Chance
VIE structure in China faces scrutiny
Client Briefing (Oct 2011)
Intro: The "variable interest entity" structure (VIE Structure) is an investment structure used in China which relies on a series of contractual arrangements to enable a foreign investor to control (but not directly own) and obtain economic benefits from an operating company. Under the VIE Structure, the operating company is typically wholly-owned by domestic shareholders who act as nominees of the foreign investor.
The VIE Structure has been used
by foreign investors to indirectly invest in China's restricted sectors as well
as a means for a Chinese domestic company to achieve an offshore financing or
listing. For many years, the use of the VIE
Structure appears to have been tacitly accepted or at least acquiesced by
China's regulatory authorities. This briefing looks at recent developments and
regulatory scrutiny that may cast doubt on the long-term viability of the VIE
Structure. Finally, this briefing considers potential ways for foreign
investors to mitigate the risks posed by the VIE Structure.
Opinion
How China Played
American Investors
Shares tumbled
this week as investors wondered what they really own when they buy Chinese
stocks.
Joseph C.
Sternberg
Wall Street
Journal
July 29, 2021
Intro: Wall Street this week received a shock lesson in “capitalism with Chinese characteristics,” as Beijing’s preferred market setup is often described. The shares of many Chinese companies listed in New York and other foreign markets plummeted because it turns out that model never involved much actual capitalism.
（這篇文章是 For
subscriber only 但標題足以說明作者的立場。）
「The China Hustle - Official Trailer」(2:42 minutes)
https://www.youtube.com/watch?v=55892jT06aI
From the producers of ENRON: THE SMARTEST GUYS IN THE ROOM comes a Wall Street heist story about a still-unfolding financial crime so big, it has the power to affect all of our wallets. Investors on the fringes of the financial world feverishly seek new alternatives for high-return investments in the global markets, and have found a goldmine in China. But when one investor discovers a massive web of fraud, everything else is called into question. Jed Rothstein’s documentary rings the alarm on the need for transparency in an increasingly deregulated financial world by following those working to uncover the biggest heist you’ve never heard of.
The China Hustle - when fake Chinese firms hit Wall Street.
https://www.youtube.com/shorts/I9CYGOD0cjg
On the US stock market, companies that barely exist were being traded. Investors lost over 50 billion dollars. The film “the China Hustle” shows hundreds of Chinese companies entering the US market via reverse mergers. On paper, billion dollar of profit and promises of China’s future. In reality, empty offices, fake reports and fabricated growth. Ordinary people invested their life savings believing the story. Wall Street banks knew the truth but kept selling the shares because commissions earn them billions. Thousands of families lost everything while major players got richer. “The China Hustle” shows the stock market isn’t about fairness. It’s about who deceives first. Save this video. Never forget how the real scam of the century works.
維基百科: 中國大騙局 (The China Hustle)
https://zh.wikipedia.org/zh-tw/%E4%B8%AD%E5%9C%8B%E5%A4%A7%E9%A8%99%E5%B1%80
節錄：《中國大騙局》（英語：The China Hustle）是一部 2017 年美國金融紀錄片，揭示在美國股市上市的中國公司長達數十年中，利用系統及程式引發的證券欺詐。紀錄片由傑德·羅斯汀（Jed Rothstein）執導，當中收錄了多名積極股東和盡責查證專家的訪談，他們發現了包括虛假會計、行文在內的欺詐行為，隨後賣空了有毒股票，以導致欺詐實體倒閉。經常導致集體訴訟、NASDAQ 退市和美國證券交易委員會註銷。《中國大騙局》2017年9月8日登上多倫多國際影展舉行全球首映，2018年3月23日於美國限量放映及VOD發行。
紀錄片採訪了如丹·大衛這樣的投資銀行家兼告發者，在閱讀盡職調查公司渾水研究的報告後，決定賣空許多被炒作的中國低價股。《華爾街日報》和《紐約時報》的記者米契·努斯鮑姆（Mitchell Nussbaum）是代表影片中出現的中國公司Loeb & Loeb律師事務所，出售股票並發布「買進」建議的投資銀行家，向客戶和退休的美國陸軍上將韋斯利·克拉克介紹這些股票；他和保羅·吉爾斯（Paul Gills，北京大學教授）是另一家出售這些股票的公司Rodman & Renshaw董事長。紀錄片還揭示畢馬威與普華永道等大型會計師事務所在簽署其在中國的關聯公司審計報告時出現的問題；這些問題可能還沒有完全得到驗證，但卻是全球所有大型會計師事務所都遵循的規則。
相關的文章：
死亡筆記
2017 年 6 月 30 日
https://xiaoshousha.blogspot.com/2017/06/blog-post_30.html
節錄：中資玩財技，還是停留於抄襲的階段，左抄右抄，炒埋一碟，似科學怪人 (Frankenstein)。特徵：用人頭隱藏真老闆、高槓桿收購、回購股份托價、大股東抵押股票（然後被斬倉）、自製同股不同權、持有上市業務的控股公司上面還有幾重的離岸公司。對付妖怪，監管機構用律師的方法，狙擊手用古惑仔的手段，中外決戰，看誰的本領高。
國產財技
2016 年 3 月 16 日
http://xiaoshousha.blogspot.hk/2016/03/blog-post_16.html
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學壞師
2016 年 10 月 7 日
https://xiaoshousha.blogspot.com/2016/10/blog-post.html
節錄：中國的去槓桿之路，會比香港更艱難。病徵很相似，但是萬一中國的地產泡沫爆破，對銀行系統或宏觀經濟所帶來的震盪和傷害只會更大。中國地產市場的去槓桿之路，會比香港更艱難，原因如下：
還得起，先好借
2017 年 7 月 15 日
https://xiaoshousha.blogspot.com/2017/07/blog-post.html
節錄：按常理推測，中遠系屬於國務院下面的交通部，玩國產財技，應該不會像太子黨所圈養的民企（即：海航、安邦、萬達、復星）那麼瘋狂（證據：根據 Bloomberg 的報導，海航旗下大部份上市公司逾 90% 股份被抵押），但是依然有國企的先天缺陷，就是容易被捲入中共內部的派系鬥爭（提示：華潤＋宋林）。
數豆驚魂
2008 年 11 月 23 日
https://xiaoshousha.blogspot.com/2008/11/blog-post_1594.html
節錄：這個行業最弔詭的地方是，數豆者 (Bean Counter) 每日與公司帳目為伍，卻由於職業訓練以致目光如豆，迷失於由會計法則所建造的迷宮當中，眼中只見一塊樹葉的其中一段葉脈，卻無視整片森林的榮枯。數豆者無法掌握經濟週期，尤其是對轉角位欠缺敏感度，結果是初入行者遭殃。英國金融時報 (Financial Times) 的專欄作者 Robert Bruce 形容英國會計行業的週期性波動：
草船借箭
2015 年 6 月 5 日
http://xiaoshousha.blogspot.hk/2015/06/blog-post.html
節錄：過去兩、三年，中國大陸的 FDI (Foreign Direct Investment) 和 ODI (Overseas Direct Investment) 的金額接近持平。外資大行經濟師的看法：前者降，後者升，趨勢持續的話，幾年之後 ODI 將會超越 FDI ，走出去的會超過引進來的。對西方國家的跨國企業來說，中國的實體經濟早已不再吸引。因應形勢轉變，偉大祖國試圖透過香港，引導外資進入金融市場，透過另一管道，讓洋鬼子繼續為中國的經濟增長提供動力。
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