For a long time, the Chinese government has imposed strict requirements on Chinese companies to list directly overseas and how to use the funds raised from such listings, making it much more difficult for mainland companies to list overseas.

Therefore, the overseas curve listing strategy is adopted, that is, the shareholders of the domestic enterprise register the company overseas, the overseas company obtains the control of the domestic assets through acquisition, equity replacement and other means, and then the overseas company is listed on the overseas exchange, which is essentially the shareholders of the domestic enterprise listed.

From the perspective of listing, the advantages of indirect listing are lower cost, transparent listing process, short time spent, and can avoid the complex domestic approval procedures. From the perspective of enterprises, indirect listing is actually an overseas enterprise, so domestic enterprises do not need to be reorganized into limited stock companies, the shares of listed companies can be fully circulated, enterprises have strong refinancing ability, the issuance of new shares is not restricted, the option incentive mechanism can be implemented, and it is conducive to the introduction of strategic investors and venture funds.

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