后门（借壳）上市 backdoor listing
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Private firms can go public through two alternative routes: IPO or backdoor listing.
私企可以通过两种替代方式上市：首次公开募股或者后门上市。
Even without backdoor listing, major M&A cases will lead to market speculation and manipulation, as well as insider trading.
即使没有借壳上市，重大购并案也会引起市场投机和操纵以及内幕交易。
