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Since the establishment of China's securities market in 1990s, the stock issuing system has experienced many times of changes. In most of the time, the distribution mechanism was a kind of audit system, which led to many enterprises to list on queuing, which is combined with several times of IPO pauses, making it harder to go public. In such background, listing qualifications of public companies have become a scarce resource and shell trade has become popular. From 18, 2013, however, Chinadoi:10.4236/ib.2017.91001 fatcat:dhfxpwva7jgntgy4qlazarei5m