Core Insights - The article discusses the transformation of the New Third Board's backdoor listing market in 2025, highlighting the shift from formal reviews to substantive value assessments by regulators [2][9] - It emphasizes the importance of integrating industry insights with investment banking expertise to identify and support quality small and medium-sized enterprises (SMEs) in their capital market strategies [2][8] Group 1: Market Evolution - In 2025, the New Third Board's backdoor listing market will focus on the sustainable operational capabilities and industry positioning of enterprises rather than just financial metrics [2][9] - The volume of backdoor listings in the New Third Board increased by 37% year-on-year, with the average execution cycle reduced to 5.2 months [1][2] Group 2: Ideal Candidates for Backdoor Listings - Three types of enterprises are identified as most suitable for considering backdoor listings in 2025: 1. Technology-driven SMEs with high R&D investment and significant patent barriers [3] 2. Key players in the supply chain with over 30% market share in niche sectors [3] 3. Traditional industries undergoing digital transformation, demonstrating verifiable efficiency improvements [3] Group 3: North Shark Capital's Approach - North Shark Capital has developed a unique "three-step" service system to combine industry resources with investment banking experience [4][8] - The first step involves selecting targets based on industry structure, technological barriers, and substitution risks to ensure long-term capital value [5] - The second step utilizes data-driven analysis to design transaction structures that match the stability and health of the enterprise's supply chain [6] - The third step includes pre-planning capital pathways for 12-24 months post-listing, covering key actions like targeted issuance and IPO connections [7] Group 4: Competitive Advantages - North Shark Capital's unique advantage lies in its shareholder ecosystem, which includes supply chain finance, industrial investment, and technology platforms, creating a comprehensive support system for listed companies [8] - Post-listing, companies can quickly access a network of industrial clients and low-cost financing solutions based on supply chain data [8] - The firm has demonstrated success in helping companies achieve significant growth in order volumes shortly after backdoor listings [8] Group 5: Future Trends - The New Third Board's backdoor listing market in 2025 will see increased specialization, with financial advisors lacking industry backgrounds gradually exiting the market [9] - Data-driven platforms like Jingxin Chain Tong will become standard in capital services, enhancing the integration capabilities of listed companies [9] - The ability to integrate and create value post-listing will become a critical measure of a capital institution's strength [9]