In the past two years, especially since 1996, a series of cases of mergers and acquisitions by listed companies have occurred during the development of China’s securities market. Some of these cases are that listed companies purchase non-listed companies to achieve asset restructuring, and some non-listed companies purchase and list listed companies to achieve Listed on "buy-to-shell listing" and "backdoor listing", some restructure the assets between listed companies and listed companies, and some foreign-funded acquisitions of listed companies in China through various means. Some of these mergers and acquisitions are through non-circulation of legal person shares and state shares. The transfer of the shares of the shares is also part of the acquisition of public stocks through the secondary market. We should see that there is a surge in the wave of mergers and acquisitions of listed companies.