Mid of last month, Chambers Yang was invited by the ¡°Top Capital¡± Journal to discuss from the legal perspective the backdoor listing case of Paradise Silicon Valley which drew broad attentions across the industry. For that purpose, Chambers Yang wrote the paper ¡°The Legal Risks of VC/PE to Exit by Backdoor Listing". In this paper, Chambers explained that backdoor listing is indeed an optional exit way other than IPO for VC/PE, however, backdoor listing also has the very high legal risk and financial risk, in addition, backdoor listing may be confronted with risks of disapproval, failure in integration and other related risks such as related transactions, insider trading, stock price manipulation or malicious hype. The ¡°Top Capital¡± Journal published this paper in the ¡°Research Features¡± column of its May 2013 issue.

The ¡°Top Capital¡± Journal is a core journal in equity investments across the Asian Pacific region, and the most professional and influential magazine in private equity investment and financing industry. With a history of 20 years in financing industry, it is the leading and unique magazine in terms of professional, informative, popularity and reputation, it is also well known as a guiding financial publication for investments and entrepreneurship, and enjoys a wide range of visibility and influence in China and the Asian Pacific region.