当前中国借壳上市的企业兼并，正在出现两种演化趋势。一种趋势是；泰达美化模式（内部置换）─—钢运模式（彻底置换）─—龙头模式（全面置换＋增发新股）。这是一种以政府策划和动作为主的模式。另一种趋势是：宝安收购延中（完全市场收购）─—海发（半市场化的协议收购） Currently, China’s backdoor listing of corporate mergers, there are two evolution trends. A trend is; TEDA landscaping mode (internal replacement) ─ ─ Steel mode (complete replacement) ─ ─ leading mode (full replacement + new shares). This is a mode of government planning and action-oriented. Another trend is: Baoan acquisition Yanzhong (full market acquisition) ─ ─ Hair (semi-market agreement to acquire)