[xyzzy123]

Most of these seem to be more or less "backdoor listings". A company that wants to list (Zeus Interactive in this case) essentially "buys" a stock symbol by merging with a defunct or flagging company (Dalian Kemian). It's easier to list this way than doing an IPO.

So it's not really a "pivot" and I feel that the article is slightly misleading on this front.

E.g. for Kemian Wood see: https://zephyr.bvdinfo.com/version-2015528/FullEditorialNews...

This is quite common in Australia, I hadn't realised it was a thing in China until now.

In Australia there are fair number of zombie listings from mining / prospecting ventures that didn't pan out. Often they're wound back to basically being a P.O box. It is very, very common for tech companies to list by doing a reverse merger with a zombie.

See: http://www.afr.com/business/banking-and-finance/investment-b... for more details.