Weighted average cost of capital: refers to the weighted average cost of capital from various sources. The "weight" here refers to the proportion of funds from various sources in the optimal capital structure of enterprises.

Futures: it is the contractual behavior of both parties to the transaction of future commodities. In futures trading, the buyer trades on the basis of margin.

Equity participation: that is, buying shares in a company.

Backdoor listing: Unlisted companies acquire controlling rights through the acquisition of listed companies, thus achieving backdoor listing. Compared with ordinary enterprises, the biggest advantage of listed companies is that they can raise funds on a large scale in the securities market, thus promoting the rapid growth of the company's scale. Therefore, the listing qualification of listed companies has become a "scarce resource", and the so-called "shell" refers to the listing qualification of listed companies. Because some listed companies have no complete conversion mechanism, poor management and unsatisfactory performance, they have lost the ability to further raise funds in the securities market. To make full use of this "shell" resource of listed companies, it is necessary to reorganize assets. Shell buying and backdoor listing are two forms of asset reorganization that make full use of listed resources. Backdoor listing means that the parent company of a listed company (group company) realizes the listing of the parent company by injecting its main assets into its listed subsidiaries.