For instance, Shenzhen Chiwan Petroleum Supply Base Co Ltd merged with Shenzhen New Nanshan Holding Co Ltd through a share swap in July, thus improving Chiwan's financing capabilities. Liu said mixed ownership reform has been carried out in many provinces and cities and private companies are participating in it. For example, internet giant Alibaba Group Holding Ltd has purchased stakes in State-owned New China Life Insurance Co Ltd. Some listed State-owned holding companies also decided to become shell companies for unlisted growth companies, thus enabling the acquiring firm to get a backdoor listing on the A-share market. For instance, China Calxon Group Co Ltd was acquired by Guangzhou Evergrande Group, a national leader in real estate.