By discussing a two stage trading mechanism based on the case of block listing of TCL Corporation, this paper addressed on asymmetric capacity of transaction agencies.

• 摘要本文用TCL整体上市的案例，讨论了一个双层交易机制，在第一个交易层次上，TCL集团的两个关键股东为了争夺外部股东的支持，进行了一次奔向顶端的竞争；