MALAYSIAN predators have joined mainland groups prowling the Hong Kong market in search of targets for backdoor listings. Activity in the so-called ''shell game'' - where a foreign-based group buys a small locally-listed shell company into which it injects assets - has picked up in recent months, fuelled by Chinese and Malaysian interest. Unattractive second-and third-line stocks have become targets, and analysts expect a number of backdoor listings over the next few months. Sunday Money has put together a list of Cinderella stocks which are likely to become targets this year. The criteria for such stocks is likely to be a simple business structure and assets. Most likely targets are Buildmore International, Chevalier (OA), Island Dyeing and Printing, Nanyang Holdings, Winfair Investment and Yanion International. Buildmore International is a property development and investment stock. The major shareholder is Jong Kong Ki and the board of directors, who have 42 per cent of the company. Chevalier (OA), the office equipment arm of the listed Chevalier International, was spun off in 1988. The parent company holds 45 per cent of Chevalier (OA) but it has been mooted as a target after recording a $137 million loss for the year to March, 1993. Island Dyeing made a loss last year and its $19.5 million move into the red has made it vulnerable to a takeover. Another loss-maker is Nanyang Holdings, originally known as Nanyang Cotton Mill Ltd before it was re-domiciled to Bermuda in 1989. Its major business is yarn and garment manufacturing, and property investment. It is believed that about half the shares in the company are held by the late Lord Kadoorie's family. Winfair Investment, whose principal activities are property and share investments, is owned by Ng See-wah and Soo Cho-ling who together with the board of directors hold about a 75 per cent share in the company. Yanion International's major shareholder is its chairman Leung Wah-chai. The Leung family's shareholding in the company is about 63.6 per cent. It is a maker of cassette mechanical drives, high-precision metal and plastic components. Profit slumped in 1992 amidst a difficult market for audio products. Several mainland-based companies joined the Hong Kong bourse via the back door last year, but towards the end of 1993 Malaysian companies also started to come on the scene. In the last six months, there have been three local Hong Kong companies taken over by Malaysian companies - Wing Hung-kee by the Berjaya Group, Watary by Magnum Group and Morning Star by Malaysian United Industries. The shell game is, however, becoming difficult for the players after the China Securities Regulatory Committee and the Hong Kong Stock Exchange joined forces to try and cut back on the activity.