The Case Analysis Of 360 Acquires Jiangnan Jiajie

In recent years,the scale of China's capital market continues to expand,the listing system is improving day by day,and the enterprise valuation continues to be higher than that of similar overseas listed companies.In order to obtain high valuations in the domestic capital market,many overseas listed Chinese companies intend to return.As a typical representative of the successful return of Chinese shares,the return method of sanliu0 has received extensive attention from the capital market.This paper hopes to study the case from the aspects of the design content of the acquisition scheme,the completion process of the scheme,the problems existing in the scheme and the results achieved.Through the analysis of the transaction background,it is found that the main reasons for the two parties to reach a deal are: the huge financial pressure in san60's and the poor operation condition of jiangnan jiagate.During the completion of the plan,the two sides reached an agreement on asset replacement,equity control and original shareholder compensation.In terms of asset valuation,the original assets of jiangnan jiagate are valued at 1.87 billion yuan according to the asset basis method,and the assets to be injected into sanliu0 are valued at 50.42 billion yuan according to the income method.In terms of mergers and acquisitions program content,merger and acquisition scheme mainly includes the assets,asset replacement,consider buying assets of three parts,the innovation points of the scheme is asset replacement sold back to the original shareholders.After the completion of the transaction,the valuation of 360 was greatly improved and the financial indicators were optimized.Conclusion can be drawn from this case: first,the appropriate choice of time and manner of listing.Second,the scheme design should take into account the interests of both parties,especially the interests of the original shareholders.Thirdly,reasonable asset valuation is an important factor in the design of the scheme.Fourth,risk prevention is an important guarantee for listing success.