A Comparative Case Analysis Of Qihoo 360's Overseas IPO And Domestic Backdoor Listing

The Internet industry broadly refers to all production and life services provided through the Internet in an interconnected manner,such as cloud computing,big data,Internet of Things,and industrial Internet.Most Internet companies,unable to meet the stringent conditions for domestic A-share listings,have turned to overseas listings with slightly relaxed conditions.In 2009,it reached the climax of overseas listing financing for domestic companies.The turning point appeared after 2011.The VIE control agreement framework has a crisis and a large number of short-selling agencies have made air stocks.This series of events,coupled with the improvement of the domestic capital environment,has substantially returned to the domestic capital market.The general stocks that have returned to the domestic market include A-share listings,backdoor listings,and new three-board listings.Taking Qihoo 360 as an example,this article analyzes that it was listed on the New York Stock Exchange in 2011,privatized in 2015,and domestic A-share back door listing in 2017.The NYSE listing and domestic backdoor listing compare the similarities and differences between the two listing methods in terms of listing conditions,regulatory environment,listing costs,and listing earnings.In terms of listing conditions,the us adopts the registration system while China adopts the approval system.From the perspective of regulatory environment,domestic and foreign securities market regulatory systems are similar,but in terms of disclosure system,sarbanes act of the United States puts forward strict requirements on information disclosure,and domestic backdoor listing shall comply with the information disclosure laws of listed companies as well as relevant information disclosure regulations of backdoor listing.This paper argues that although domestic backdoor companies need to comply with the two-tier information disclosure regulation,the regulatory environment in the United States is stricter and the regulatory system is more perfect From the perspective of cost and benefit,the direct cost brought by listing in the United States is lower than the cost of buying a shell in the backdoor process,but the annual maintenance cost and indirect listing cost in the later stage of listing in the United States are very high.Taking Qihoo 360 as a reference,other domestic companies can find their own way of listing and financing according to the perspective of this paper.