Research On Motivation And The Financial Performance Of The 360 Backdoor Listing

Listing on the stock exchange is the dream for many companies.A successful listing can not only offer fast financing,scale expanding and improvement of business environment,but also enhance companies' credibility and influence and improve the popularity of their products.However,it is difficult to be on an IPO(Initial Public Offerings)in China because of its late-start market and relatively stringent listing systems.Thus,compared with the free listing environment and excellent financial system abroad,many high-tech enterprises chose to be listed overseas after 1990 s,including Alibaba,JD.Com,Tencent,Qihu Technology Co.,iQIYI,Sina,China Mobile,Focus Media,Giant Interactive Group Inc.,New Oriental.These overseas-listed companies are also known as Chinese Concept Stocks.At first,these Chinese concept stocks were favored by foreign capital and their price went up continuously,but the good times did not last too long.With plenty of financing,these companies also encountered Listing on the stock exchange is the dream for many companies.A successful listing can not only offer fast financing,scale expanding and improvement of business environment,but also enhance companies' credibility and influence and improve the popularity of their products.However,it is difficult to be on an IPO(Initial Public Offerings)in China because of its late-start market and relatively stringent listing systems.Thus,compared with the free listing environment and excellent financial system abroad,many high-tech enterprises chose to be listed overseas after 1990 s,including Alibaba,JD.Com,Tencent,Qihu Technology Co.,iQIYI,Sina,China Mobile,Focus Media,Giant Interactive Group Inc.,New Oriental.These overseas-listed companies are also known as Chinese Concept Stocks.At first,these Chinese concept stocks were favored by foreign capital and their price went up continuously,but the good times did not last too long.With plenty of financing,these companies also encountered great challenges.This paper mainly analyzes the motivations and financial performance of Qihu Technology Co.who successfully returned to the domestic capital market through back door listing.This paper firstly describes the research background,research significance,research content and research methods,and summarizes the research status at home and abroad.And it introduces some concepts and theories involved in the paper.Then it illustrates the reason behind the Qihu's return to A share via privatization and back door listing.Furthermore,thepaper shows that the Qihu became better after it got listed by analyzing the Qihu's financial performance with Event Study Approach and Financial Indicators Contrast Method.Besides,it also analyzes the changes in the financial performance from the perspective of the value of the company,ownership structure,financing,operating conditions.Finally,it indicates the successful experience and implication for the backdoor listing according to analysis of the motivation and financial performance.And it concludes that the back door listings of Qihu can be regarded as a successful example,which is characterized by the improvement of the company's market value,the overall good financial situation and the more optimistic development prospect.The Qihu's ways and approaches of back listings are also deserve reference.Above all,it is also hoped that this paper can provide some references for the return of other Chinese concept stocks and the companies that want to go public by back door listings.