The Case Study Regarding Qihu 360's Backdoor List

As the domestic securities market sets strict access conditions for the enterprises listed in the initial public offering,many enterprises with good prospects chuse to be listed in foreign countries,and market participants refer to these enterprises as Chinese concept shares.Chinese concept stocks have experienced several ups and downs in foreign markets.Starting from the second half of 2014,the market valuation of Chinese concept stocks in foreign markets was significantly lower than that of their domestic counterparts,and a large number of Chinese concept stocks began to explore the return to the domestic securities market.Affected by the domestic and foreign market environment,the return of Chinese concept stocks to the domestic securities market has been the focus of attention in recent years.Due to the restrictions of many domestic access terms,such enterprises are more inclined to chuse the backdoor listing this special form to achieve regression.This paper chuses Qihu 360 backdoor listing as the case,focusing on the analysis of the reasons for the success of 360 backdoor and the changes in performance before and after backdoor.To be specific,this paper firstly sorted out the representative research results related to backdoor listing at home and abroad,and briefly elaborated the theory of backdoor listing.Secondly,it briefly introduces the operation procedures of the backdoor listing plan of the two enterprises involved in this case,focusing on the analysis of the motivation for Qihu 360 to chuse Jiangnan jiajie;Then,the most important part of this chapter is introduced.This chapter explains the reasons why Qihu 360 chose backdoor listing to return to the domestic securities market,the reasons why Qihu 360 succeeded in backdoor listing,and the performance analysis of Qihu 360 after the return.The performance of Qihu 360 after its return is mainly analyzed,including short-term stock price analysis,wealth effect analysis and various types of financial performance analysis.Through the above analysis,this paper finally summarizes the whole paper,and obtains relevant enlightenment and Suggestions.There are three inspirations: first,it can reduce the risk and benefit both sides to take the back-door regression in the accurate period;Second,the selection of matching "shell" can obtain the effect of merger and acquisition,in a short time to harvest extremely high;Third,investors also need rational judgment,improve risk awareness.