Backdoor Listing Operation And Impact Analysis Of 360 Company

At the end of last century and the beginning of this century,domestic enterprises set off a wave of overseas listing.In the past,there are emerging Internet enterprises such as Baidu,Tencent and Netease,and later,there are emerging e-commerce enterprises such as alibaba and jd,which go to the vast ocean to be listed in the United States?These Chinese concept stocks attracted unlimited attention in overseas for a time?After the boom,however,most Chinese stocks haven't held up.In recent years,Chinese concept stocks have experienced a series of difficulties such as low valuation and financing difficulties.In contrast,the domestic registration system reform,the government's policy support for domestic enterprises is increasing,and the domestic capital market has a higher valuation compared with foreign capital market.As a result,more and more companies are optimistic about the domestic market ? Not only did the enthusiasm for overseas listing cool,but after the privatization and delisting of Focus Media and Baofeng Technology,it also triggered a wave of overseas delisting of Chinese concept stocks and their return to the domestic A shares market.Although in recent years the country has issued a number of policies,the introduction of high-quality enterprises hold a welcome attitude,However,on June 17,2016,the CSRC issued the material assets reorganization management measures for listed companies,what be called the strictest new backdoor rules in history.It aims to regulate the backdoor listing mode and deal with more complex transaction schemes to avoid backdoor.360-backdoor listing is the first successful company to return to a-share market after the issuance of "the strictest new backdoor rules" in 2016.The successful return of360-a-shares is undoubtedly a new interpretation of the so-called "the strictest backdoor new rules",which provides A great reference value for those in the wait and see and wait for the other Chinese concept shares.In this paper,after the issuance of "the strictest new backdoor rules" in 2016,the first successful us-share delisting backdoor back to A share event——360 backdoor listing,analyze the reason of its backdoor regression,and from the design process,the implementation process of two in-depth analysis of its backdoor operation process,find out the reasons for its success under the background of "the strictestnew backdoor regulations",and discuss the dual influence of backdoor listing on the company itself from the perspective of positive and negative dialectics.Finally,based on the latest national laws and regulations,the overall status quo of backdoor shell and the actual development status of the company,this paper puts forward relevant Suggestions for other stocks to be returned to China and regulators.Through the above analysis,this paper draws a conclusion: the success of 360 backdoor listing reasons are mainly to choose the right shell company,backdoor scheme design unique,in line with the current national development strategy.The even of 360 backdoor regression optimizes the company's financial indicators and equity structure,improves the company's valuation,but also brings risks such as performance commitment and compensation risk,equity pledge and bridge loan risk,high valuation and stock price fluctuation.