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

With the rapid development of China's market economy and capital market,enterprises have always favored entering the capital market through listing,so as to achieve the purpose and effect of broadening financing channels,enhancing market influence and enhancing the company's competitive advantage.However,at this stage,the issuance system of China's stocks is an approval system.It is listed and financed through IPO.It has very strict auditing,very complicated procedures,long waiting time and other shortcomings.Therefore,the company successfully successfully listed through IPO every year.There are very few.In contrast,the purpose of backdoor listing by injecting non-listed company assets into the listed shell company to achieve rapid listing is a way to make up for the shortcomings of the IPO listing cycle.Therefore,backdoor listing has become the best path for many companies to quickly enter the capital market to solve the financing dilemma.In November 2017,Qihoo 360 successfully returned to China's capital markets through the backdoor of SJEC.This is the largest Internet company in the return of the stock market.It has a certain representativeness in the backdoor listing of Internet companies.Therefore,this article takes the case as the research object.The specific research contents mainly include the following five aspects.Firstly,the background and significance of the backdoor listing as the research direction are introduced,and the research ideas and methods of this paper are expounded.Secondly,it expounds the concept,characteristics,motivation and five theoretical foundations of backdoor listing.Once again,explain the basic situation of SJEC and Qihoo 360 and elaborate on the entire trading plan for backdoor listing.Then,various methods are used to analyze the impact of the backdoor listing incident on the three or six enterprises.Finally,the paper summarizes and makes recommendations for the successful listing of Qihoo 360 backdoors,and provides experience for the Internet companies that are going to China's capital marketThe research results show that the reasons for the backdoor of Qihoo 360.On the one hand,the shell company is unstable in operation,its performance is lower than the level of the same industry,and the existing resources cannot be fully utilized.On the other hand,the competition in the industry is intensified,Qihoo 360 are in urgent need of financing,but stocks in foreign capital markets are undervalued.There are problems such as strict requirements and long waiting times through IPO,so backdoor listing is the best choice.In terms of the performance of backdoor listing,the first batch of Internet companies listed as the first batch of backdoor listings after the new rules of Qihoo 360 returned to the domestic capital market,showing a better market effect and bringing positive impact to enterprises.Both financial and economic value have improved significantly.At the end of the paper,the company should make full use of the national policies and seize the development opportunities of the industry and choose the appropriate period and the appropriate shell companies and trading programs,and enhance their own strength and other policy recommendations.