Research On The Motivation And Effect Of Qihoo 360 Backdoor Listing

In recent years,with the development and progress of China's economy,China's securities market is gradually complete and perfect.A large number of Chinese concept stocks that cannot be listed in China but choose to be listed overseas for various reasons have chosen to return.On the one hand,Chinese concept stocks are facing resistance in overseas development.Due to differences in national conditions,culture and other aspects,as well as differences in economic development level and development mode,overseas investors hold a negative attitude towards Chinese concept stocks.On the other hand,most of the Chinese concept stocks are Internet and information companies,which are scarce among a-share listed companies.Investors are eager for high-quality targets,which also leads to A much higher p/e ratio in this field than that of companies in related industries in the us.As a result,many Chinese concept stocks have begun planning to return to the domestic Chinese securities market.After returning to China,Chinese concept stocks choose which way to go public,and how the effect of going public is,and how the market reaction is,are all worthy of in-depth study.In this paper,qihoo 360 company is selected as the case.As of 2019,qihoo 360 company is the largest Chinese concept stock returning.In this paper,the backdoor listing and privatization process of qihoo 360 is sorted out by referring to relevant public information of qihoo 360 company and analysis of the status quo of Chinese concept stocks,and combining with relevant theories.This paper mainly summarizes and analyzes the motivations for backdoor listing of qihoo 360 from the perspectives of financial accounting,enterprise valuation and enterprise strategic development.Through the comparative analysis of the accounting indicators before and after qihoo 360's backdoor listing and the analysis of the market reaction,the effects of its backdoor listing on the enterprise's financial indicators,market valuation and future development strategy were studied,and then the whole process of qihoo 360's backdoor listing was analyzed and evaluated.At the same time,the author puts forward corresponding Suggestions to qihoo 360 company for the problems found,and draws some inspirations for Chinese concept stock companies and regulatory departments.