Research On The Causes And Effects Of 360 Return To A-share Market

Since 2010,short-selling incidents in overseas capital markets have occurred frequently.At the same time,the development of the domestic capital market has accelerated,and a multi-level capital market system has gradually been established.This series of changes has made many domestic high-quality overseas listed companies want to Return to the domestic capital market.In2015,Storm Technology successfully returned to the A-share market,winning 32 consecutive daily limit boards.The huge difference in domestic and foreign market valuations has made overseas listed companies firm in their idea of returning to the domestic capital market.The new backdoor regulations promulgated by the China Securities Regulatory Commission in September2016 forced overseas listed Chinese companies desperate to return to China through the backdoor method to stop their return to the domestic capital market.However,the China Securities Regulatory Commission also expressed its focus on supporting development in line with the national industrial strategy Direction,and high-quality enterprises with certain core technology and scale are returning.In addition,with the vigorous development of the Internet and big data,cybersecurity has become a country’s current focus industry,and related laws and regulations in the field of cybersecurity have also been gradually introduced.In the future,the Chinese cybersecurity market will continue to maintain a rapid growth trend.It is a new development opportunity for companies in the cybersecurity industry.The case selected in this article is the leading company in China’s Internet security industry,which is also the first company to successfully return to the domestic capital market through the backdoor after the promulgation of the new backdoor regulations.Through in-depth research on the motives and effects of the 3060 return to the A-share market,it is found that there are three main reasons for the 3060 return to the A-share market: the domestic market valuation is higher than foreign countries,policy support and the company’s strategic development needs.The effect after the return of the A-shares in the three-sixties in terms of market response: after being very enthusiastic at the beginning,it gradually turned to normal;in terms of financial performance,it has generally risen and is in the industry-leading level,but in terms of growth ability,it is at the downstream level in the industry;In terms of performance,the shareholding structure is clearer;new business growth points have also been ushered in in the business field,and financing channels have been broadened;potential risks: there are risks of equity pledges,restricted sales and lifting ofbans,and a decrease in scarcity.After an in-depth analysis of the case,this article puts forward relevant recommendations for 360,itself,companies aiming to return to the A-share market,and regulators: in the future,360 should continue to deepen the network security market,improve risk response capabilities,and pay close attention to stock price fluctuations;Enterprises aiming to return should accurately grasp the national policy,focus on their own development and view the return rationally;the supervisory layer should increase the policy popularization,innovate the return path and establish a sound multi-level capital market system in China.