Research On The Motivation And Effect Of Qihoo 360's Return To A Shares

In the early 1990 s,China's reform and opening-up efforts were expanded from the coastal area to the inland.A socialist market economic system was proposed and established,and the economy became more prosperous.As a result,China's capital market was gradually opened.With the company's demand for funds and its own business development strategies,more and more companies want to raise funds by logging on to the capital market and issuing stocks.However,due to the imperfect capital market system in China,the listing process is tedious and time-consuming.In this case,many companies have turned their attention to overseas markets.The US capital market,especially the Nasdaq market,has low listing requirements and fast speed,deeply attracted a large number of domestic enterprises in need of funds.At the beginning of the 21 st century,in order to comply with the trend of financial globalization,China vigorously supported the international development of enterprises and relaxed the overseas listing policy,which caused many enterprises to enter the overseas capital market.In the following years,a large number of Chinese-funded companies listed overseas chose to privatize to withdraw from the overseas capital market and return to the domestic capital market for re-listing.This article analyzes Qihoo 360,explores the reasons for the return of privatization of Internet companies' overseas listings and the performance in the capital market after the return,and deeply understands the true reasons for listed companies' decision to return to A-shares.Qihoo 360 is a star company listed overseas.Both the company itself and the company's founder have a high reputation.It has received a lot of attention in the overseas listing and privatization and delisting.Therefore,exploring the motivations of its privatization return through internal conditions and external environment has certain research value.Next,analyze the economic and financial effects of Qihoo 360 after its A-shares backdoor listing,and determine whether its decision to choose to return to privatization has brought certain economic benefits and positive development momentum to the company,and also provide a certain reference for other Chinese-funded companies listed overseas that want to return to privatization.The first part of the article mainly expounds the background and significance of the research,and at the same time explains the research methods and main framework of this article.The second part summarizes the relevant research results of domestic and foreign scholars on the return of privatization of listed companies,and also introduces the relevant theories used in the paper.The third part introduces the overview of U.S.listed Chinese companies returning to A-share and the introduction of Qihoo 360 and the process of returning from the NYSE delisting and backdoor listing to A-shares.The fourth part analyzes the motivation of Qihoo 360's privatization and delisting in combination with the actual situation of the enterprise itself and the background of Chinese related systems.The fifth part studies the market effect and financial effect of Qihoo 360 before and after the return of Qihoo 360 using the event research method and financial index analysis method.The sixth part combines the above analysis and obtains the corresponding enlightenment according to the problems.It provides reference for Chinese stock companies that are about to return and intend to return.It also provides experience for investors to make reasonable decisions and improve the institutional construction of regulators to promote the sound development of China's capital market.