Analysis On The Performance Of Chinese Unicorn Enterprises Returning To A-Share Market

The post-financial crisis era has new characteristics.With the scarcity of high-quality listed resources,the world’s major stock exchanges have launched a round of "unicorn" competition.And the return of high-quality medium-sized shares will be an important bargaining chip for domestic exchanges in this war.But what can the return of Chinese capital stock market bring to the company itself,and what needs to be vigilant about their return process and follow-up development? For unicorns,is the premium of their return far higher than that of ordinary companies? Consideration of these issues is of practical significance and theoretical value.360,which was completed by the end of 2017,is a Chinese Internet giant with the concepts of new economy,capital stock and unicorn.Its return will become a new target.After reviewing a large number of documents on the return of Chinese stock market,this paper takes the return of this company as a case study in order to find out more accurately and perfectly what the return of A shares can bring to the company,and what additional impact will the unicorn halo have? This paper first introduces the process of backdoor listing,and then quantifies and evaluates the effectiveness of 360 backdoor listing to show that the effectiveness of the merger is high.The main body of this paper,the study of validity,will be carried out hierarchically through three parts: the cost and benefit of short-term backdoor listing,the fluctuation of short-term company value and the long-term comprehensive management ability,reflecting the effect of this backdoor listing objectively and pertinently;at the same time,from the perspective of "unicorn",comparing the backdoor situation of non-unicorn enterprises,we can draw a conclusion.The conclusion that the unicorn enterprise has a higher premium is made.Finally,the possible problems and new changes in the return of Unicorn are also considered.It is hoped that the results of this study can provide more measurement ideas for the effect evaluation of the return of Unicorn enterprises.