Research On Financial Performance Of Qihoo 360 Backdoor Listing

With the rapid development of Internet industry in the era of big data,many enterprises choose to rely on listing and circulation to achieve the purpose of raising funds.Due to the high requirements of IPO in China,it is usually difficult for Internet companies to achieve performance standards.In addition,the approval conditions for domestic listing are not only many but also strict,which costs a lot of time and cost.However,Internet industry changes rapidly,and Internet companies prefer to seek a short time-consuming listing environment.As a result,many Internet technology companies,such as Baidu and Tencent,are seeking overseas listing.However,in recent years,these Chinese companies have encountered difficulties such as low trading volume overseas,not being recognized and underestimated.At the same time,the reform of the domestic listing system,the higher valuation of the domestic capital market,the implementation of favorable policies to attract the return of China's equity market,etc.Therefore,most of the overseas financing enterprises focus on the domestic market,especially after the privatization of focus media and storm technology company,the development trend of China equity companies' privatization and return to the domestic capital market has been formed.However,although the state has put forward a lot of policy support and welcomed the return of high-quality enterprises,with the emergence of backdoor fever,the CSRC has revised the new backdoor regulations more and more strictly,aiming to further regulate the backdoor listing mode and combat malicious speculation.Qihoo 360 is the first company to successfully privatize and return to a shares after the most stringent backdoor new regulations were issued in 2016.Qihoo 360's successful return to the A-share market is obviously of great reference value to other Chinese stocks in the wait-and-see state.This paper selects Qihoo 360 as a case study,focusing on the impact of Qihoo 360's Restructuring Behavior on financial performance.The context of this paper is as follows: first of all,it introduces the background,purpose and significance of this paper,and collates domestic and foreign literature and related theoretical concepts.Secondly,it analyzes the backdoor motivation of backdoor and backdoor,and summarizes the listing process and plan of backdoor listing.Then,according to the financial index method and DuPont analysis method to compare and study the financial performance changes of Qihoo 360 before and after listing.Finally,based on the results of the analysis,the paper puts forward suggestions on improving the financial performance of enterprises with backdoor restructuring plans.It is expected to provide reference for the Internet enterprises returning to A-share through backdoor listing.