| In recent years,Chinese concept stock companies have faced many difficulties such as the enthusiasm of foreign investors,the continued sluggish share price,the deliberate shorting of foreign investment institutions,and the narrowing of financing channels.Correspondingly,the domestic economic environment continues to improve,and the A-share market is prosperous.Development,which made the early Chinese concept stock companies in the early stage choose to privatize and delist the market,and then re-listed in the domestic A-share market.Due to the special status of the Chinese concept stock companies,the return of privatization is closely related to the attitude of the regulatory authorities.A slight change in policy will have a major impact on its return.In May 2016,the return policy of the China Stock Exchange suddenly tightened,especially for the model of returning through the backdoor listing,which poured cold water on the hot shell market,and many ongoing privatization returning plans were also forced to shelve.Qihoo 360 successfully landed Jiangnan Jiajie to land in the A-share market,breaking the silence of the market and bringing new hope to the Chinese concept stock companies through the backdoor return.It has a strong social demonstration effect.Therefore,this paper takes this case as the research object.Firstly,it summarizes the literature on the listing of the stocks in China and the important theories related to mergers and acquisitions.Secondly,a brief introduction to the background and business scope of 360 companies,reviewing the process of privatization and VIE architecture demolition,focusing on the 360 backdoor listing plan,detailing each step of the backdoor listing.Furthermore,combined with case analysis,the macro and micro factors of the backdoor returning are analyzed,and the strategic choices of returning are analyzed from the specific situation of 360.Then,using the financial indicator method and the event research method to evaluate the performance of the 360 backdoor listing,and considering other performances after the backdoor,comprehensively,the backdoor listing has a positive impact on the long-term and short-term performance of 360.Finally,on the basis of detailed and in-depth case analysis,combined with domestic policies and market conditions,the corresponding revelation of 360 backdoor returning is proposed,and further active and effective suggestions are proposed for the Chinese concept stock companies and regulatory authorities.The view of this paper is that high-quality Chinese concept stock companies must pay attention to the changes in the attitude of the regulatory authorities,grasp the timing of returning to A shares,in the process of return,we must clarify the motivation for return,pay attention to strategic choices,and aim at improving corporate performance after the return.The regulatory layer should further innovate the market system and pave the way for the return of high-quality Chinese concept stock companies.At the same time,it should pay attention to the differences in domestic and international supervision,avoid the lack of supervision and cross,strictly control insider trading in backdoor transactions,and establish a perfect retreat as soon as possible.The municipal system strengthens the clean-up of inferior enterprises in the securities market and promotes the healthy and prosperous development of the securities market. |
