Case Study On The Return Of Qihoo 360 After Backdoor Listing

In 2018,the domestic economic situation showed a general recovery trend,and the construction of relevant systems in the capital market continued to improve.The new regulations and industry rules were officially promulgated,and the CDR pilot work was steadily advanced.the pilot of the science and technology board and the registration system were in sight,and the level of opening up of the capital market was further enhanced.At the same time,affected by trade frictions and changes in the financial environment,Chinese economic and financial market volatility has increased,and economic downside risks have increased.This is reflected in the decline in the stock market index,the decline in trading volume,The meeting rate of IPO has reached a new low in the past year,and the market value of A-share listed companies has shrunk.Due to the huge fluctuations in the market value of listed companies,the issue of market value management of listed companies has once again become a hot issue in social discussion.Qihoo 360 as a stock index(stock code: QIHU),due to its value in the US stock market was seriously undervalued,After delisting from the US stock market,in February 2018 back listed JiangnanJiajie in the A-shares(stock code: 601360).Based on the case of Qihoo 360 backdoor listing,the first part reviews the domestic and foreign research on the backdoor listing and enterprise value evaluation theory,expounds the connotation of enterprise value assessment theory and market value management,and analyzes the modern popular valuation methods.The second part introduces the operation status of Qihoo 360 backdoor trading,analyzes the motivation of backdoor listing from different angles,and then explains the process of Qihoo 360 backdoor listing in detail,and analyzes the specific operation steps of asset replacement and stock issuance.After using the income method to evaluate the value of the company,it is found that there is a certain gap between the market value and the real value of the company after listing.Although 360's backdoor listing,the market value of the company has been greatly improved,but the huge shrinkage in the short-term market value also reflects some problems.Based on the performance of 360 companies after listing,the reasons for the shrinking of the market value of the company were analyzed from both internal and external aspects.The external reasons were mainly due to the poor performance of the A-share market in 2018,and the financing environment of listed companies was severe.The competition in the domestic Internet industry is fierce.The 360 company's business transformation has encountered a bottleneck period,and its lack of core technology has led to a significant decline in profitability and development capability in the same industry.Therefore,compared with the high valuation at the initial stage of the backdoor listing,it takes a long time for the company to return to the real value.This paper believes that in the process of increasing the market value of enterprises through the backdoor listing,enterprises should have a clear direction of the main business development.The listing can only improve the market value of the company in the short term.If you want to improve the market value of the company in a long-term,you should focus on improving the company's core competitiveness,and integrate external resources effectively,so that enterprises can achieve healthy and benign development.The regulatory authorities shall improve the disclosure requirements of the relevant documents for asset restructuring and guide the capital market to make reasonable pricing.At the same time,for investors,we should rationally look at the market value of enterprises and focus on the intrinsic value of enterprises.When the market value of a company exceeds its true value,it should pay attention to the safety of funds and avoid investment losses.