Case Analysis Of Qihoo 360 Backdoor Listing

In recent years,the economic situation at home and abroad has changed.Foreign investors have fallen in the expected value of Chinese Concept Share,and the financial problems have been exposed.The domestic stock market has performed well and there are related policies to support the stocks.The return,therefore,led to a wave of returning stocks in many Chinese concept stocks.However,it is a question worth exploring which way the stock market should be listed after the return of the CCS.As the largest Internet security enterprise in China,San Liu Ling attracts much attention from all walks of life.Moreover,from the announcement issued by Jiang Nan Jia Jie for major asset restructuring to the successful backdoor listing,it lasted only four months.The short time and smooth process are amazing and worth studying.Therefore,this paper takes the listing of Jiang Nan Jia Jie as the research object,using case analysis and event study methods to analyze and study.Firstly,this paper elaborates the background of 360 backdoor listing cases,pointing out that the significance of the study is not only to enrich backdoor listing cases,but also to provide some reference for the return of China’s stock market in the selection of listing methods.Then through reading and sorting out the relevant literature at home and abroad,it is found that the motivation of backdoor borrowing is nothing more than the consideration of time cost and enterprise itself,but the performance after listing is different.After that,the related concepts,basic theories,main modes and listing process of backdoor listing are elaborated.Backdoor listing is a kind of enterprise merger and acquisition,which is reverse merger and acquisition.Therefore,its theory can draw lessons from the theory of enterprise merger and acquisition.Through the detailed description of backdoor listing in 360,this paper analyses the motivation of both sides of the transaction,the impact of successful listing on both sides and potential problems.It is found that backdoor listing is a win-win thing for both sides of the transaction,but there are still some risk problems that can not be ignored,such as the risk of gambling agreement,the risk of equity pledge left over by privatization and the risk of itself.At the same time,through the empirical method of event study,this paper examines the impact of backdoor listing on the fluctuation of stock prices of listed companies,and 360 backdoor listing has played a positive role in market value.Finally,this paper makes a brief summary from four different perspectives: the way of listing,the choice of shell,the choice of backdoor mode and the influence after listing.Then it draws different enlightenment from three different subjects: enterprises,investors and regulators.It is believed that enterprises should not only consider their own factors,but also pay attention to market environment and policies before listing.For investors,in the process of investment,they should maintain their own rationality,avoid blindly following the trend,and pay attention to the risk problems in the process of listing.Regulators should strengthen the supervision and management of the market,avoid the emergence of insider trading and market manipulation,and maintain a good order of the securities market.