Research On Financial Performance Of Back-door Listing Of 360 Via Jiangnan Jiajie

In the context of the booming Internet industry,in order to meet the funding needs of its own operations and expansion,many Internet corporations have chosen the access of equity financing,which is lower-risk and less stressful,mainly through initial public offerings(IPOs)and backdoor listings two ways to obtain equity financing.As a more convenient way to go public,with its short-term,low-cost and low-threshold advantages,backdoor listing has been adopted by many companies,such as Focus Media,Giant Network and 360,etc.Throughout the existing researches of scholars at home and abroad on the backdoor listing,although the system has gradually formed,there is still room for improvement.Most of them only stayed in the overall industry perspective for macro analysis.Except for some scholars who have research on real estate and logistics industry concerning backdoor listing,few scholars have conducted research on specialized fields,especially on internet industry.In this paper,by using not only qualitative research but also quantitative research,both empirical analysis and case study,the research is about the case on Merger and Acquisition of 360 Security Technology Co.,Ltd.,which was the most influential Internet company in the wave of China stock return,and Jiajie Elevator Co.,Ltd.,analyzing the process,motivation and financial performance of its backdoor listing.Finally,it proposed a relatively universal countermeasure for the Internet industry regarding to backdoor listing.In the research of financial performance,this paper uses the event research method and the financial index research method to analyze the short-term financial performance as well as the long-term financial performance according to the listing of the backdoor.Consequently,the paper believes that the backdoor listing can bring positive wealth effect to the enterprise in the short term.Whereas In the long run,both the borrower and the shell seller can improve the financial performance,but in the long run,both the borrower and the shell seller can obtain financial performance improvement,but there are still issues on financial performance uncertainty,such as financial integration failure risk,financial risk,institutional risk and information asymmetry risk.Consequently,both enterprises and investors should pay full attention to the slowdown and even decline in earnings growth after extreme growth.Specifically,In order to stabilize the positive effects of long-term financial performance in the future and enhance investor confidence,360 Security Technology Co.,Ltd.should always grasp the strategic direction of the company,vigorously exert its main business advantages,enhance value-added services,increase R&D expenditures,and use digital advantages to develop big data security across multiple terminals actively.