Performance Effect Analysis Of Qihu 360's Backdoor Listing

For the past few years,Chinese concept shares are facing a series of difficulties such as valuation depreciation and financing difficulties.The same time,reform of the domestic registration system,the government's support of domestic companies continue to increase,compared with foreign capital markets the domestic market has a higher valuation of enterprises,more and more enterprises optimistic about the domestic market.However,at present,the companies to be listed still need to meet relatively strict standards and obtain the approval of the CSRC before they can be listed.Therefore,more and more listed companies and non-listed companies are looking forward to using backdoor to achieve the purpose of indirect listing.At that time,in the listed companies,the influence on various aspects reason,the company also worrying in performance,so listed companies under various pressures,began to plan to transfer or sell the shell,backdoor listing gradually became a trend,this trend makes the Chinese concept stocks to obtain a new way of development.Qihoo 360 through 2016,"the most severe shell new rules" successful return to a-share market,broke the silence,encounter "cool" market this backdoor regression large amount,in order to facilitate subsequent eager to return to smooth shell of the regression of enterprise,this paper hope through to the related cases can provide some referential experience for such companies.Therefore,on the basis of relevant theories,this paper combines the case of Qihoo 360 to make a specific analysis.First,introduce the related concepts and theoretical basis.Secondly,it states the basic situation of the case,analyzes the motivation of listing with backdoor method,and briefly describes the whole backdoor process.Then,the changes of Qihoo 360's performance before and after the backdoor listing are analyzed emphatically.In terms of research methods,the event study method,financial index analysis method and EVA analysis method are adopted to comb the whole process of Qihoo 360's backdoor return to a-share,which can make A comprehensive analysis of the performance changes before and after the company's return.Finally,the case is summarized,and some policy Suggestions are put forward for the performance improvement of such enterprises,and it is hoped that the capital market can be further regulated to expand the financing channels of enterprises.On the basis of summary,this paper hopes to provide experience for those Chinese concept stocks that are expecting to return,so that they can pay attention to the strategy formulation,method selection,policy selection and other aspects when they return.In particular,those who have ambitions to use backdoor to achieve the purpose of listing,it is necessary to do the most basic preparation work,the backdoor listing process may occur in all kinds of risks to understand,only to make a positive response to achieve the effective risk avoidance.This paper aims to demonstrate different types of regression methods for more Chinese concept companies,the hope can give other any shares in the return and want to backdoor listing of the company to provide reference.