奇虎360借壳江南嘉捷回归A股 - 2018年02月02日

AFTER Qihoo 360 Technology Co delisted in New York in 2016 and did a 50 billion yuan (US$7.8 billion) asset swap and share deal with Shanghai-listed elevator maker SJEC, it levered itself onto the Shanghai Stock Exchange in what is called a “back door” listing.

The biggest reverse takeover in three years on the Shanghai exchange prompted speculation that the market regulator might take a more benign view of such listings, even after the China Securities Regulatory Commission clamped down on the purchase of so-called “shell” companies to gain listings in June 2016.

The practice was especially popular with Chinese companies that had listed in the US, only to watch valuations on the domestic market rise above those on overseas markets. Many sought to relist on the mainland.