360 returns through reverse merger, leading unicorns in startup
Xinhua
1520397695000

On February 28th, Qihoo 360 officially returns to A-share market through reverse merger with Jiangnan Jiajie.

Due to the change, Jiangnan Jiajie modifies its full name from "Jiangnan jiajie elevator co." to "360 Security technology co. LTD". Meanwhile, the abbreviation is adjusted from "Jiangnan jiajie" to "360" and the stock code is adjusted from 601313 to 601360.

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The return, as discerned by market experts, is regarded as the commencement of new economic development as promoted by Chinese capital market.

Due to the requirement on revenue and equity structure, especially in issuing a stock in A-share market, large listed companies in China (Baidu, Alibaba, Tencent, JD.com) are almost unable to enter the capital market.

To secure new entrepreneurial firms, Chinese capital market has announced its determination to modify quoting policies. As such, regulators will give considerable care to the so-called "four-new firms" --- new technology, new industry, new commercial and new model.

Chinese Securities Regulatory Commission (CSRC) announced the following in its 2018 annual report: CSRC is to enhance the inclusiveness and adaptability within the quoting policies and to increase the support to "four-new firms".

On the quoting day of Qihoo 360, according to some media, the regulators instructs securities owners that unicorn companies in bio-tech, cloud computing and other sectors have the right to "earn an express ticket in the approval process".

According to media reports, Foxconn, as the pioneer in transforming from traditional electronics manufacturing to artificial intelligence manufacturing, is likely to be one of the first few firms to see faster IPO. Such change is dramatic, and also reflects how the CSRC strives to make the change, in order that unicorn companies choose to list in A-share market.

Previously, A-share market conducts itself with strict requirements and tedious procedures. As CSRC adjusts quoting policies, opening express lanes for unicorn companies, it echoes to what the 19th CPC National Congress focuses. In short, unicorn companies have earned an optimized growing environment.

What CSRC has done attracts the public eyes, including Baidu CEO Yanhong Li, Sogou CEO Xiaochuan Wang, Netease chairman of the board Lei Ding. They have affirmed their attitude in different occasions recently, giving the signal that a return to A-share market is preferred in the near future.