近几年海外中概股被持续做空，而国内市场对高新技术产业表现出高昂的热情，因此许多海外中概股纷纷私有化伺机回归。对于海外私有化企业来说，退市后相当于切断一条筹资路线，想要维持发展所需必须快速回归国内A股。然而国内IPO上市困难、耗时长，显现出许多弊端，所以借壳上市便成为一条捷径。三六零便是此次借壳回归浪潮中的代表性企业，三六零在美国纽交所遇到市值被低估、股票被做空等问题毅然决然选择回归国内A股市场，其成功回归的模式、深层动因以及回归后的效果具有重要的研究价值。 随着越来越多的中概股选择借壳回归，如何才能成功借壳回归以及回归后如何使企业融资能力与治理结构达到双重改善也成为目前中概股所面临的重要问题。基于此，本文以三六零作为研究对象，首先介绍了目前海外中概股所处的环境背景，以表明借壳回归对海外中概股的生存与发展起着重要的作用。接着本文详细介绍了三六零借壳回归的过程并分析了其借壳上市的深层动因及短期效应。研究发现：第一，三六零借壳回归的动因主要是为了满足融资需求、降低借壳成本以及获取资产增值收益；第二，三六零借壳上市后的短期财务效应明显向好，运营能力及偿债能力得到显著增强；第三，三六零借壳上市有效的刺激了股票市场，使上市公司股价翻倍。 三六零成功借壳上市过程中有不少亮点，企业只有结合自身情况与市场环境，制定出具有企业特色的上市模式以及财务政策，才能成功借壳上市以保证企业稳定发展。三六零的特色借壳上市之路在中概股纷纷选择回归的当下无疑可以起到一定的借鉴作用与指导意义。

Overseas chinese concept stocks have been continuously short in recent years, while the domestic market has shown high enthusiasm for high-tech industries, so many overseas chinese concept stocks have been privatized in order to return. For overseas privatized enterprises, after delisting, it is equivalent to cutting off a financing route. If they want to maintain their development, they must return to A shares quickly. However, domestic IPO listing is difficult and time-consuming, showing many drawbacks, so backdoor listing becomes a shortcut. 360 is a representative enterprise that returns from the backdoor listing. the market value of the 360 on the NYSE is undervalued, so 360 chooses to return to the domestic A-share market.It has important research value that the way, motivation andeffect to return successfully of 360. As more and more chinese concept stocks choose to return by backdoor listing,it becomes aimportant problem for chinese concepthow to make a successful return to improve the financing ability and governance structure of enterprises. Based on this situation, this article takes the 360 as the research object. Firstly, introducing the current environmental background of overseas chinese concept stocks,In order to show that the backdoor listing return plays an important role in the survival and development of overseas chinese concept stocks.Then the paper introduces the process of the 360 backdoor listing return in detail and analyzesthe deep motivation and short-term effects of its backdoor listing. The study found: Firstly, the motivation of the 360 backdoor listing is mainly to meet the financing needs, reduce the cost of backdoor listing and obtain the value-added income of assets; Secondly, after the backdoor listing of the 360, the short-term financial effects were significantly better, and the operational capability and solvency were significantly enhanced. Thirdly, the backdoor listing of the 360 effectively stimulated the stock market and increased the share price of listed companies. In the process of the360 successful backdoor listing, there are many bright spots. Only when enterprises combine their own situation and market environment, formulate a special listing mode and financial policy, can they successfully backdoor listing ensure the stable development of enterprises.At the present time when chinese concept stocks chooses to return one after another, The characteristic backdoor listing way of 3600 can undoubtedly play a certain role in guiding significance.