牛市驱动的中概股回归潮

Home is where the money is, for now. OnWednesday, internet security software maker Qihoobecame the latest US-listed Chinese company toreceive a buyout offer from investors andmanagement — the 14th this year.

眼下，家乡就是财富之乡。周三，互联网安全软件制造商奇虎360(Qihoo 360)成为了在美国上市的中国公司中，最新一家收到投资者和管理层私有化要约的企业，也是今年的第14家。

The reason is clear. US-listed entities have been left behind while a bull market rages in China.Many trade on a sorry 20 times 2016 earnings forecasts, or less; the tech-heavy Shenzhenindex is on a giddy 33. The incentive that drove Chinese companies to seek US listings —higher valuations — has been reversed. Companies taken private can relist at higher valuationsback home, as Focus Media has done. So more buyouts are likely. Other groups with marketvalues under $5bn include education provider New Oriental Education and the recruiter 51Job.

原因显而易见。在中国牛市背景下，在美国上市的股票被甩在了身后。以2016年预期盈利计算，很多中概股的市盈率只有20倍，甚至更少，令人唏嘘;而以技术股为主的深证指数却达到令人目眩的33倍。驱使中国企业在美国上市的动机是追求更高的估值，如今形势已经逆转。私有化的公司可以回中国以更高的估值再次上市，分众传媒(Focus Media)就是这样做的。因此，可能还会有更多的中概股进行私有化。其他市值在50亿美元以下的集团包括教育服务机构新东方教育科技集团(New Oriental Education and Technology Group)以及招聘机构前程无忧(51Job)。

Of course, if the Chinese rally turned into a rout, the corporate diaspora will miss the USmarket’s relative stability.

当然，如果中国的上涨行情变为崩盘，回归国内的中概股将会怀念美国市场相对稳定的行情。

But you can’t go home again, again.

但是，你无法一次又一次地回归。