中概股从美国退市后面临两难

Sliding stocks and a halt to domestic share salesrisk scuppering the plans of China groups looking toquit US markets and relist at home.

中国股市下滑和暂停股票发行，可能破坏那些寻求从美国退市、转而在本土市场挂牌上市的中资集团的计划。

The number leaving US exchanges has risen sharply this year as owners target highervaluations at home. In some cases, attempts to delist have been launched months after goingpublic.

告别美国交易所的上市公司数量今年大幅上升，这些企业受到国内股市更高估值的吸引。某些公司在上市几个月后就试图退市。

But those heading home face a far harsher environment than a month ago, as the stockmarket has gone into reverse.

但是，随着中国股市行情逆转，与一个月前相比，那些归国的上市公司面临着苛刻得多的环境。

Deals worth $22.6bn were agreed in June to take private 15 China groups listed in the US,according to Dealogic — almost double the value of all previous delistings combined.

根据Dealogic的数据，6月有15家在美国上市的中资集团收到私有化要约，交易总价值达到226亿美元，几乎两倍于之前所有退市的总价值。

Momo, a dating and social networking app that listed in the US in December, received a $1.9bnbuyout offer from a consortium led by its chief executive and co-founder.

去年12月在美国上市的约会和社交网络应用陌陌(momo)，从一个以其首席执行官和共同创始人为首的财团接到19亿美元的收购要约。

Qihoo 360, an internet security company, became the largest China private buyout in the USafter its chief executive and chairman led a $9bn takeover last month.

互联网安全公司奇虎360(Qihoo 360)成为中国在美上市企业中最大的私有化案例。上月该公司首席执行官和董事长牵头进行了90亿美元的私有化收购。

Analysts and bankers say China groups looking to go private have been hoping to achievehigher valuations by relisting on domestic exchanges, where tech stocks have soared.

分析师和银行家们表示，走上私有化道路的中资集团指望在科技股飙升的国内交易所再度上市，实现更高的估值。

But the companies might find themselves in limbo, with China’s tech-heavy Shenzhen indexlosing a third of its value since June 12.

但这些企业可能发现自己陷入进退两难的尴尬境地。自6月12日以来，中国以科技股为主的深证成指失去了三分之一价值。

Despite measures announced over the weekend aimed at stemming the stock market decline,Shenzhen retraced an initial rally to finish yesterday’s trading in negative territory.

尽管周末宣布了旨在遏止股市下跌的种种措施，但深圳股市昨日抹去最初的涨势，收盘下跌。

One of the steps announced by the China Securities Regulatory Commission was a halt toinitial public offerings.

中国证监会(CSRC)宣布的措施之一是暂停首次公开发行(IPO)。

“Before resuming IPOs, it is likely that the securities regulator will carefully reconsider thefuture pace and size of IPOs, HSBC said.

“在恢复IPO之前，证券监管机构很可能将认真反思未来IPO的步伐和规模，汇丰(HSBC)称。

While 2015 is already a record year for delistings, last year was the busiest for China IPOs in theUS, totalling $29bn.

虽然2015年在退市方面已经是创纪录的一年，但去年是中资企业在美国IPO最繁忙的一年，筹资总额达到290亿美元。

Analysts at Nomura attributed Qihoo’s decision to abandon New York to “long-time lowvaluations in the US, and predicted that more China companies would follow.

野村证券(Nomura)分析师将奇虎决定从纽约股市告退归因于“在美国长期的低估值，他们预言更多中资企业将走上这条道路。

Delisting from the US can take as little as three months, but listing in China can be time-consuming and unpredictable, reliant on the blessing of the regulator.

从美国退市可能只需要三个月，但在中国上市的过程可能是耗时良久和不可预测的，有赖于监管者的拍板。

“This is a bit of a fad at the moment, one Asia-based investment banker said. “The complexityand timing of relisting is not straightforward, and the valuations may not hold up.

“这有点像是眼下昙花一现的时尚，常驻亚洲的一名投资银行家表示。“更换上市地点的复杂性和时机绝非直截了当，且估值可能支撑不下去。

One possible solution is to merge with a small listed group and reverse assets into it. Butthis, too, can be difficult, as shown by Focus Media’s attempts at relisting in Shenzhen.

一个可能的解决办法是与某家小型上市集团合并，然后向其注入资产。但是，正如分众传媒(Focus Media)在美国退市后寻求在深圳上市的经历所展示的，这条道路也不好走。

Having been taken private in late 2012, the group had agreed a merger with Shenzhen-listedJiangsu Hongda New Materialin preparation for a backdoor listing that would value the companyat $7.4bn.

在2012年末被私有化之后，该集团与在深圳上市的江苏宏达新材料(Jiangsu Honda，简称宏达新材)达成合并协议，准备借壳上市，公司估值达到74亿美元。

But last month Jiangsu Hongda’s chairman resigned, days after the group said it was beingprobed for allegedly breaking securities laws, casting doubt on whether the deal would goahead.

但江苏宏达的董事长上月辞职，在他辞职几天前，该集团披露它正因涉嫌违反《证券法》受到调查，给这笔交易是否做得成画上问号。