中概股從美國退市後面臨兩難

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

中國股市下滑和暫停股票發行，可能破壞那些尋求從美國退市、轉而在本土市場掛牌上市的中資集團的計劃。

The number leaving US exchanges has risen sharply this year as owners target higher valuations at home. In some cases, attempts to delist have been launched Months after going public.

告別美國交易所的上市公司數量今年大幅上升，這些企業受到國內股市更高估值的吸引。某些公司在上市幾個月後就試圖退市。

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

但是，隨着中國股市行情逆轉，與一個月前相比，那些歸國的上市公司面臨着苛刻得多的環境。

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.

根據Dealogic的數據，6月有15家在美國上市的中資集團收到私有化要約，交易總價值達到226億美元，幾乎兩倍於之前所有退市的總價值。

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

去年12月在美國上市的約會和社交網絡應用陌陌(momo)，從一個以其首席執行官和共同創始人爲首的財團接到19億美元的收購要約。

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

互聯網安全公司奇虎360(Qihoo 360)成爲中國在美上市企業中最大的私有化案例。上月該公司首席執行官和董事長牽頭進行了90億美元的私有化收購。

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

分析師和銀行家們表示，走上私有化道路的中資集團指望在科技股飆升的國內交易所再度上市，實現更高的估值。

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

但這些企業可能發現自己陷入進退兩難的尷尬境地。自6月12日以來，中國以科技股爲主的深證成指失去了三分之一價值。

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.

儘管週末宣佈了旨在遏止股市下跌的種種措施，但深圳股市昨日抹去最初的漲勢，收盤下跌。

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

中國證監會(CSRC)宣佈的措施之一是暫停首次公開發行(IPO)。

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

“在恢復IPO之前，證券監管機構很可能將認真反思未來IPO的步伐和規模，”匯豐(HSBC)稱。

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

雖然2015年在退市方面已經是創紀錄的一年，但去年是中資企業在美國IPO最繁忙的一年，籌資總額達到290億美元。

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

野村證券(Nomura)分析師將奇虎決定從紐約股市告退歸因於“在美國長期的低估值”，他們預言更多中資企業將走上這條道路。

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.

從美國退市可能只需要三個月，但在中國上市的過程可能是耗時良久和不可預測的，有賴於監管者的拍板。

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

“這有點像是眼下曇花一現的時尚，”常駐亞洲的一名投資銀行家表示。“更換上市地點的複雜性和時機絕非直截了當，且估值可能支撐不下去。”

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

一個可能的解決辦法是與某家小型上市集團合併，然後向其注入資產。但是，正如分衆傳媒(Focus Media)在美國退市後尋求在深圳上市的經歷所展示的，這條道路也不好走。

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

在2012年末被私有化之後，該集團與在深圳上市的江蘇宏達新材料（Jiangsu Honda，簡稱宏達新材）達成合並協議，準備借殼上市，公司估值達到74億美元。

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

但江蘇宏達的董事長上月辭職，在他辭職幾天前，該集團披露它正因涉嫌違反《證券法》受到調查，給這筆交易是否做得成畫上問號。