下一站A股？ Next station A shares？

　　海外上市的中国公司日渐体会到了资本市场的残酷。分众传媒的私有化申请，虽然事起突然，但其只不过是海外市场中越来越多已经或准备离席的中国公司的一个缩影。

Chinese companies listed overseas, increasingly realized capital market cruel。Points all the media for privatisation，Although things up suddenly，But it is only in the overseas market has been more and more ready to move or of a miniature of the Chinese company。

　　⊙见习记者 黄世瑾 ○编辑 阮奇

⊙ trainee reporter HuangShiJin ○ RuanJi editor

　　海外上市的中国公司日渐体会到了资本市场的残酷。分众传媒近日提出私有化申请，虽然事起突然，但其只不过是海外市场中越来越多已经或准备离席的中国公司的一个缩影。

Chinese companies listed overseas, increasingly realized capital market cruel。Points all the media recently proposed for privatisation，Although things up suddenly，But it is only in the overseas market has been more and more ready to move or of a miniature of the Chinese company。

　　由于在美国与香港等海外市场上市审批相当宽松，而A股上市须对公司盈利情况、公司治理等多方面有实质性考察标准。因此，许多传媒类与高科技公司由于商业模式尚待探索，盈利也不稳定，但为了获得企业发展所必需的资金，远渡重洋上市成了“必修课”。由此，海外资本市场滋养了一大批重要的中国企业，特别是TMT行业公司，如新浪、搜狐、网易、奇虎等。

Because in the United States and Hong Kong and other overseas market approval quite comfortable，And a-share listed shall be corporate earnings situation、Corporate governance and other aspects have substantial inspection standard。therefore，Many media class and high-tech companies because of business model is to explore，Profit is not stable，But in order to obtain the required capital enterprise development，The ocean was listed“Required courses”。this，The overseas capital markets nourish a large number of important Chinese enterprise，Especially the TMT companies，Such as sina、sohu、netease、JiHu, etc。

　　然而，海外资本市场虽然滋养了中国企业，但同样也让它们水土不服。资深行业人士蒋文楠对记者表示，一般而言，对于企业从海外市场退市，既有认为股票被低估、先退市以寻求更好的上市机会，也有行业性的整合并购等几种情况，“国内没有类似的私有化，就是因为资本市场制度建设不同的结果。”

however，Overseas capital market although nourish the Chinese enterprise，But also let them endemic。Senior professionals JiangWenNan told reporters，Generally speaking，For enterprise from overseas market delisted，Both think the stock is undervalued、To withdraw from the market to seek better listed opportunity，Also have trade integration mergers and acquisitions to wait for a few kinds situation，“No domestic similar privatisation，It is because the capital market system construction different results。”

　

　估值的失落感 Valuation of the loss

　　海外市场投资者给的低估值或许真的让中国公司受不了。回过头来看A股市场，这种估值的失落感尤为明显。

The overseas market investors to low valuation really let Chinese companies can't stand。Looking back on it A share market，The valuation of the loss is especially obvious。

　　虽然今年以来A股已经击穿了年初低点，整体行情疲弱，不过资料显示，77家同时拥有A股和H股的上市公司中，只有13家A股股价低于H股，且相对低估最严重的中交股份折价约为15%。而A股相对于H股的溢价则非常明显，最高者山东墨龙逾400%。77家公司中，接近一半的公司溢价在50%以上。

Although since this year A shares have breakdown at the beginning of the low，Overall market weakness，But data shows，77 at the same time have A shares and H shares of the listed company，Only 13 home A shares below the H shares，And relatively underestimate the most serious in the shares about 15% discount。And A shares H shares relative to the premium is very obvious，Expect to shandong ink dragon more than 400%。77 companies，Close to half of the company at a premium in more than 50%。

　　香港市场尚且如此，美国投资者之严苛更无需多言。傅氏科普威在接到退市要约之前市盈率约9.3倍，而同行业A股公司联创光电(600363,股吧)市盈率逾60倍。

Even so the Hong Kong market，American investors more the tough need not wordy。Fourier science wei in the received delisted offer before p/e ratio is about 9.3 times，And the same industry A shares of the company our photoelectric(600363,Shares it)P/e ratio of more than 60 times。

　　其次，海外市场都有比较完善的做空机制，甚至出现了如浑水、香橼等专业做空的机构。由于存在巨大的利益诱惑，这些机构不惜发布负面的研究报告以配合二级市场的做空行动。这些报告一方面进一步打压了估值，另一方面还伤害了上市公司的形象。恒大地产董事长许家印在还击香橼的发布会上疾呼：“这是和平年代的战争！他们是侵略者，是土匪，是强盗！我们一定要彻底打垮这些掠夺者，捍卫东方企业的尊严！”而在泰富电气私有化的过程中，香橼多次质疑其私有化不可能完成并出手做空，直到私有化完成，尚有大量空头头寸“深陷”其中。

second，Overseas markets have comparative perfect shorting mechanism，Even appeared such as muddy water、Citron, and other professional do empty mechanism。Since there are great benefits temptation，These institutions at release negative research report to match the secondary market do empty action。The reports on the one hand to further crack down on the valuation，On the other hand also hurt the listed company image。Evergrande real estate XuGuYin chairman in the conference return citron a crowd：“This is a peaceful age of war！They are the invaders，Is bandit，robbers！We must thoroughly put to rout the predator，To defend the dignity of the Oriental enterprise！”And in Thai rich electrical privatization process，Citron repeatedly challenged the privatization impossible shots and short，Until privatization finish，There are a lot of short position“deep”Among them。

　　蒋文楠表示，一家公司变为上市公司，需要承受许多原本不需要承受的责任，“公司的财报、经营情况不仅全部暴露在公众面前，为了聘请中介机构每年还需付出的大量资金。这一切最大的目的就是希望能够从资本市场成功融资。”可是，在股价被低估的情况下，再融资也不一定是一笔合算的买卖。泰富电气董事长杨天夫表示，低估值为人才激励带来困难，“我们的股票盘子太小，且公司股价被严重低估，这就导致管理团队的激励机制十分脆弱。”

JiangWenNan said，A company into a listed company，Need to bear many originally don't need to take responsibility，“The company's earnings、Management not only all exposed to the public，In order to engage intermediary institutions to every year needs to pay a lot of money。All this the biggest purpose is to hope to be able to successfully from the capital market financing。”but，In the share price undervalued cases，Refinancing is not necessarily is a lucrative business。Thai rich electric chairman YangTianFu said，Low valuations for talent incentive difficult，“Our stock plates is too small，And the company's share price be underestimated badly，This will lead to management team incentive mechanism is very fragile。”

　　分众传媒或转A股上市 Points all the media or turn a-share listed

　　对于一家公众公司而言，舆论对于公司经营会带来巨大压力。为了摆脱这种压力，更多的公司开始选择走自己的路。

For a public company is concerned，Public opinion for the company's business will bring great pressure。In order to get rid of this kind of pressure，More companies choose to go his own way。

　　阿里巴巴B2B暂时性的私有化也有大股东准备对其业务板块进行整合的考虑，这些操作过程不想暴露在公众面前，也不想承受过多舆论压力。阿里巴巴董事局主席马云明确表示：“将阿里巴巴私有化，可让我们免于承受拥有上市子公司所需面临的压力，能够制定对客户最有利的长远规划。”

Alibaba B2B temporary privatisation and a large shareholders to integrate their business plate consideration，The operation process don't want to expose in public，Don't want to bear too much pressure of public opinion。Alibaba chairman jack ma made clear：“Will alibaba privatisation，But let us from bear has listed subsidiary required pressure，Able to prepare for the customer the most advantageous long-term planning。”

　　而盛大网络私有化的部分原因就是为了摆脱资本掣肘。蒋文楠对记者说，“盛大原先计划中的某些业务板块是做好数年亏损准备的，但是作为上市公司显然压力很大。”公司声誉、业绩压力、定期的信息披露都是上市公司知名度必然会伴随的“负面影响”。

And the grand network privatisation part of the reason is to get rid of the capital constraints。JiangWenNan told reporters，“Some of the grand originally planned business plate is to do a good job in years to losses，But as a public company obviously under a lot of pressure。”A company's reputation、Performance pressure、Regular information disclosure of listed companies is awareness must be accompanied“Negative influence”。

　　即使愿意为维持上市地位付出代价，每个上市公司也都希望自身的价值能得到市场的认可。因此，先从低估值市场退市转而谋求在能给予更高估值的市场上市的PPP策略（Public-Private-Public）成为2011年以来并购市场的热点。除前述多家私有化的上市公司外，市场人士推测，此次分众私有化很有可能是为了在A股再度寻求上市而做出的准备。蒋文楠从分众私有化的时机进行了推测，他认为，分众既不是在2009年初股价最低的时候，也不是在今年被浑水质疑的时候，而是在股价已经出现明显回升的现在，再结合参与私有化的是几家重头PE，“准备回A股重新上市的可能比较大。”目前，复星集团是分众的第二大股东。当时参与复星了对分众投资决策的一位人士向记者表示，分众应该是有回A股的打算。

Even willing to pay to maintain listed status，Every listed companies are also hope that their value can be recognized by the market。therefore，First from low valuation market delisted to seek in can give higher valuation of the market strategy of PPP（Public - Private - Public）Since 2011, become the focus of merger and acquisition (m&a) market。In addition to the foregoing several privatisation of the listed company，Market participants speculated that，The points the privatization is very likely in order to seek A shares listed again make preparation。From the points JiangWenNan the privatization of the opportunity to carry on the speculation，He thinks，Points the neither in early 2009 share price lowest time，Is not this year be muddy water when questioned，But in the share price has appeared obviously picks up now，Combine to participate in privatization is several start PE，“Prepared to go back to a-share listed again may be relatively large。”At present，Fosun group is the second largest shareholder of the points。At that time to participate in the points fosun all the investment decision of a people told reporters，All the points should be back to a-share plan。

　　最后，行业性质的整合兼并也是私有化的重要原因。典型的例子就是火锅连锁企业小肥羊被英国百盛集团所收购，以及教育培训行业的环球雅思被英国培生集团所收购。收购重组在A股市场上也很常见，不同的是在A股很难触及被收购方上市地位，如帝亚吉欧收购水井坊(600779,股吧)，就尽力避免后者股价跌至全面要约收购价格的下方。

finally，The integration of nature industry merger and is also the important reason for the privatization。A typical example is hot pot chain enterprise little sheep was British parkson bought by，Education and training industry's global ielts is British Pearson bought by。Purchase reorganization in the a-share market is also very common，The difference is that in the A shares is difficult to touch be acquirers listed status，Such as emperor achish the acquisition ShuiJingFang(600779,Shares it)，Try to avoid the latter share price fell to the bottom of the general offer price。

　　人人、当当谁是下一个？ everyone、Dangdang who is the next？

　　历数海外中国公司主动退市的情况以后，下一个私有化的会是谁非常引人关注。

Destroyed by the overseas Chinese companies active delisted later on，The next privatization will who is very remarkable。

　　由于从去年开始中概股遭遇的信任危机，导致许多中概股走势一蹶不振。此前，由于业绩表现不佳的华视传媒和遭做空机构狙击的新东方都成为市场人士眼中“热门”的私有化候选对象。而最近，美国投资资讯网站Seeking Alpha发表报告称，人人网和当当网的股东很有可能会收到私有化要约。因为它们具备许多主动退市公司的共同特征：资产负债表上有大量现金、创始人依旧担任高管、市值较小——人人网不到分众的一半，当当网相当于人人网的四分之一。最关键的是，大股东均认为股价被严重低估。当当网联合创始人俞渝对媒体表示：“我认为这样的价格让我无法抗拒买入当当网股票的诱惑。”同样的是，人人网的高管也在大笔回购。

From last year because of the stock will encounter crisis of confidence，Cause in many shall share trends cannot recover after a setback。after，Due to the poor performance of China by depending on the media and short institutions sniper's new Oriental has become in the eyes of market participants“popular”The privatisation of candidate object。The latest，The United States investment information Seeking Alpha website published the report says，Everyone nets and dangdang shareholders are likely to receive privatization offer。Because they have many active delisted company's common features：Balance sheet on the large amounts of cash、As the founder of the executives still、Market value smaller - renren less than half of all the points，Dangdang is equivalent to a quarter of all nets。The key is，Big shareholders are think price has been underestimated badly。Dangdang co-founder YuYu media said：“I think this price let I can't resist the temptation to buy dangdang stock。”The same is，Renren executives also in large sum of repurchase。

　　海外上市中国概念股私有化一览 Overseas listing China concept stock privatisation general

　　上市地点 发行价（每股） 要约收购价（每股） 收购总额 要约价较公布私有化方案前收盘价的溢价幅度

The price listed on the site（Per share） Offer price（Per share） The total purchase price offer more announced before the privatization scheme of closing quotation price premium range

　　同济堂 纽约交易所 10美元 4.5美元 0.21亿美元 19%

Tongji hall New York exchange $10 $4.5 $021 million 19%

　　乐语中国 纳斯达克 7美元 7.2美元 1.09亿美元 15%

Music language Chinese nasdaq $7 to $7.2 $109 million 15%

　　安防科技 纽约交易所 6.5美元 59%

Security science and technology New York exchange $6.5 59%

　　泰富电气 纳斯达克 12.3美元 24美元 7.5亿美元 20%

Thai rich electrical nasdaq $12.3 $24 $750 million 20%

　　环球雅思 纳斯达克 10.5美元 11美元 2.94亿美元 105%

Global ielts nasdaq $10.5 $11 $294 million 105%

　　盛大 纳斯达克 11美元 41美元 1.17亿美元 24%

Grand nasdaq $11 $41 $117 million 24%

　　小肥羊 香港联交所 3.18港元 6.5港元 44.35亿港元 30%

Little sheep the Hong Kong stock exchange hk $3.18 hk $6.5 hk $4.435 billion 30%

　　阿里巴巴B2B 香港联交所 13.5港元 13.5港元 190亿港元 46%

Alibaba B2B the Hong Kong stock exchange hk $13.5 hk $13.5 hk $19 billion 46%

　　分众 纳斯达克 17美元 27美元 35亿美元 15.48%

Points the nasdaq is $17 $27 $3.5 billion 15.48%

　　傅氏科普威 纳斯达克 2.83美元 9.5美元 26%

Fourier science wei nasdaq $2.83 $9.5 26%

　　千方科技 纳斯达克 6.1美元 5.8美元 28%

One thousand square technology nasdaq $6.1 $5.8 28%

　　上海康鹏化学 纽约交易所 9美元 8.1美元 1.4亿美元 27%

Shanghai KangPeng chemical New York exchange $9 $140 million $8.1 27%