⊙记者 朱方舟 ○编辑 阮奇

⊙ reporters zhu ○ ark RuanJi editor

　　分众传媒的一纸私有化要约再次引爆中概股私有化热情。

Points all the media a paper privatization offer blew again in almost shares privatisation enthusiasm。

　　罗仕证券一组数据显示，从2010年4月至今年5月，有33家在美上市中概股公司宣布私有化交易，其中14家已经完成，2家终止，17家正在进行中。有PE界人士预测，在未来的12个月，会有更多中概股寻求私有化退市。

LuoShi securities a set of data display，From April 2010 to in May this year，33 home in the United States is in the listed shares of the company announced that privatization trading，14 home has been completed，Two termination，17 home is underway。Have PE professions prediction，In the next 12 months，There will be more will share in seeking privatisation delisted。

　　与之相比，A股私有化案例则不多见。据粗略统计，截至目前A股共有7只股票通过私有化退市，且全部发生在两家国资大型石油化工企业身上——中国石油和中国石化共对下属7家上市子公司实施私有化退市。其中，中国石油2006年通过私有化方式，将上市公司锦州石化和辽河油田纳入麾下，后两者成为国内首批被私有化并主动终止上市的企业。

Compared with，A shares privatization case is rare。According to rough statistics，So far A shares were 7 stock through privatization delisted，And all happened in two large petrochemical enterprise, salt - China petroleum and China petrochemical with the subordinate seven listed subsidiary implementation privatisation delisted。the，China's oil 2006 through privatization way，Will the listed company jinzhou petrochemical and liaohe oilfield into now，They become the first be privatised and actively terminated listed enterprise。

　　上市公司之所以被私有化，一般主要有四个动因：一是出于控股股东战略调整、资源整合的需要，对上市公司的资源进行重新配置；二是企业的价值被长期低估，股价无法真正反映出企业的价值，控股股东以低价收购有利可图；三是控股股东对上市公司未来发展前景看好，私有化后可以独享成长的收益；四是因市场环境及企业自身因素，企业无法在市场实现再融资，反而需每年支付一定的上市维持费用以及面临着公众监管的压力，有出无入。

Listed companies are privatisation，Generally there are four main reason：One is from the controlling shareholder strategic adjustment、The need of resources integration，To the listed company's resource reconfiguration；The second is the value of the enterprise is long-term underestimate，Share price cannot really reflect the value of the enterprise，The controlling shareholders to low-cost acquisition profitable；The third is the controlling shareholder of the listed company, and the future development prospects look good，After privatization can be exclusive to growth of income；4 it is because of the market environment and the enterprise own factors，Enterprise in the market can't achieve refinancing，But each year to pay a certain public support cost and faced with the pressure of public supervision，Have no in the。

　　有异于中概股公司私有化退市的是，A股市场发生的私有化，无论是中石油还是中石化对其旗下上市公司的私有化，都是以战略整合为主要出发点。长城证券并购部总经理尹中余认为，在目前的发行机制下，A股公司不太可能因市场化原因而实施私有化退市。

Have different in almost shares of the company privatization delisted is，A-share market happen privatisation，Whether in oil or sinopec the listed company under the privatization，Are strategic integration as the main starting point。The Great Wall securities mergers and acquisitions department general manager Yin more than in that，In the current issue mechanism，A shares of the company is unlikely to cause because of marketization and privatization implementation to withdraw from the market。

　　海外普遍的“私有化”现象，为何在中国A股突显出不可复制性？归结原因，主要基于三点：首先，国内外市场估值差异较大，A股上市公司基本都高估值、高溢价，不存在价值被长期低估的风险，“尤其是对小盘股、绩差股，结构性高估严重。”尹中余称。其次，虽然退市新政出台，填补了A股市场制度的短板，但对于濒临退市A股公司而言，由于壳资源价值不菲，一般公司都会选择卖壳资产回购的退市方式，取代私有化。最后，A股的发行制度并不完善，上市公司的资格成为一种行政审批下的牌照稀缺资源。而在海外，登陆资本市场的门槛低，交易活跃度高，市场化意识强，上市、退市属于正常的资本运作。

Overseas common“privatisation”phenomenon，Why in China's A shares underlines the duplicated sex？Reason comes down，Based on three main：first，Domestic and international market valuation differences，A-share listed companies are basic high valuations、High premium，Does not exist value has been underestimated risk for a long time，“Especially for the small dish stock、Performance difference shares，Serious structural overvalued。”Yin said more than in。second，Although the city New Deal back on，Fill the A share market system of short plate，But for on the verge of delisted a-share companies，Due to shell resource value does not poor，General company will choose to sell shell assets its way to withdraw from the market，Replace privatization。finally，The issue of A shares system is not perfect，The listed company qualifications become one kind of administrative examination and approval of the licence scarce resources。In overseas，On the threshold of the capital market low，Transaction active degree is high，Strong sense of marketization，listed、Delisted belong to normal capital operation。

　　值得一提的是，虽然B股存在价值低估的状况，但也鲜见私有化退市现象。为此，尹中余表示，目前B股市场中优质公司甚少，针对被低估的情况，大股东通常会采取回购上市公司股份的方式。“就闽灿坤B而言，其大股东若是在退市危机爆发前实施对公司的私有化，回购价格很有可能亦是处于高估状态。”他如是说。

It is，Although B shares being value underestimate situation，But also rare privatisation delisted phenomenon。therefore，Yin said more than in，At present B shares market quality company very little，According to the situation of undervalued，Big shareholders will usually take repurchase shares of a listed company way。“Is fujian tsann kuen for B，If the big shareholders in delisted crisis before the outbreak of the implementation of the company's privatisation，If the repurchase price is very likely also is in a state of overvalued。”He said。