2010年中国概念股赴美上市“井喷”到如今中概股退市私有化成风，短短两年，中概股就经历了“冰火两重天”。投中集团昨日发表的报告显示，今年以来已经有12家在美国市场的中概股宣布了私有化方案。

In 2010, the Chinese concept stock listed on the United States“blowout”Up to now are in stock delisted privatisation common practice，Just two years，Will the stock has gone through“Between sultry”。Hit group report, published yesterday，Since this year has been a dozen in the United States in the market shall share announced the privatization scheme。

退市风潮仍将延续 To withdraw from the market trend will continue

　　2010年是中国概念股赴美上市的“井喷年”，共有43家中国企业在纽交所和纳斯达克上市，创下历史新高，2011年的内忧外患使海外资本市场的大门缓缓关闭，中概股赴美IPO也一路降温，全年仅11家企业上市。

2010 is the Chinese concept stock to the public“Blowout years”，With 43 Chinese companies in the nyse and listed on nasdaq，Hitting record highs，2011 years of state of flux make overseas capital market door closed slowly，In the United States will share IPO also cool all the way，The only 11 listing of a company。

　　根据罗仕证券统计显示，2011年，共有22家在美上市的中国概念公司宣布或者完成私有化退市。

According to the LuoShi securities statistics show，In 2011,，A total of 22 home in the United States listed Chinese concept company announced or complete privatisation delisted。

　　今年以来，市场行情更加惨淡，登陆美国市场的只有唯品会一家企业。与此同时，接连有中概股宣布私有化或被迫退市。

Since this year，Market more gloomy，In the American market is only product will be a enterprise。At the same time，After the stock will have announced that privatization or forced to withdraw from the market。

　　投中集团数据则显示，今年以来共有12家在美国市场的中概股宣布私有化方案。

Hit group data is display，Since this year a total of 12 home in the United States in the market shall share announced that privatization scheme。

　　投中集团高级分析师冯坡认为，对于近期的中概股私有化风潮，分众传媒无疑将起到推波助澜作用，并将激励更多企业退市，预计未来私有化的中概股仍将以小盘股及传统行业企业为主。

Hit group senior analysts FengPo think，For the recent shall share privatisation agitation，Points all the media will undoubtedly play a role，And will encourage more enterprise delisted，The expected future privatization in almost shares will still in the small dish stock and traditional industry enterprise is given priority to。

　中概股频遭“猎杀” Will share in PinZao“hunt”

　　去年二季度以来，中国概念股频频遭到做空机构质疑，财务造假丑闻也使投资者对中国企业产生不信任情绪；部分互联网企业估值过高引发“泡沫论”，以及对“VIE”结构是否合法、中国企业是否诚信的争论一直延续，再加上美国经济复苏缓慢、欧债危机等因素影响，美国股票市场市况不佳，整个中概股板块经历了多次快速下滑。

Since the second quarter of last year，Chinese stocks were frequently do empty mechanism question，Financial fraud scandals also make investors to Chinese enterprises produce distrust；Part of the Internet by enterprise valuation is too high“Bubble theory”，and“VIE”Structure is legal、Chinese enterprises have integrity of debate has been extended，Combined with the economic recovery is slow、The impact of factors such as the European debt crisis，The U.S. stock market market not beautiful，The whole is stock plate experienced repeated rapid decline。

　　自从去年遭到做空机构频频“猎杀”以来，在美国上市的中概股一直处于“偃旗息鼓”的状态。无论是从新股IPO的数量及规模，以及上市后股价表现来看，均无法再现2010年时的盛况。

Since last year was empty institutions do again and again“hunt”since，In the United States listed in almost shares have been“11-year old”state。Whether from the number of new IPO and scale，And after listed stock performance to see，Are not reproduce 2010 grand occasion。

　　一些遭到做空的企业无法继续满足上市要求而被迫退市，而更多的企业则选择了主动私有化退市。

Some were do empty enterprise is unable to continue to meet listing requirements and was forced to withdraw from the market，And more enterprises can choose active privatisation delisted。

　　去年以来，包括盛大、环球天下等在内的在美上市的中概股，以及在港上市的阿里巴巴网络有限公司，都加入了私有化退市的浪潮。

Since last year，Including grand、Global world, in the beautiful listed in almost shares，Listing in Hong Kong and the alibaba network co., LTD，Joined the privatization delisted tide。

　　清科研究中心高级分析师张亚男表示，盛大、阿里巴巴和分众传媒的相继私有化对行业企业具有标杆性的示范作用。

Clear division research center zhang senior analyst said，grand、Alibaba and points the media after privatization of industry enterprise has the benchmarking sex demonstration effect。

　　新京报记者 沈玮青

The Beijing news reporter ShenWei green

　　个案回顾 Case review

　　盛大23亿美元成功私有 Grand $2.3 billion successful private

　　2012年2月，盛大网络宣布私有化建议获得公司董事会通过，首席执行官陈天桥宣布以每存托股41.35美元的价格收购盛大网络在美发行的存托股份，交易估价约为23亿美元。

In February 2012，Shanda network announced privatisation proposals to get the board of directors of the company through the，The chief executive announced ChenTianQiao per depository shares the $41.35 price for the acquisition of grand network in hair done depository shares，Trading estimate of $2.3 billion。

　　十年前，陈天桥凭借一部史无前例的网络游戏《传奇》成为创造财富的黑马。江南春曾称赞陈天桥给他的启示，“总是去创造全新的产业，而不是和别人在一条道上挤”。

Ten years ago，ChenTianQiao with a unprecedented network game《legend》Become a dark horse to create wealth。JiangNaChun had praised ChenTianQiao to his revelation，“Always to create new industry，And not with others on a road crowded”。

　　2011年，陈天桥的盛大网络遭受重击，截至2011年第二季度，盛大网络运营利润率仅有5%，连续六个季度下降，逼近亏损的边缘。

In 2011,，ChenTianQiao the grand network suffer devel，By the second quarter of 2011，Shanda network operating profit rate is only 5%，Six consecutive quarter of decline，Approaching the edge of the loss。

　　陈天桥选择了一种休克式的疗法将公司私有化，退出纳斯达克市场。

ChenTianQiao chose a shock type therapy will company private，Exit the nasdaq market。

　　就在盛大离开纳斯达克仅半年时间，江南春也走上了退市的道路。（张轶骁）

In big leave the nasdaq only half a year time，JiangNaChun is also going to the back of the city road。（ZhangYi Xiao）

战略转型 阿里港股退市 The strategic transition ali stocks delisted

　　除美国市场外，香港上市的阿里巴巴网络有限公司和小肥羊也于今年宣布了私有化计划，其中阿里巴巴的私有化尤为引人关注。

In addition to the U.S. market outside，Hong kong-listed alibaba network co., LTD. And little sheep in the privatization plan announced this year，The alibaba's privatisation is particularly remarkable。

　　今年2月，阿里巴巴集团宣布将以每股13.5港元的价格回购上市公司约26%的股份，预计将耗资约190亿港元。该计划于5月25日在阿里巴巴网络股东大会以95.46%的赞成票通过。6月20日，阿里正式摘牌。

February，Alibaba group announced that will be the price of hk $13.5 per share buyback listed company about 26% of the shares，Is expected to cost about hk $19 billion。The plan on May 25 in alibaba network shareholders' meeting with 95.46% of the affirmative vote through。June 20,，Ali officially removed。

　　阿里巴巴公告称，推动私有化是为了让阿里巴巴实行战略转型升级，并给小股东一个变现投资收益的机会。阿里巴巴集团董事局主席马云表示，私有化后，该公司可以免于承受作为上市公司所需面临的压力，比如市场预期、盈利预期、股价波动等等。阿里巴巴集团有了更大的自由度，去制定对客户最有利的长远规划。（沈玮青）

Alibaba announcement to say，Promote the privatization is to let alibaba implement strategy transformation and upgrade，And give small shareholders a realizable investment income opportunities。Alibaba group chairman of the board Mr Ma says，After privatization，The company may from bear as a public company required pressure，Such as the market is expected to、Earnings expectations、Share price fluctuation and so on。Alibaba group have more freedom，To make to the customer the most advantageous long-term planning。（ShenWei green）