Takes stock split VIE home mad, the biggest cost is the 'Time' dark horse, said: This year, A-share market is bullish, shall share in return, such as Focus Media, Storm Technology and have to create a record, especially the latter created a total of 39 daily limit of myth, which makes US-listed ALMOST Shares from the group made \u0026 ldquo; \u0026 rdquo ;, homesick attempt to return to A-share market. Wall Street knowledge issued citing Bloomberg data, as of June 11, 12 Chinese companies listed in the US has spent $ 10.6 billion this year to buy back shares in order to seek delisting from the US stock market in order to return to A shares. But the industry believes that, although the A-share market continue to create the myth of the bull market, but there is a big bubble; and shall share in return will cost a lot of time and may even face legal risk of prosecution. Therefore we take stock collectively return is only \u0026 ldquo; look beautiful \u0026 rdquo ;. Wen | i get together and staged a black 马王瑞 privatization recently, Chinese Internet companies listed in the US have received invitations privatization.
Evening of June 9, E-House China also announced that the board had received the day of the privatization tender offer submitted by the Board Co-Chairman and CEO and director Zhou Xin Shen Peng, the official launch of the Strategic Plan E-House China privatization. On that day, the hand tour announced the signing of the privatization agreement, under the agreement, Pegasus will be $ 1.5714 per ordinary share (equivalent to $ 22 per ADS) to buy the mobile games. The next evening, Century Internet and all networks have also announced the receipt of the privatization offer. Century Internet announced that the Board has received an offer from the privatization of the company chairman and CEO Chen Sheng, Kingsoft Co., Ltd. and Tsinghua Unisplendour International. Everyone company announced the receipt of an offer from the privatization of the company chairman and CEO Chen Yizhou and COO Mrs, we plan to per American Depositary Share (ADS) 4.20 US dollars in cash to acquire the two did not already own all the issued shares of all companies . June 11, such as hotel groups, wash rice, long State Digital, including a number of concept stocks have announced privatization received invitations. In addition to science and technology than the Internet stocks, \u0026 ldquo; Rushing Home \u0026 rdquo; also spread to the biomedical and photovoltaic plate, the first week of this month, JA Solar and Mindray Medical also been discovered message intended privatization, stimulation of the message next, Mindray Medical shares rose 10.92 percent to $ 30.47, the biggest gain since August 2012. The market value of undervalued came back? Some analysts believe that the main factors stimulating the return takes stock of its market value in a foreign country be underestimated. In "tales of vesperia cosplay " gaming stocks, for example, in the domestic market of the Kunlun World Wide Web market value of 43.655 billion yuan (about 7.037 billion US dollars), more than a grand, perfect, China hand travel, the total market value of shares of a number of game companies like music almost funny.
In addition, the backdoor Hongda New Material Focus Media shares ultimately assessed value of 49.632 billion yuan, compared to Nasdaq delisting when the market value has nearly doubled; and Storm Technology emerged after listing a total of 39 daily limit, the latest closing price of 279.6 yuan, the total market value of 33.552 billion yuan, market value of nearly Youku potatoes, equivalent to 7.7 Thunder. So, the market value of these companies in the United States is really underrated yet? Tiger king York special securities analysts believe that planned return of A shares of Internet technology company, is not to be underestimated because the market value in the United States, but because these companies relatively marginalized in the US market financing is not strong, and the United States itself is not Chinese investment market fancy. \u0026 Ldquo; for example, the current market value of $ 51.8 billion Jingdong, 72.618 billion US dollars Baidu, Alibaba $ 217.7 billion, the Chinese Internet technology companies have a strong financing capability in the US market, and the market value is far more than in the domestic market, \u0026 rdquo ; Wang York, said, \u0026 ldquo; These industry leading companies will not come back, they have a financing capacity in the United States, whether additional or hair CB, no problem. \u0026 Rdquo; \u0026 ldquo; those positions in the cosplay costumes for sale vertical segments do not do boss, the second, and often not fancy foreign investors, resulting in market capitalization is relatively low,
such as Ctrip's market capitalization is currently $ 10.89 billion, went to where the market value to $ 5.483 billion, but like eLong was only $ 653 million, so the final acquisition Ctrip eLong to become "digimon cosplay costumes " its largest shareholder is also expected. \u0026 Rdquo; Moreover, China plans to return to A shares of the company, and similar companies are often valued contrast, \u0026 ldquo; if there is a clear contrast objects, but the valuation of a lot worse, it is very power back between the two, such as Thunder (market value $ 951 million), Dr. Peng (62.08 billion yuan or about 10 billion US dollars) Century Internet (market value $ 1,822,000,000) and the A shares of comparison, the first two business great, but the latter is much worse than the market value. \u0026 Rdquo; return to the road twists and turns to remove the causes of shares in almost outside itself, the way in which the return of A shares is far from smooth, where time costs, capital costs, legal risks are all enterprises have to face problems. Tiger Securities contributing analyst said stocks shall share from the return of A shares is mainly related to the delisting from the US stock market, dismantling VIE structure and A-share listed three main phases. Under normal circumstances, privatization delisting generally takes about six months, while the removal of VIE structure approximately 4-7 months, A-share IPO public offering of about 60 weeks, the difference is specific to an individual company may be relatively large.
This cycle is short, then to two years long, then have in 2034, and in the domestic IPO might have to queue or faced with the registration system, in which there are many uncertain factors, coupled with this round of A-share market bull; \u0026 ldquo Quotes necessarily last long, so if in fact these companies have good financial capability in the United States, it is also not willing to come back. \u0026 Rdquo; in addition to the time cost, shall share delisting from the United States also faces high cost of capital, according to the US SEC requirements, proposed to acquire the outstanding shares of shareholders need to privatize all the cash. Since the Offeror must provide a period of time based on the share price premium, it may reach the purpose to repurchase shares of minority shareholders, the financial pressure which means shareholders will be doubled. In addition, when the company needs to pay agency in the United States a lot of costs, is the same when the delisting. As the privatization of the first unit, Pacific Electric delisting can be described as vigorous year. Listing 6 years, the Pacific Electric's net financing amounted to $ 120 million, but the money needed delisting up $ 450 million. A go back, this alone lost $ 330 million. Moreover, the procedure takes shares in return also face the risk of legal proceedings. Statistics show that the privatization of the most easy to arouse investor solicitation price prosecution, in addition to pricing, concept stocks will encounter data, such as financial fraud, undisclosed related party transactions, as well as sensitive and easily offended US investor problems. This one has a malicious short short structure, part of the non-existence of the fact that the integrity of the enterprise, there are indeed problems. Thus, in the privatization process, which takes stock inevitable to go through legal channels. Well-known financial writer leatherback sea Chau recently wrote that concept stocks are not all flowers bring back the negative impact of their return also need attention. For example, takes stock return of A shares, A-share figure is higher earnings and speculation, rather than the standard management of the stock market, so the starting point itself is not true, is not conducive to the development of A-share market. In addition, a number of investors that China's stock market rally is bringing foam. Janus Capital Group, Bill \u0026 middot; Gross recently said, \u0026 ldquo; technology stocks gathered in Shenzhen stock market will be the next important goal short of investors. According to the reported results, the price-earnings ratio as high as 715 times Storm technology, far more than the Internet giant Alibaba last year in the United States, which is only 55 times. \u0026 Rdquo; the consequences brought about by the stock market bubble burst, far from listed companies and investors will be able to afford. The first set of comparative data: takes stock of high-cap small-cap market capitalization VS where to Ctrip $ 5,483,000,000 $ 10,890,000,000 $ 51,800,000,000 Baidu Jingdong $ 72,618,000,000 $ 217,703,000,000 Alibaba low market capitalization of $ 136 million long Taomi State Digital 152 million Thunder $ 951 million to $ 1.515 billion US dollars for all the company $ 1.822 billion Internet century second set of comparative data: the valuation of similar companies takes shares PK A shares shall share Youku potatoes $ 4.922 billion A shares Letv 122.4 billion yuan = $ 197.1649 shall share in the Chinese media $ 082 million A shares in Chinese media 45.224 billion yuan = 72.8479 one hundred million US dollars Disclaimer: The author Rui, edited by i dark horse, the article is original, i horse Rights Reserved For reprint please contact zzyyanan authorization. Unauthorized Bhd. 2015 Dark Horse Competition National projects Application hot in Shanghai, Chengdu, Hangzhou, Nanjing, Wuhan and other cities lie after another opening, the Shanghai Railway Station end of June and the cultural and creative industries O2O special race, project registration, please click on the image below into the dark horse contest!