Lex專欄 牛市驅動的中概股迴歸潮
Home is where the money is, for now. On Wednesday, internet security software maker Qihoo became the latest US-listed Chinese company to receive a buyout offer from investors and management — the 14th this year.
眼下，家鄉就是財富之鄉。週三，互聯網安全軟件製造商奇虎360(Qihoo 360)成爲了在美國上市的中國公司中，最新一家收到投資者和管理層私有化要約的企業，也是今年的第14家。
The reason is clear. US-listed entities have been left behind while a bull market rages in China. Many trade on a sorry 20 times 2016 earnings forecasts, or less; the tech-heavy Shenzhen index is on a giddy 33. The incentive that drove Chinese companies to seek US listings — higher valuations — has been reversed. Companies taken private can relist at higher valuations back home, as Focus Media has done. So more buyouts are likely. Other groups with market values under $5bn include education provider New Oriental Education and the recruiter 51Job.
原因顯而易見。在中國牛市背景下，在美國上市的股票被甩在了身後。以2016年預期盈利計算，很多中概股的市盈率只有20倍，甚至更少，令人唏噓；而以技術股爲主的深證指數卻達到令人目眩的33倍。驅使中國企業在美國上市的動機是追求更高的估值，如今形勢已經逆轉。私有化的公司可以回中國以更高的估值再次上市，分衆傳媒(Focus Media)就是這樣做的。因此，可能還會有更多的中概股進行私有化。其他市值在50億美元以下的集團包括教育服務機構新東方教育科技集團(New Oriental Education and Technology Group)以及招聘機構前程無憂(51Job)。Of course, if the Chinese rally turned into a rout, the corporate diaspora will miss the US market’s relative stability.
當然，如果中國的上漲行情變爲崩盤，迴歸國內的中概股將會懷念美國市場相對穩定的行情。
But you can’t go home again, again.
但是，你無法一次又一次地迴歸。
