股權融資

Lex_Sinositis

Nobody loves them and many actively despise them. It is just as well that so many Chinese companies that listed in the US through reverse mergers are trying to get out. Closing this chapter in the story of corporate China’s growing engagement with the rest of the world cannot come soon enough.

So-called “advisers” promised the glamour of a New York listing to smallish Chinese companies that either did not understand the importance of corporate governance or simply wanted the money. Egregious examples of each have poisoned the well for all: since their peak at the end of 2009, Chinese reverse-merger stocks have dropped by more than two-thirds, according to a Bloomberg index, aided by short sellers, fears of fraud and poor liquidity. By contrast, an index of the largest US-listed Chinese groups – the likes of Baidu, Sinopec and China Mobile – is up by 10 per cent. Smaller US companies, with which the reverse mergers are more comparable, have gained a fifth.

Take-private offers worth nearly $3bn are pending and almost $4bn have already been completed, according to Dealogic. But premiums have dropped. From almost 50 per cent in 2009, they are averaging 38 per cent this year. Money will be lost but getting out at least draws a line under unhappy experiences.

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