美国资本市场,想清楚了再去玩

美国资本市场,想清楚了再去玩
2012年03月17日,来源:解放网-解放日报 ,记者 郭艺珺 唐烨
  没有永远的朋友,也没有永远的敌人。这句话,再也适合不过优酷和土豆的“闪婚”了。

  3月12日,曾经的竞争对手——视频网站优酷与土豆宣布签订最终协议,将以100%换股方式合并,组建新公司“优酷土豆股份有限公司”。上市仅7个月,土豆即实现换股合并,并获得新公司28.5%的股权,同时,将在纳斯达克退市。

  在资本市场中,每天都在演绎着不同的上市、退市故事。对“土豆”那些远赴海外上市,又频频退市的中国企业来说,是不进则“退”的无奈,或是以“退”为进的战略,还是“退”思补过的决心?

  宿敌“闪婚”,土豆谢幕

  几乎从优酷自2006年成立开始,其与王微带领的土豆网之间的竞争,就从未停止过。抢融资、抢上市、抢版权,谁是中国视频领域的老大?去年底,两家为台湾综艺节目《康熙来了》而对簿公堂。没想到,六年“恩怨”,最终以和亲收场。

  说是合并,其实,就相当于优酷收购了土豆。

  截至美东时间,3月9日收盘,优酷在纳斯达克收报为25.01美元,总市值28.5亿美元;土豆股价为15.39美元,总市值4.364亿美元。也就是说,按照市值计算的话,土豆只占新公司总市值的13.2%;合并协议宣布,土豆拥有新公司约28.5%的股份。

  显然,土豆在新公司失去了控制权,股票溢价赚大了,换来了金钱。

  此项交易的积极影响立刻在资本市场体现:优酷与土豆的股价,在交易宣布当日,分别飙升27.35%,和156.53%。

  另有统计表示:按土豆每股美国存托股票 (ADS)兑换1.595股优酷ADS计算,土豆合并后的股价价值将达39.89美元,较目前的股价溢价159%。

  土豆的市值已较上市前大幅增长,实现投资价值最大化的土豆股东,无疑是此次交易的最大赢家。

  “优酷土豆”宣布合并后,土豆成为近年来由于同行业企业吸收合并,在境外资本市场退市的又一家中国企业。

  最近一年,已有BMP太阳石和环球雅思等多家企业,先后通过吸收合并,在美国资本市场退市,易居中国针对中国房产信息的要约收购,仍在进行之中。

  就在土豆“谢幕”前一个月,盛大网络和阿里巴巴——这两家中国互联网企业,因“私有化”而告别美国股市。

  2012年2月14日,盛大网络公司特别股东大会多数股东投票赞成、批准了CEO陈天桥拟23亿美元,收购盛大在美发行股份的提议,这让历时4个月的盛大私有化一事,终于尘埃落定;陈天桥成了中国互联网业自创公司在美国资本市场上私有化退市第一人。其理由是,私有化后,公司将不再有资本市场对业绩短期营收、利润等的压力,可以踏实去做好长线业务布局,按照自己看好的方向,走得更加自由和顺利。

  阿里巴巴集团董事局主席马云给出的私有化理由是,随着国内外经济环境的进一步严峻,特别是中,小企业在面临原材料、汇率、劳动力成本等巨大压力下,B2B的业务模式面临巨大挑战,需要加快转型和升级,将阿里巴巴私有化,可让企业减轻压力,制定对客户最有利的长远规划。

  互联网实验室董事长方兴东犀利地指出:阿里巴巴B2B业务私有化,堪称马云高招,以发行价,完成B2B私有化,相当于5年使用十几亿美元无息贷款。随后,解决雅虎问题,再也不需发布公告。 “清掉雅虎再上市,阿里巴巴可以再融天文数字。 ”

  中欧国际工商学院教授丁远认为,一些企业通过回购美股实行私有化,与股价过低,也有一定关系。大股东看好自己公司的业务,市场预期却没有那么高,股价没达到他的心理价位。于是,大股东就选择让股票退市,自己持有股票。

  “盛大、阿里巴巴的私有化,只是个例。 ”清科集团分析师张亚男向记者表示,“企业并不是以上市为最终目的。某一阶段的私有化,为的是今后的换市上市或整体上市”。

  上市退市,美股围城

  在刚刚过去的一年里,包括傅氏科普威、安防科技、泰富电气、乐语中国在内的28家在美国上市的中国企业宣布退市,在美国掀起了一股中国企业“退市潮”。美国罗仕证券统计显示,2011年以来,退市或正在进行退市的中国企业市值总额高达78亿美元。相比之下,根据英国汤森路透的数据,2011年,中国企业在美国首次公开募股(IPO)的总额,仅为22亿美元,比2010年减少了一半。

  对比之下的“进退”数据清晰可见:2011年,从美国退市的中国企业市值总额,超过了中国企业通过在美国IPO筹集的资金总额。截至2012年1月中旬,在纳斯达克上市的中国企业,还剩58家。

  中国企业千里迢迢,风光扎堆到境外市场上市,又默默退市,如此“折腾”为哪般?

  首先,股价过低。数据显示,截至2011年10月12日,已有24家中国概念股股价在1美元之下。纳斯达克规定,如果上市公司持续30个交易日,股价都低于1美元,则将面临退市警告。如果上市公司不能在90天内采取措施,扭转股价,那么,将被停止股票交易。

  “表面看,绝大部分受退市危机的中国概念股,都因股价长期低于1美元,无法满足美国上市要求。实际上,上市公司经营不善,业绩亏损严重,投资者缺乏信心,才是真正的内因。 ”美股分析师钟日昕认为。

  早在2009年,湖北武汉中能集团下辖的中国能源公司就从美国退市,成为第一家退市的中国企业。日前,中能集团董事长邓天洲在谈及退市的原因时说:“每年,除了需要100多万美元的维护费用外,更重要的是,公司价值得不到体现,美国市场无法实现继续融资的作用”。

  美国证券交易委员会(SEC)的记录显示,近年来,中国民营小企业通过“借壳上市”占领了美国股市,但它们实际上,往往不能满足最基本的融资要求。数据显示,近年,至少有11家此类企业,已从美国各大证券交易所摘牌,或者不得不停止交易,接受监管机构调查。

  据了解,对某些管理团队和私人股本集团来说,股价下跌,带来了收购企业股权、以谋求最终再度上市的机遇,以后的上市地点,可能在香港市场或A股市场——在这些地方,中国内地企业得到的估值水平,一般高于美国。

  但是,企业成功上市,并非就万事大吉。据一位在美国上市成功的企业家介绍,公司上市初,每个月,他要在美国开三天会,“不去,又不行,投行的审计师、律师告诉你:非去不可,不去,股票就要跌,因为,投资者有理由认为:你对股民不重视,要么,就是企业有问题”。

  其次,经历过最初的磨合与甜蜜,中国上市企业通常会逐渐感受到中国美国法律环境的差距,由此,产生水土不服,而“退”的,不在少数。比如,不少本土企业不习惯披露所有收入(或税收等),但这种习惯,在美国行不通。美国规定:本地税收必须与向美国SEC申报税收原则一致,最大差距不得超过10%

据咨询机构有关人士披露,中国公司这部分差距,居然能达到10倍以上,远远超过美国法定标准。

  此外,在这波中国企业“退市潮”的背后,与中国企业面临的欺诈指控不无关系。一个典型的例子,是在加拿大上市的嘉汉林业,它被指控故意夸大其林业资产值,一家名为“MuddyWaters(浑水公司)”的调查公司,指责嘉汉林业从上市以来,就持续进行欺诈。随后,嘉汉林业的股票在加拿大被停止发售。这一例子,引发了海外金融市场对中国企业的不信任浪潮,很大程度挫伤了美国投资者对中国股票的信任。在这一情况下,不少投行选择唱空中国股票。

  丁远认为,中国企业盲目海外上市,其原因,还可能是被投行“忽悠”了。投行是负责海外上市的承销商,企业海外上市了,投行才能拿到佣金。他们总是稳赚不赔的,所以,有的投行就拼命忽悠“你上市吧,现在,时机有多好,我怎么帮你包装,上市了,你有多少好处等”。弄得企业家感觉上市很容易,以为上了市,就能圈到钱,更能说的投行,能让企业家产生一种“过了这个村,就没了这个店”的幻觉。 “对一些中国企业来说,真的是很多事情都没有搞清楚,就仓促上市。别的不说,就每年海外上市的高维护费用,很多企业就都没有搞清楚。仅一家小型企业在美国上市,一年的维护费用,就高达上百万美元。 ”

  市场化,彰显资本力量

  无论是土豆去年的亏损上市,还是今年的未满一年,就匆匆退市,如果放在国内A股市场,几乎不可能。而这一进一退,恰恰反映出国内外股市的上市与退市机制的大不同。

  “我们是被逼上美股的。 ”一位选择在纳斯达克上市的中国互联网企业的CEO这样告诉媒体。在他看来,在A股上市,可获得更高市盈率,还能节省企业打响知名度的广告费用。但大部分互联网企业按照现有的上市制度,在A股是上不了市的,所以,才转投美股。因为,在美国上市,相对容易很多。

  方兴东指出,企业在国外上市,一个最大的好处是,风险投资方便退出,可以直接套现;而在国内,会有一系列的监管措施,即使套现后,资金要拿到国外,也是很困难的。

  在中国、美国上市,一般上市标准,都包括财务标准,如,总资产、净资产、净利润等,与市场化标准,如,股东人数、股价、市值、公众持股等。但中国、美国证券监管部门对上市企业的监管机制完全不同。丁远说,美国SEC主要负责审核上报公司的信息披露情况,就是看企业提供的资料、有关信息披露是否真实,但对企业的财务指标、所在行业的要求等,都非常宽松,但中国证监会的要求,就不同了,对企业的财务指标等,都有非常严格的规定。所以,你可以看到,那些尚在亏损的中国互联网企业,可以在美国上市,但在中国,按照现行规定,亏损的企业,是不可能实现上市的。

  “表面上看,美国SEC对上市企业不做太多规定,好像对投资者‘不负责任’,但其实这是美国股市高度市场化的一种体现。SEC只是裁判员,它对整个市场供需关系和定价,不履行义务,也不承担责任,它的准则是让投资者、投资市场决定企业上市成功与否。美国股市完全依赖于市场之手的调节,股价变化能够充分反映投资者‘用手投票’或‘用脚投票’的结果。如果一家企业被市场的认可度不高,即便在美国实现上市,投资者也可能不买账,企业的股价也高不了。 ”丁远说。

  美国股市上市的门槛低,但生存下来,却不容易。美国SEC对上市企业的监管非常严格,对信息披露的程度与时间,都有严格要求。不适应美国SEC的监管制度,几乎成为很多在美国上市中国企业的“通病”。那些在资本市场专挑上市公司“刺”的做空公司,也让企业在美国市场生存不易。丁远说,美国市场有做空机制,做空公司可以从做空中赚钱。它们并不是专门针对中国企业,任何存在问题的企业,它们都会找茬。不过,正是有这样的公司存在,才让众多美国上市企业必须规规矩矩地经营,而且市场上,也不会长期存在极端高估的企业。

  上市容易,退市也容易。这是从土豆等中国企业退市中,可以看出的美国股市,又一个区别于A股的特征。

  放眼全球,在相对成熟的资本市场,“有进有退”是正常现象:2009年,德国交易所新上市公司6家,退市61家;伦敦交易所新上市公司73家,退市385家;这一年,纽约交易所新上市公司94家,退市212家。在美国市场,上市企业的“大进大出”更是常态。纳斯达克市场公司退市数量非常可观,该市场在1985年初,拥有4097家上市公司,到2008年底,上市公司为2952家,1985年至2008年,共计11820家公司上市,12965家公司退市,退市数量超过了上市数量。而在1995年至2002年的八年间,包括,纽约所与纳斯达克在内的美国股市,更是创下7000多家上市公司退市的记录之最。

  武汉科技大学金融证券研究所所长董登新教授说,在退市标准上,美国股市采用了财务退市标准和市场化退市标准。除了因并购或私有化原因自动、自主退市外,比如,像土豆这样的企业,还有,美国上市公司因达不到持续挂牌的财务标准或市场化标准将会被迫退市,另外,因法人过失或违法行为,也会导致退市。

  翻阅有关资料可以看到,纽交所与纳斯达克对企业退市,有着相当明确的指标。如,纽交所主板退市标准包括,股权分散程度、股权结构、经营业绩、资产规模等指标,导致上市公司终止上市的情形,主要包括:股东数少于600个,持股超过100股以上的股东数少于400个;社会公众持有股票少于20万股或其总市值少于100万美元;最近5年连续亏损;总资产少于400万美元,且最近4年连续亏损;总资产少于200万美元,且最近2年连续亏损;连续5年不分红。而纳斯达克对不同类型公司有不同的退市标准。要维持上市地位,经营型公司必须满足:净资产不低于400万美元;公众流通股不低于75万股;公众流通股市值不低于500万美元;买方报价不低于1美元;股东不少于400个;做市商不少于2个。增长型公司必须满足:总市值不低于5000万美元,或总资产不少于5000万美元,且总收入不少于1500万美元;公众流通股不低于110万股;公众流通股市值不低于1500万美元;买方报价不低于5美元;股东不少于400个;做市商不少于4个。

  “正因为有进有退,美国股市才能吞吐自如、大浪淘沙。 ”董登新说。反观A股,退市标准形同虚设。首先,上市公司可实施“报表重组”,连续两年亏损,第三年微利,逃脱暂停上市处理,再接着亏损两年,再微利一年,如此循环往复;其次,即使上市公司连续三年亏损被暂停交易,也不意味着必然退市,上市公司在这个阶段,同样可选择“报表重组”,只要第四年微利,就可逃脱退市危机。

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美國資本市場,想清楚了再去玩
2012年03月17日,來源:解放網-解放日報,記者郭藝珺唐燁
沒有永遠的朋友,也沒有永遠的敵人。這句話,再也適合不過優酷和土豆的“閃婚”了。

3月12日,曾經的競爭對手——視頻網站優酷與土豆宣布簽訂最終協議,將以100%換股方式合併,組建新公司“優酷土豆股份有限公司”。上市僅7個月,土豆即實現換股合併,並獲得新公司28.5%的股權,同時,將在納斯達克退市。

在資本市場中,每天都在演繹著不同的上市、退市故事。對“土豆”那些遠赴海外上市,又頻頻退市的中國企業來說,是不進則“退”的無奈,或是以“退”為進的戰略,還是“退”思補過的決心?

  宿敵“閃婚”,土豆謝幕

幾乎從優酷自2006年成立開始,其與王微帶領的土豆網之間的競爭,就從未停止過。搶融資、搶上市、搶版權,誰是中國視頻領域的老大?去年底,兩家為台灣綜藝節目《康熙來了》而對簿公堂。沒想到,六年“恩怨”,最終以和親收場。

說是合併,其實,就相當於優酷收購了土豆。

截至美東時間,3月9日收盤,優酷在納斯達克收報為25.01美元,總市值28.5億美元;土豆股價為15.39美元,總市值4.364億美元。也就是說,按照市值計算的話,土豆只佔新公司總市值的13.2%;合併協議宣布,土豆擁有新公司約28.5%的股份。

顯然,土豆在新公司失去了控制權,股票溢價賺大了,換來了金錢。

此項交易的積極影響立刻在資本市場體現:優酷與土豆的股價,在交易宣布當日,分別飆升27.35%,和156.53%。

另有統計表示:按土豆每股美國存託股票(ADS)兌換1.595股優酷ADS計算,土豆合併後的股價價值將達39.89美元,較目前的股價溢價159%。

土豆的市值已較上市前大幅增長,實現投資價值最大化的土豆股東,無疑是此次交易的最大贏家。

“優酷土豆”宣布合併後,土豆成為近年來由於同行業企業吸收合併,在境外資本市場退市的又一家中國企業。

最近一年,已有BMP太陽石和環球雅思等多家企業,先後通過吸收合併,在美國資本市場退市,易居中國針對中國房產信息的要約收購,仍在進行之中。

就在土豆“謝幕”前一個月,盛大網絡和阿里巴巴——這兩家中國互聯網企業,因“私有化”而告別美國股市。

2012年2月14日,盛大網絡公司特別股東大會多數股東投票贊成、批准了CEO陳天橋擬23億美元,收購盛大在美髮行股份的提議,這讓歷時4個月的盛大私有化一事,終於塵埃落定;陳天橋成了中國互聯網業自創公司在美國資本市場上私有化退市第一人。其理由是,私有化後,公司將不再有資本市場對業績短期營收、利潤等的壓力,可以踏實去做好長線業務佈局,按照自己看好的方向,走得更加自由和順利。

阿里巴巴集團董事局主席馬雲給出的私有化理由是,隨著國內外經濟環境的進一步嚴峻,特別是中,小企業在面臨原材料、匯率、勞動力成本等巨大壓力下,B2B的業務模式面臨巨大挑戰,需要加快轉型和升級,將阿里巴巴私有化,可讓企業減輕壓力,制定對客戶最有利的長遠規劃。

互聯網實驗室董事長方興東犀利地指出:阿里巴巴B2B業務私有化,堪稱馬雲高招,以發行價,完成B2B私有化,相當於5年使用十幾億美元無息貸款。隨後,解決雅虎問題,再也不需發佈公告。 “清掉雅虎再上市,阿里巴巴可以再融天文數字。 ”

中歐國際工商學院教授丁遠認為,一些企業通過回購美股實行私有化,與股價過低,也有一定關係。大股東看好自己公司的業務,市場預期卻沒有那麼高,股價沒達到他的心理價位。於是,大股東就選擇讓股票退市,自己持有股票。

“盛大、阿里巴巴的私有化,只是個例。 ”清科集團分析師張亞男向記者表示,“企業並不是以上市為最終目的。某一階段的​​私有化,為的是今後的換市上市或整體上市”。

  上市退市,美股圍城

在剛剛過去的一年裡,包括傅氏科普威、安防科技、泰富電氣、樂語中國在內的28家在美國上市的中國企業宣布退市,在美國掀起了一股中國企業“退市潮”。美國羅仕證券統計顯示,2011年以來,退市或正在進行退市的中國企業市值總額高達78億美元。相比之下,根據英國湯森路透的數據,2011年,中國企業在美國首次公開募股(IPO)的總額,僅為22億美元,比2010年減少了一半。

對比之下的“進退”數據清晰可見:2011年,從美國退市的中國企業市值總額,超過了中國企業通過在美國IPO籌集的資金總額。截至2012年1月中旬,在納斯達克上市的中國企業,還剩58家。

中國企業千里迢迢,風光扎堆到境外市場上市,又默默退市,如此“折騰”為哪般?

  首先,股價過低。數據顯示,截至2011年10月12日,已有24家中國概念股股價在1美元之下。納斯達克規定,如果上市公司持續30個交易日,股價都低於1美元,則將面臨退市警告。如果上市公司不能在9​​0天內採取措施,扭轉股價,那麼,將被停止股票交易。

“表面看,絕大部分受退市危機的中國概念股,都因股價長期低於1美元,無法滿足美國上市要求。實際上,上市公司經營不善,業績虧損嚴重,投資者缺乏信心,才是真正的內因。 ”美股分析師鐘日昕認為。

早在2009年,湖北武漢中能集團下轄的中國能源公司就從美國退市,成為第一家退市的中國企業。日前,中能集團董事長鄧天洲在談及退市的原因時說:“每年,除了需要100多萬美元的維護費用外,更重要的是,公司價值得不到體現,美國市場無法實現繼續融資的作用”。

美國證券交易委員會(SEC)的記錄顯示,近年來,中國民營小企業通過“借殼上市”佔領了美國股市,但它們實際上,往往不能滿足最基本的融資要求。數據顯示,近年,至少有11家此類企業,已從美國各大證券交易所摘牌,或者不得不停止交易,接受監管機構調查。

據了解,對某些管理團隊和私人股本集團來說,股價下跌,帶來了收購企業股權、以謀求最終再度上市的機遇,以後的上市地點,可能在香港市場或A股市場——在這些地方,中國內地企業得到的估值水平,一般高於美國。

但是,企業成功上市,並非就萬事大吉。據一位在美國上市成功的企業家介紹,公司上市初,每個月,他要在美國開三天會,“不去,又不行,投行的審計師、律師告訴你:非去不可,不去,股票就要跌,因為,投資者有理由認為:你對股民不重視,要么,就是企業有問題”。

其次,經歷過最初的磨合與甜蜜,中國上市企業通常會逐漸感受到中國美國法律環境的差距,由此,產生水土不服,而“退”的,不在少數。比如,不少本土企業不習慣披露所有收入(或稅收等),但這種習慣,在美國行不通。美國規定:本地稅收必須與向美國SEC申報稅收原則一致,最大差距不得超過10%

據諮詢機構有關人士披露,中國公司這部分差距,居然能達到10倍以上,遠遠超過美國法定標準。

此外,在這波中國企業“退市潮”的背後,與中國企業面臨的欺詐指控不無關係。一個典型的例子,是在加拿大上市的嘉漢林業,它被指控故意誇大其林業資產值,一家名為“MuddyWaters(渾水公司)”的調查公司,指責嘉漢林業從上市以來,就持續進行欺詐。隨後,嘉漢林業的股票在加拿大被停止發售。這一例子,引發了海外金融市場對中國企業的不信任浪潮,很大程度挫傷了美國投資者對中國股票的信任。在這一情況下,不少投行選擇唱空中國股票。

丁遠認為,中國企業盲目海外上市,其原因,還可能是被投行“忽悠”了。投行是負責海外上市的承銷商,企業海外上市了,投行才能拿到佣金。他們總是穩賺不賠的,所以,有的投行就拼命忽悠“你上市吧,現在,時機有多好,我怎麼幫你包裝,上市了,你有多少好處等”。弄得企業家感覺上市很容易,以為上了市,就能圈到錢,更能說的投行,能讓企業家產生一種“過了這個村,就沒了這個店”的幻覺。 “對一些中國企業來說,真的是很多事情都沒有搞清楚,就倉促上市。別的不說,就每年海外上市的高維護費用,很多企業就都沒有搞清楚。僅一家小型企業在美國上市,一年的維護費用,就高達上百萬美元。 ”

  市場化,彰顯資本力量

無論是土豆去年的虧損上市,還是今年的未滿一年,就匆匆退市,如果放在國內A股市場,幾乎不可能。而這一進一退,恰恰反映出國內外股市的上市與退市機制的大不同。

“我們是被逼上美股的。 ”一位選擇在納斯達克上市的中國互聯網企業的CEO這樣告訴媒體。在他看來,在A股上市,可獲得更高市盈率,還能節省企業打響知名度的廣告費用。但大部分互聯網企業按照現有的上市製度,在A股是上不了市的,所以,才轉投美股。因為,在美國上市,相對容易很多。

方興東指出,企業在國外上市,一個最大的好處是,風險投資方便退出,可以直接套現;而在國內,會有一系列的監管措施,即使套現後,資金要拿到國外,也是很困難的。

在中國、美國上市,一般上市標準,都包括財務標準,如,總資產、淨資產、淨利潤等,與市場化標準,如,股東人數、股價、市值、公眾持股等。但中國、美國證券監管部門對上市企業的監管機製完全不同。丁遠說,美國SEC主要負責審核上報公司的信息披露情況,就是看企業提供的資料、有關信息披露是否真實,但對企業的財務指標、所在行業的要求等,都非常寬鬆,但中國證監會的要求,就不同了,對企業的財務指標等,都有非常嚴格的規定。所以,你可以看到,那些尚在虧損的中國互聯網企業,可以在美國上市,但在​​中國,按照現行規定,虧損的企業,是不可能實現上市的。

“表面上看,美國SEC對上市企業不做太多規定,好像對投資者’不負責任’,但其實這是美國股市高度市場化的一種體現。SEC只是裁判員,它對整個市場供需關係和定價,不履行義務,也不承擔責任,它的準則是讓投資者、投資市場決定企業上市成功與否。美國股市完全依賴於市場之手的調節,股價變化能夠充分反映投資者’用手投票’或’用腳投票’的結果。如果一家企業被市場的認可度不高,即便在美國實現上市,投資者也可能不買賬,企業的股價也高不了。 ”丁遠說。

美國股市上市的門檻低,但生存下來,卻不容易。美國SEC對上市企業的監管非常嚴格,對信息披露的程度與時間,都有嚴格要求。不適應美國SEC的監管制度,幾乎成為很多在美國上市中國企業的“通病”。那些在資本市場專挑上市公司“刺”的做空公司,也讓企業在美國市場生存不易。丁遠說,美國市場有做空機制,做空公司可以從做空中賺錢。它們並不是專門針對中國企業,任何存在問題的企業,它們都會找茬。不過,正是有這樣的公司存在,才讓眾多美國上市企業必須規規矩矩地經營,而且市場上,也不會長期存在極端高估的企業。

  上市容易,退市也容易。這是從土豆等中國企業退市中,可以看出的美國股市,又一個區別於A股的特徵。

放眼全球,在相對成熟的資本市場,“有進有退”是正常現象:2009年,德國交易所新上市公司6家,退市61家;倫敦交易所新上市公司73家,退市385家;這一年,紐約交易所新上市公司94家,退市212家。在美國市場,上市企業的“大進大出”更是常態。納斯達克市場公司退市數量非常可觀,該市場在1985年初,擁有4097家上市公司,到2008年底,上市公司為2952家,1985年至2008年,共計11820家公司上市,12965家公司退市,退市數量超過了上市數量。而在1995年至2002年的八年間,包括,紐約所與納斯達克在內的美國股市,更是創下7000多家上市公司退市的記錄之最。

武漢科技大學金融證券研究所所長董登新教授說,在退市標准上,美國股市採用了財務退市標準和市場化退市標準。除了因併購或私有化原因自動、自主退市外,比如,像土豆這樣的企業,還有,美國上市公司因達不到持續掛牌的財務標准或市場化標準將會被迫退市,另外,因法人過失或違法行為​​,也會導致退市。

翻閱有關資料可以看到,紐交所與納斯達克對企業退市,有著相當明確的指標。如,紐交所主板退市標準包括,股權分散程度、股權結構、經營業績、資產規模等指標,導致上市公司終止上市的情形,主要包括:股東數少於600個,持股超過100股以上的股東數少於400個;社會公眾持有股票少於20萬股或其總市值少於100萬美元;最近5年連續虧損;總資產少於400萬美元,且最近4年連續虧損;總資產少於200萬美元,且最近2年連續虧損;連續5年不分紅。而納斯達克對不同類型公司有不同的退市標準。要維持上市地位,經營型公司必須滿足:淨資產不低於400萬美元;公眾流通股不低於75萬股;公眾流通股市值不低於500萬美元;買方報價不低於1美元;股東不少於400個;做市商不少於2個。增長型公司必須滿足:總市值不低於5000萬美元,或總資產不少於5000萬美元,且總收入不少於1500萬美元;公眾流通股不低於110萬股;公眾流通股市值不低於1500萬美元;買方報價不低於5美元;股東不少於400個;做市商不少於4個。

“正因為有進有退,美國股市才能吞吐自如、大浪淘沙。 ”董登新說。反觀A股,退市標準形同虛設。首先,上市公司可實施“報表重組”,連續兩年虧損,第三年微利,逃脫暫停上市處理,再接著虧損兩年,再微利一年,如此循環往復;其次,即使上市公司連續三年虧損被暫停交易,也不意味著必然退市,上市公司在這個階段,同樣可選擇“報表重組”,只要第四年微利,就可逃脫退市危機。

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U.S. capital markets, to think clearly and then play
March 17, 2012 Source: Liberation – Liberation Daily reporter Guo Yi Jun Tang Ye
No permanent friends, no permanent enemies. This sentence is no longer suitable But Youku and potatoes “flash marriage”.

March 12, former competitors – video site Youku and Tudou announced the signing of a definitive agreement will be 100% of the stock swap merging to form the new company Youku potatoes Corporation. Listed only seven months, potatoes convertible merger, and obtained a 28.5% stake in the new company, while the Nasdaq delisting.

In the capital markets every day in the interpretation of listing, delisting story. “Potato” who went overseas listing, enterprises frequently delisting, not into the “back” helpless, or “back” into the strategic, or “retreat” to think make up the determination?

Enemies “flash marriage” potatoes curtain call

Competition between almost favorably cool since its inception in 2006, led by Wang Wei, Tudou, has never stopped. Get financing, grab the market, grab copyright, who is the boss of the field of video? Late last year, two for the Taiwan variety show “Kangxi” court. Unexpectedly, six-year “grudge”, the final and the pro-end.

Said to be merged, in fact, equivalent to Youku acquired potato.

EST, March 9 closing the Youku Nasdaq closed at $ 25.01, the total market value of $ 2.85 billion; potato price is $ 15.39, with a total market capitalization of $ 436.4 million. In other words, in accordance with the then market value, potatoes accounted for only 13.2% of the total market capitalization of the new company; merger agreement announced potato has approximately 28.5% of the shares of the new company.

Obviously, the potatoes in the new company has lost control of the stock premium earned in exchange for money.

The positive impact of this transaction is immediately reflected in the capital markets: Youku and potatoes of the stock price, the deal was announced the same day, respectively, soaring 27.35% and 156.53%.

Other statistics, said: potatoes per share American Depositary Share (ADS) to be exchanged for 1.595 shares of the Youku ADS calculation, the potatoes after the merger share price will reach $ 39.89, compared with the current share price premium of 159%.

Potatoes has a market value of the longer pre-IPO substantial increase in investment to maximize the value of potatoes shareholders, is undoubtedly the biggest winner in this transaction.

Youku potatoes “after the merger was announced, potatoes in recent years due to the same industries and enterprises merger, delisting in the overseas capital market, a Chinese company.

In the past year, the number of enterprises of the existing BMP Sunstone and Yasi has passed merger, delisting in the U.S. capital market, easy lives in China for the China Real Estate Information tender offer is still ongoing.

In potatoes “curtain call” a month ago, Shanda, Alibaba – two Chinese Internet companies, “privatization” and bid farewell to the U.S. stock market.

February 14, 2012, Shanda company Extraordinary General Meeting a majority of shareholders voted in favor of approval of the CEO Mr. Chen proposed $ 2.3 billion, the acquisition of the grand proposal of the issued shares in the United States, which makes the grand privatization of the last four months, and finally the dust has settled; Mr. Chen became China’s Internet industry to create their own company in the U.S. capital markets, privatization of the delisting first. The reason is that, after privatization, the company will no longer have the pressure of the capital market performance of short-term revenues, profits, etc., can be practical to do the layout of the long-term business in accordance with their optimistic about the direction to go more freely and smoothly.

The privatization of reasons given by Chairman of the Board of Alibaba Group Jack Ma is further grim economic environment at home and abroad, especially in small businesses in the face of the enormous pressure of the raw materials, exchange rates, labor costs, the B2B business model is facing a huge challenges need to accelerate the restructuring and upgrading, the privatization of the Alibaba allows enterprises to reduce the pressure to develop the customers the most beneficial long-term planning.

Internet laboratory, chairman of Fang Xingdong sharp that: Alibaba B2B business privatization, called Ma tactics, issue price, complete B2B privatization, which is equivalent to five years, more than a billion dollars interest-free loans. Subsequently, the solution to the Yahoo problem, no longer need to be announced. Cleared away Yahoo listing, Alibaba financial astronomical. ”

Ding Yuan, professor at the China Europe International Business School, believes that privatization of some companies by buying stocks and the stock price is too low, but also a certain relationship. The largest shareholder is optimistic about his company’s business, market expectations are not so high, the stock did not reach the psychological level. Thus, the largest shareholder of stock delisting, they hold stock.

“Shanda, Alibaba, privatization is only one example.” Zero2IPO Group analyst Zhang Yanan, told reporters that the enterprise is not listed as the ultimate goal of a certain stage of privatization, in order to change city listed or listed as a whole. ”

Listed delisting stocks siege

In the past year, including Fourier Kepu Wei, security technology, Pacific Electric, music language, including 28 Chinese companies listed in the United States announced the delisting in the United States set off a wave of Chinese enterprises “delisting tide . ” U.S. ROTH statistics show that since 2011, delisting, or ongoing delisting of the total enterprise value of up to $ 7.8 billion. In contrast, according to the British Thomson Reuters data, the total amount of 2011, Chinese enterprises in the U.S. initial public offering (IPO) of only $ 2.2 billion, compared with 2010 was reduced by half.

In contrast the “retreat” data is clearly visible: in 2011, the delisting from the U.S. enterprise market capitalization of more than Chinese companies by the total funds raised in the U.S. IPO. As of mid-January 2012, Chinese companies listed in NASDAQ, 58 left.

Chinese enterprises all the way, the scenery get together to foreign markets, but also quietly withdraw from the market, so “toss” Exceeding?

First, the share price is too low. The data show that as of October 12, 2011, already 24 Chinese concept stocks under $ 1. Nasdaq requiring listed companies for 30 trading days, the stock price below $ 1, it will face delisting warning. If the listed company within 90 days to take measures to reverse the share price will stop stock trading.

Surface, the vast majority of crisis, subject to delisting stocks are less than $ 1 stock long-term, can not meet U.S. listing requirements. In fact, the poor management of listed companies, a serious performance loss, lack of investor confidence is real internal clock day avers, Wall Street analysts.

Back in 2009, Wuhan Group under the jurisdiction of the Chinese energy companies from the United States withdraw from the market, become the first delisting of Chinese enterprises. Recently, the Group Chairman Dengtian Zhou Turning to the delisting of the reasons for that: “Every year, in addition to the need for more than 100 million U.S. dollars in maintenance costs and, more importantly, the lack of expression of the value of the company, the U.S. market can not continue to finance role. ”

U.S. Securities and Exchange Commission (SEC) records show that in recent years, Chinese private enterprises through the “backdoor listing” occupation of the U.S. stock market, but they are actually often fail to meet the most basic financing requirements. The data show that in recent years, at least 11 such companies from the major U.S. stock exchange delisting, or forced to cease trading, subject to regulatory investigation.

It is understood that some of the management team and private equity group, fell to the acquisition of an enterprise’s equity, to seek opportunities eventually re-listing after listing venue, possibly in the Hong Kong market or the A-share market – in these place, the level of valuation of the Chinese mainland enterprises is generally higher than in the United States.

However, success of market, not everything will be fine. According to a market success of entrepreneurs in the United States, in the early listing of the Company, each month, he wanted to in the United States three days, “do not go, and not, investment banks, auditors, lawyers tell you: must-see, not go, the stock would fall, because investors have reason to believe: your investors do not pay attention either enterprises “.

Secondly, after the initial run-in with the sweet, Chinese listed companies usually will gradually feel the gap of the Chinese legal environment, thus, produce acclimatized, “retire”, few. For example, many local businesses are not accustomed to the disclosure of all income (or tax), but this habit does not work in the United States. United States provides: local tax must be consistent with taxation principles of the declaration to the U.S. SEC, the maximum gap must not exceed 10%

According to the advisory body to disclose this part of the gap of the Chinese company, and actually be able to reach more than 10 times, far more than the U.S. statutory standards.

In addition, the delisting wave “behind this wave of Chinese companies, Chinese enterprises are facing fraud charges unrelated. A typical example is listed Sino-Forest in Canada, it was accused of deliberately exaggerating the value of its forestry assets, a company called “MuddyWaters (muddy water),” the investigation, accusing the Sino-Forest has been listed on the ongoing fraud. Subsequently, the Sino-Forest’s stock in Canada to stop the sale. This example, the overseas financial markets triggered a wave of Chinese companies do not trust a large extent, dampened the confidence of U.S. investors on the Chinese stock. In this case, many investment banks chose to sing the air stock.

Ding, blind Chinese enterprises listed overseas, the reason may also be investment banks, “Fudge”. Investment bank is responsible for the overseas listing of underwriters, the enterprises listed overseas, the investment bank in order to get the commission. They always can not lose, so, some investment banks desperately flicker “you listed on it, and now the time is how well and how I help you package, the market, you have the number of benefits”. Made listed on the entrepreneurs feel that the city, you can circle to the money, better said the investment bank that allows entrepreneurs to produce a “over this village, there is no shop” illusion. “Some Chinese enterprises, really is a lot of things are not clear, hastily listed. Among other things, high maintenance costs on an annual overseas listing, many companies are not clear. Only a small business in the United States market, one-year maintenance costs, up to millions of dollars. ”

Market-oriented, highlighting the power of capital

Potatoes last year’s losses listed this year, less than one year, in a hurry to withdraw from the market, if on the domestic A-share market is almost impossible. This into a retreat, it is precisely reflect the domestic and international stock market listing and delisting mechanism different.

“We are forced on the U.S. stock market, a Chinese Internet company listed on Nasdaq CEO told the media. In his view, in the A-share listed to get higher earnings, but also saving advertising costs of the enterprise to establish reputation. But the majority of Internet companies in accordance with the existing listing regime in the A-share on the city of, so to switch stocks. Because, in the United States, is relatively much easier.

Fang Xingdong pointed out that enterprises in the foreign market, one of the biggest benefits is convenient to exit the venture capital, direct cash; in the country, there will be a series of regulatory measures, even if the cash funds should get abroad, it is very difficult.

In China, the United States market, the general listing criteria, including financial criteria, such as total assets, net assets, net profit, etc., with the market standards, such as the number of shareholders, the stock price, market capitalization, public float. China, the United States securities regulatory authorities are completely different regulatory mechanisms of the listed companies. Ding said that the U.S. SEC is mainly responsible for the audit reported to the company’s information disclosure is to see the information provided by the enterprise, the information disclosed is true, but the company’s financial indicators, the industry’s requirements are very loose, but the China Securities Regulatory Commission the requirements of different company’s financial indicators, there are very strict rules. So you can see who is still loss-Chinese Internet companies can be listed in the U.S. But in China, in accordance with existing regulations, loss of business, it is impossible to achieve the listing.

“Superficially, the U.S. SEC listed companies do not do too many regulations, it seems investors ‘irresponsible’, but in fact this is a reflection of the highly market-oriented U.S. stocks The SEC is just the referee, it is the market supply and demand relations and pricing, do not fulfill their obligations, or assume responsibility for its guidelines to allow investors to the investment market to determine the enterprises listed on the success of the U.S. stock market is completely dependent on the regulation of the hand of the market, the stock price changes to fully reflect investors’ hand the results of voting ‘or’ vote with their feet ‘if a company is the recognition of the market is not high, even in the United States market, investors may not buy it, the company’s share price can not also high. “Ding said.

U.S. stocks listed on the threshold is low, but to survive, it is not easy. U.S. SEC is very strict supervision of listed companies, the extent and time of the disclosure, there are stringent requirements. Not suited to the SEC in the United States regulatory system, almost as many Chinese enterprises listed in the U.S. “common problem”. Rarity in listed companies in the capital markets the company’s short of the “thorn”, but also allow enterprises to survive in the U.S. market is not easy. Ding said the U.S. market has a short mechanism, short company can make money from doing air. They are not specific to Chinese enterprises, enterprises of any problems, they are finding fault. However, it is such a company exists only to let the U.S. listed companies must operate neatly, and the market will not exist for a long extreme overestimation of the enterprise.

Easy, listing and delisting is also easy. This can be seen from potatoes and other Chinese companies delisting in the U.S. stock market, one different from the characteristics of the A shares.

Looking at the world, in relatively mature capital market, “advance and retreat” is a normal phenomenon: In 2009, the German Stock Exchange listed companies 6, delisting 61 73; London Stock Exchange listed companies, delisting 385 ; this year, 94 of the New York Stock Exchange listed companies, delisting 212. Listed companies in the U.S. market, “into the big out” is the norm. Nasdaq delisting number of very impressive, the market in early 1985, with 4097 listed companies, to the end of 2008, listed companies for 2952, 1985-2008, a total of 11 820 companies listed, 12965 company retreat City, delisting than the listed number. In the eight years from 1995 to 2002, including the United States, including New York, the Nasdaq stock market, but also hit a record of 7,000 listed companies delisting.

Financial Securities Research Institute of Wuhan University of Science and Technology, said Professor Dong Dengxin delisting criteria, the U.S. stock market with financial delisting standards and market delisting standard. In addition to the automatic, self-delisting due to merger or privatization of reasons, such as the enterprise such as potatoes, as well as, the U.S. listed companies up to the financial standards or market do not meet the continued listing standards will be forced to withdraw from the market, in addition, result of corporate negligence or illegal acts, will lead to delisting.

Read the relevant information you can see, the NYSE and Nasdaq delisting of the enterprise, has a fairly clear indicator. Such as the NYSE Board delisting standards include indicators of the degree of dispersed ownership, equity structure, results of operations, asset size, resulting in the case of listed companies to terminate the listing, including: less than 600 shareholders, holding more than 100 shares or more shareholders less than 400; the public holding stocks is less than 20 million shares or a total market capitalization of less than $ 1,000,000; consecutive losses in the last five years; total assets of less than $ 4,000,000, and the last four years of consecutive losses; assets of less than $ 2,000,000, and the last two years of consecutive losses; for five consecutive years do not pay dividends. Nasdaq delisting standards for different types of companies have different To maintain the listing status of the operating companies must be met: the net assets of not less than $ 4 million; public the outstanding shares of not less than 75 million shares; public float market value of not less than $ 5,000,000; the bid price not less than $ 1; shareholders not less than 400; at least two market makers. Growth companies that must be met: the total market value of not less than $ 50 million or total assets of not less than $ 50 million, and the total income of less than $ 15 million; the public the outstanding shares of not less than 110 shares; public float market value is not less than $ 15 million; the bid price not less than $ 5; shareholders not less than 400; at least four market makers.

“Because of the advance and retreat, the U.S. stock market to handling ease, Ebb Tide.” Dong Teng said. In contrast to the A-share delisting standards useless. First, listed companies can be implemented Report reorganization, two years of losses, the third-year low-profit, escaped to suspend the listing of processing, followed by two years of losses, and then low-profit one year and so on ad infinitum; Second, even if three consecutive losses of listed companies is suspended from trading, does not mean the inevitable delisting of listed companies at this stage, the same may choose Report reorganization “, as long as the fourth year of low-profit, you can escape the delisting crisis.

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《美国资本市场,想清楚了再去玩》有一个想法

  1. 美国资本市场,想清楚了再去玩
    2012年03月17日,来源:解放网-解放日报 ,记者 郭艺珺 唐烨
      没有永远的朋友,也没有永远的敌人。这句话,再也适合不过优酷和土豆的“闪婚”了。

      3月12日,曾经的竞争对手——视频网站优酷与土豆宣布签订最终协议,将以100%换股方式合并,组建新公司“优酷土豆股份有限公司”。上市仅7个月,土豆即实现换股合并,并获得新公司28.5%的股权,同时,将在纳斯达克退市。

      在资本市场中,每天都在演绎着不同的上市、退市故事。对“土豆”那些远赴海外上市,又频频退市的中国企业来说,是不进则“退”的无奈,或是以“退”为进的战略,还是“退”思补过的决心?

      宿敌“闪婚”,土豆谢幕

      几乎从优酷自2006年成立开始,其与王微带领的土豆网之间的竞争,就从未停止过。抢融资、抢上市、抢版权,谁是中国视频领域的老大?去年底,两家为台湾综艺节目《康熙来了》而对簿公堂。没想到,六年“恩怨”,最终以和亲收场。

      说是合并,其实,就相当于优酷收购了土豆。

      截至美东时间,3月9日收盘,优酷在纳斯达克收报为25.01美元,总市值28.5亿美元;土豆股价为15.39美元,总市值4.364亿美元。也就是说,按照市值计算的话,土豆只占新公司总市值的13.2%;合并协议宣布,土豆拥有新公司约28.5%的股份。

      显然,土豆在新公司失去了控制权,股票溢价赚大了,换来了金钱。

      此项交易的积极影响立刻在资本市场体现:优酷与土豆的股价,在交易宣布当日,分别飙升27.35%,和156.53%。

      另有统计表示:按土豆每股美国存托股票 (ADS)兑换1.595股优酷ADS计算,土豆合并后的股价价值将达39.89美元,较目前的股价溢价159%。

      土豆的市值已较上市前大幅增长,实现投资价值最大化的土豆股东,无疑是此次交易的最大赢家。

      “优酷土豆”宣布合并后,土豆成为近年来由于同行业企业吸收合并,在境外资本市场退市的又一家中国企业。

      最近一年,已有BMP太阳石和环球雅思等多家企业,先后通过吸收合并,在美国资本市场退市,易居中国针对中国房产信息的要约收购,仍在进行之中。

      就在土豆“谢幕”前一个月,盛大网络和阿里巴巴——这两家中国互联网企业,因“私有化”而告别美国股市。

      2012年2月14日,盛大网络公司特别股东大会多数股东投票赞成、批准了CEO陈天桥拟23亿美元,收购盛大在美发行股份的提议,这让历时4个月的盛大私有化一事,终于尘埃落定;陈天桥成了中国互联网业自创公司在美国资本市场上私有化退市第一人。其理由是,私有化后,公司将不再有资本市场对业绩短期营收、利润等的压力,可以踏实去做好长线业务布局,按照自己看好的方向,走得更加自由和顺利。

      阿里巴巴集团董事局主席马云给出的私有化理由是,随着国内外经济环境的进一步严峻,特别是中,小企业在面临原材料、汇率、劳动力成本等巨大压力下,B2B的业务模式面临巨大挑战,需要加快转型和升级,将阿里巴巴私有化,可让企业减轻压力,制定对客户最有利的长远规划。

      互联网实验室董事长方兴东犀利地指出:阿里巴巴B2B业务私有化,堪称马云高招,以发行价,完成B2B私有化,相当于5年使用十几亿美元无息贷款。随后,解决雅虎问题,再也不需发布公告。 “清掉雅虎再上市,阿里巴巴可以再融天文数字。 ”

      中欧国际工商学院教授丁远认为,一些企业通过回购美股实行私有化,与股价过低,也有一定关系。大股东看好自己公司的业务,市场预期却没有那么高,股价没达到他的心理价位。于是,大股东就选择让股票退市,自己持有股票。

      “盛大、阿里巴巴的私有化,只是个例。 ”清科集团分析师张亚男向记者表示,“企业并不是以上市为最终目的。某一阶段的私有化,为的是今后的换市上市或整体上市”。

      上市退市,美股围城

      在刚刚过去的一年里,包括傅氏科普威、安防科技、泰富电气、乐语中国在内的28家在美国上市的中国企业宣布退市,在美国掀起了一股中国企业“退市潮”。美国罗仕证券统计显示,2011年以来,退市或正在进行退市的中国企业市值总额高达78亿美元。相比之下,根据英国汤森路透的数据,2011年,中国企业在美国首次公开募股(IPO)的总额,仅为22亿美元,比2010年减少了一半。

      对比之下的“进退”数据清晰可见:2011年,从美国退市的中国企业市值总额,超过了中国企业通过在美国IPO筹集的资金总额。截至2012年1月中旬,在纳斯达克上市的中国企业,还剩58家。

      中国企业千里迢迢,风光扎堆到境外市场上市,又默默退市,如此“折腾”为哪般?

      首先,股价过低。数据显示,截至2011年10月12日,已有24家中国概念股股价在1美元之下。纳斯达克规定,如果上市公司持续30个交易日,股价都低于1美元,则将面临退市警告。如果上市公司不能在90天内采取措施,扭转股价,那么,将被停止股票交易。

      “表面看,绝大部分受退市危机的中国概念股,都因股价长期低于1美元,无法满足美国上市要求。实际上,上市公司经营不善,业绩亏损严重,投资者缺乏信心,才是真正的内因。 ”美股分析师钟日昕认为。

      早在2009年,湖北武汉中能集团下辖的中国能源公司就从美国退市,成为第一家退市的中国企业。日前,中能集团董事长邓天洲在谈及退市的原因时说:“每年,除了需要100多万美元的维护费用外,更重要的是,公司价值得不到体现,美国市场无法实现继续融资的作用”。

      美国证券交易委员会(SEC)的记录显示,近年来,中国民营小企业通过“借壳上市”占领了美国股市,但它们实际上,往往不能满足最基本的融资要求。数据显示,近年,至少有11家此类企业,已从美国各大证券交易所摘牌,或者不得不停止交易,接受监管机构调查。

      据了解,对某些管理团队和私人股本集团来说,股价下跌,带来了收购企业股权、以谋求最终再度上市的机遇,以后的上市地点,可能在香港市场或A股市场——在这些地方,中国内地企业得到的估值水平,一般高于美国。

      但是,企业成功上市,并非就万事大吉。据一位在美国上市成功的企业家介绍,公司上市初,每个月,他要在美国开三天会,“不去,又不行,投行的审计师、律师告诉你:非去不可,不去,股票就要跌,因为,投资者有理由认为:你对股民不重视,要么,就是企业有问题”。

      其次,经历过最初的磨合与甜蜜,中国上市企业通常会逐渐感受到中国美国法律环境的差距,由此,产生水土不服,而“退”的,不在少数。比如,不少本土企业不习惯披露所有收入(或税收等),但这种习惯,在美国行不通。美国规定:本地税收必须与向美国SEC申报税收原则一致,最大差距不得超过10%

    据咨询机构有关人士披露,中国公司这部分差距,居然能达到10倍以上,远远超过美国法定标准。

      此外,在这波中国企业“退市潮”的背后,与中国企业面临的欺诈指控不无关系。一个典型的例子,是在加拿大上市的嘉汉林业,它被指控故意夸大其林业资产值,一家名为“MuddyWaters(浑水公司)”的调查公司,指责嘉汉林业从上市以来,就持续进行欺诈。随后,嘉汉林业的股票在加拿大被停止发售。这一例子,引发了海外金融市场对中国企业的不信任浪潮,很大程度挫伤了美国投资者对中国股票的信任。在这一情况下,不少投行选择唱空中国股票。

      丁远认为,中国企业盲目海外上市,其原因,还可能是被投行“忽悠”了。投行是负责海外上市的承销商,企业海外上市了,投行才能拿到佣金。他们总是稳赚不赔的,所以,有的投行就拼命忽悠“你上市吧,现在,时机有多好,我怎么帮你包装,上市了,你有多少好处等”。弄得企业家感觉上市很容易,以为上了市,就能圈到钱,更能说的投行,能让企业家产生一种“过了这个村,就没了这个店”的幻觉。 “对一些中国企业来说,真的是很多事情都没有搞清楚,就仓促上市。别的不说,就每年海外上市的高维护费用,很多企业就都没有搞清楚。仅一家小型企业在美国上市,一年的维护费用,就高达上百万美元。 ”

      市场化,彰显资本力量

      无论是土豆去年的亏损上市,还是今年的未满一年,就匆匆退市,如果放在国内A股市场,几乎不可能。而这一进一退,恰恰反映出国内外股市的上市与退市机制的大不同。

      “我们是被逼上美股的。 ”一位选择在纳斯达克上市的中国互联网企业的CEO这样告诉媒体。在他看来,在A股上市,可获得更高市盈率,还能节省企业打响知名度的广告费用。但大部分互联网企业按照现有的上市制度,在A股是上不了市的,所以,才转投美股。因为,在美国上市,相对容易很多。

      方兴东指出,企业在国外上市,一个最大的好处是,风险投资方便退出,可以直接套现;而在国内,会有一系列的监管措施,即使套现后,资金要拿到国外,也是很困难的。

      在中国、美国上市,一般上市标准,都包括财务标准,如,总资产、净资产、净利润等,与市场化标准,如,股东人数、股价、市值、公众持股等。但中国、美国证券监管部门对上市企业的监管机制完全不同。丁远说,美国SEC主要负责审核上报公司的信息披露情况,就是看企业提供的资料、有关信息披露是否真实,但对企业的财务指标、所在行业的要求等,都非常宽松,但中国证监会的要求,就不同了,对企业的财务指标等,都有非常严格的规定。所以,你可以看到,那些尚在亏损的中国互联网企业,可以在美国上市,但在中国,按照现行规定,亏损的企业,是不可能实现上市的。

      “表面上看,美国SEC对上市企业不做太多规定,好像对投资者‘不负责任’,但其实这是美国股市高度市场化的一种体现。SEC只是裁判员,它对整个市场供需关系和定价,不履行义务,也不承担责任,它的准则是让投资者、投资市场决定企业上市成功与否。美国股市完全依赖于市场之手的调节,股价变化能够充分反映投资者‘用手投票’或‘用脚投票’的结果。如果一家企业被市场的认可度不高,即便在美国实现上市,投资者也可能不买账,企业的股价也高不了。 ”丁远说。

      美国股市上市的门槛低,但生存下来,却不容易。美国SEC对上市企业的监管非常严格,对信息披露的程度与时间,都有严格要求。不适应美国SEC的监管制度,几乎成为很多在美国上市中国企业的“通病”。那些在资本市场专挑上市公司“刺”的做空公司,也让企业在美国市场生存不易。丁远说,美国市场有做空机制,做空公司可以从做空中赚钱。它们并不是专门针对中国企业,任何存在问题的企业,它们都会找茬。不过,正是有这样的公司存在,才让众多美国上市企业必须规规矩矩地经营,而且市场上,也不会长期存在极端高估的企业。

      上市容易,退市也容易。这是从土豆等中国企业退市中,可以看出的美国股市,又一个区别于A股的特征。

      放眼全球,在相对成熟的资本市场,“有进有退”是正常现象:2009年,德国交易所新上市公司6家,退市61家;伦敦交易所新上市公司73家,退市385家;这一年,纽约交易所新上市公司94家,退市212家。在美国市场,上市企业的“大进大出”更是常态。纳斯达克市场公司退市数量非常可观,该市场在1985年初,拥有4097家上市公司,到2008年底,上市公司为2952家,1985年至2008年,共计11820家公司上市,12965家公司退市,退市数量超过了上市数量。而在1995年至2002年的八年间,包括,纽约所与纳斯达克在内的美国股市,更是创下7000多家上市公司退市的记录之最。

      武汉科技大学金融证券研究所所长董登新教授说,在退市标准上,美国股市采用了财务退市标准和市场化退市标准。除了因并购或私有化原因自动、自主退市外,比如,像土豆这样的企业,还有,美国上市公司因达不到持续挂牌的财务标准或市场化标准将会被迫退市,另外,因法人过失或违法行为,也会导致退市。

      翻阅有关资料可以看到,纽交所与纳斯达克对企业退市,有着相当明确的指标。如,纽交所主板退市标准包括,股权分散程度、股权结构、经营业绩、资产规模等指标,导致上市公司终止上市的情形,主要包括:股东数少于600个,持股超过100股以上的股东数少于400个;社会公众持有股票少于20万股或其总市值少于100万美元;最近5年连续亏损;总资产少于400万美元,且最近4年连续亏损;总资产少于200万美元,且最近2年连续亏损;连续5年不分红。而纳斯达克对不同类型公司有不同的退市标准。要维持上市地位,经营型公司必须满足:净资产不低于400万美元;公众流通股不低于75万股;公众流通股市值不低于500万美元;买方报价不低于1美元;股东不少于400个;做市商不少于2个。增长型公司必须满足:总市值不低于5000万美元,或总资产不少于5000万美元,且总收入不少于1500万美元;公众流通股不低于110万股;公众流通股市值不低于1500万美元;买方报价不低于5美元;股东不少于400个;做市商不少于4个。

      “正因为有进有退,美国股市才能吞吐自如、大浪淘沙。 ”董登新说。反观A股,退市标准形同虚设。首先,上市公司可实施“报表重组”,连续两年亏损,第三年微利,逃脱暂停上市处理,再接着亏损两年,再微利一年,如此循环往复;其次,即使上市公司连续三年亏损被暂停交易,也不意味着必然退市,上市公司在这个阶段,同样可选择“报表重组”,只要第四年微利,就可逃脱退市危机。

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    美國資本市場,想清楚了再去玩
    2012年03月17日,來源:解放網-解放日報,記者郭藝珺唐燁
    沒有永遠的朋友,也沒有永遠的敵人。這句話,再也適合不過優酷和土豆的“閃婚”了。

    3月12日,曾經的競爭對手——視頻網站優酷與土豆宣布簽訂最終協議,將以100%換股方式合併,組建新公司“優酷土豆股份有限公司”。上市僅7個月,土豆即實現換股合併,並獲得新公司28.5%的股權,同時,將在納斯達克退市。

    在資本市場中,每天都在演繹著不同的上市、退市故事。對“土豆”那些遠赴海外上市,又頻頻退市的中國企業來說,是不進則“退”的無奈,或是以“退”為進的戰略,還是“退”思補過的決心?

      宿敵“閃婚”,土豆謝幕

    幾乎從優酷自2006年成立開始,其與王微帶領的土豆網之間的競爭,就從未停止過。搶融資、搶上市、搶版權,誰是中國視頻領域的老大?去年底,兩家為台灣綜藝節目《康熙來了》而對簿公堂。沒想到,六年“恩怨”,最終以和親收場。

    說是合併,其實,就相當於優酷收購了土豆。

    截至美東時間,3月9日收盤,優酷在納斯達克收報為25.01美元,總市值28.5億美元;土豆股價為15.39美元,總市值4.364億美元。也就是說,按照市值計算的話,土豆只佔新公司總市值的13.2%;合併協議宣布,土豆擁有新公司約28.5%的股份。

    顯然,土豆在新公司失去了控制權,股票溢價賺大了,換來了金錢。

    此項交易的積極影響立刻在資本市場體現:優酷與土豆的股價,在交易宣布當日,分別飆升27.35%,和156.53%。

    另有統計表示:按土豆每股美國存託股票(ADS)兌換1.595股優酷ADS計算,土豆合併後的股價價值將達39.89美元,較目前的股價溢價159%。

    土豆的市值已較上市前大幅增長,實現投資價值最大化的土豆股東,無疑是此次交易的最大贏家。

    “優酷土豆”宣布合併後,土豆成為近年來由於同行業企業吸收合併,在境外資本市場退市的又一家中國企業。

    最近一年,已有BMP太陽石和環球雅思等多家企業,先後通過吸收合併,在美國資本市場退市,易居中國針對中國房產信息的要約收購,仍在進行之中。

    就在土豆“謝幕”前一個月,盛大網絡和阿里巴巴——這兩家中國互聯網企業,因“私有化”而告別美國股市。

    2012年2月14日,盛大網絡公司特別股東大會多數股東投票贊成、批准了CEO陳天橋擬23億美元,收購盛大在美髮行股份的提議,這讓歷時4個月的盛大私有化一事,終於塵埃落定;陳天橋成了中國互聯網業自創公司在美國資本市場上私有化退市第一人。其理由是,私有化後,公司將不再有資本市場對業績短期營收、利潤等的壓力,可以踏實去做好長線業務佈局,按照自己看好的方向,走得更加自由和順利。

    阿里巴巴集團董事局主席馬雲給出的私有化理由是,隨著國內外經濟環境的進一步嚴峻,特別是中,小企業在面臨原材料、匯率、勞動力成本等巨大壓力下,B2B的業務模式面臨巨大挑戰,需要加快轉型和升級,將阿里巴巴私有化,可讓企業減輕壓力,制定對客戶最有利的長遠規劃。

    互聯網實驗室董事長方興東犀利地指出:阿里巴巴B2B業務私有化,堪稱馬雲高招,以發行價,完成B2B私有化,相當於5年使用十幾億美元無息貸款。隨後,解決雅虎問題,再也不需發佈公告。 “清掉雅虎再上市,阿里巴巴可以再融天文數字。 ”

    中歐國際工商學院教授丁遠認為,一些企業通過回購美股實行私有化,與股價過低,也有一定關係。大股東看好自己公司的業務,市場預期卻沒有那麼高,股價沒達到他的心理價位。於是,大股東就選擇讓股票退市,自己持有股票。

    “盛大、阿里巴巴的私有化,只是個例。 ”清科集團分析師張亞男向記者表示,“企業並不是以上市為最終目的。某一階段的​​私有化,為的是今後的換市上市或整體上市”。

      上市退市,美股圍城

    在剛剛過去的一年裡,包括傅氏科普威、安防科技、泰富電氣、樂語中國在內的28家在美國上市的中國企業宣布退市,在美國掀起了一股中國企業“退市潮”。美國羅仕證券統計顯示,2011年以來,退市或正在進行退市的中國企業市值總額高達78億美元。相比之下,根據英國湯森路透的數據,2011年,中國企業在美國首次公開募股(IPO)的總額,僅為22億美元,比2010年減少了一半。

    對比之下的“進退”數據清晰可見:2011年,從美國退市的中國企業市值總額,超過了中國企業通過在美國IPO籌集的資金總額。截至2012年1月中旬,在納斯達克上市的中國企業,還剩58家。

    中國企業千里迢迢,風光扎堆到境外市場上市,又默默退市,如此“折騰”為哪般?

      首先,股價過低。數據顯示,截至2011年10月12日,已有24家中國概念股股價在1美元之下。納斯達克規定,如果上市公司持續30個交易日,股價都低於1美元,則將面臨退市警告。如果上市公司不能在9​​0天內採取措施,扭轉股價,那麼,將被停止股票交易。

    “表面看,絕大部分受退市危機的中國概念股,都因股價長期低於1美元,無法滿足美國上市要求。實際上,上市公司經營不善,業績虧損嚴重,投資者缺乏信心,才是真正的內因。 ”美股分析師鐘日昕認為。

    早在2009年,湖北武漢中能集團下轄的中國能源公司就從美國退市,成為第一家退市的中國企業。日前,中能集團董事長鄧天洲在談及退市的原因時說:“每年,除了需要100多萬美元的維護費用外,更重要的是,公司價值得不到體現,美國市場無法實現繼續融資的作用”。

    美國證券交易委員會(SEC)的記錄顯示,近年來,中國民營小企業通過“借殼上市”佔領了美國股市,但它們實際上,往往不能滿足最基本的融資要求。數據顯示,近年,至少有11家此類企業,已從美國各大證券交易所摘牌,或者不得不停止交易,接受監管機構調查。

    據了解,對某些管理團隊和私人股本集團來說,股價下跌,帶來了收購企業股權、以謀求最終再度上市的機遇,以後的上市地點,可能在香港市場或A股市場——在這些地方,中國內地企業得到的估值水平,一般高於美國。

    但是,企業成功上市,並非就萬事大吉。據一位在美國上市成功的企業家介紹,公司上市初,每個月,他要在美國開三天會,“不去,又不行,投行的審計師、律師告訴你:非去不可,不去,股票就要跌,因為,投資者有理由認為:你對股民不重視,要么,就是企業有問題”。

    其次,經歷過最初的磨合與甜蜜,中國上市企業通常會逐漸感受到中國美國法律環境的差距,由此,產生水土不服,而“退”的,不在少數。比如,不少本土企業不習慣披露所有收入(或稅收等),但這種習慣,在美國行不通。美國規定:本地稅收必須與向美國SEC申報稅收原則一致,最大差距不得超過10%

    據諮詢機構有關人士披露,中國公司這部分差距,居然能達到10倍以上,遠遠超過美國法定標準。

    此外,在這波中國企業“退市潮”的背後,與中國企業面臨的欺詐指控不無關係。一個典型的例子,是在加拿大上市的嘉漢林業,它被指控故意誇大其林業資產值,一家名為“MuddyWaters(渾水公司)”的調查公司,指責嘉漢林業從上市以來,就持續進行欺詐。隨後,嘉漢林業的股票在加拿大被停止發售。這一例子,引發了海外金融市場對中國企業的不信任浪潮,很大程度挫傷了美國投資者對中國股票的信任。在這一情況下,不少投行選擇唱空中國股票。

    丁遠認為,中國企業盲目海外上市,其原因,還可能是被投行“忽悠”了。投行是負責海外上市的承銷商,企業海外上市了,投行才能拿到佣金。他們總是穩賺不賠的,所以,有的投行就拼命忽悠“你上市吧,現在,時機有多好,我怎麼幫你包裝,上市了,你有多少好處等”。弄得企業家感覺上市很容易,以為上了市,就能圈到錢,更能說的投行,能讓企業家產生一種“過了這個村,就沒了這個店”的幻覺。 “對一些中國企業來說,真的是很多事情都沒有搞清楚,就倉促上市。別的不說,就每年海外上市的高維護費用,很多企業就都沒有搞清楚。僅一家小型企業在美國上市,一年的維護費用,就高達上百萬美元。 ”

      市場化,彰顯資本力量

    無論是土豆去年的虧損上市,還是今年的未滿一年,就匆匆退市,如果放在國內A股市場,幾乎不可能。而這一進一退,恰恰反映出國內外股市的上市與退市機制的大不同。

    “我們是被逼上美股的。 ”一位選擇在納斯達克上市的中國互聯網企業的CEO這樣告訴媒體。在他看來,在A股上市,可獲得更高市盈率,還能節省企業打響知名度的廣告費用。但大部分互聯網企業按照現有的上市製度,在A股是上不了市的,所以,才轉投美股。因為,在美國上市,相對容易很多。

    方興東指出,企業在國外上市,一個最大的好處是,風險投資方便退出,可以直接套現;而在國內,會有一系列的監管措施,即使套現後,資金要拿到國外,也是很困難的。

    在中國、美國上市,一般上市標準,都包括財務標準,如,總資產、淨資產、淨利潤等,與市場化標準,如,股東人數、股價、市值、公眾持股等。但中國、美國證券監管部門對上市企業的監管機製完全不同。丁遠說,美國SEC主要負責審核上報公司的信息披露情況,就是看企業提供的資料、有關信息披露是否真實,但對企業的財務指標、所在行業的要求等,都非常寬鬆,但中國證監會的要求,就不同了,對企業的財務指標等,都有非常嚴格的規定。所以,你可以看到,那些尚在虧損的中國互聯網企業,可以在美國上市,但在​​中國,按照現行規定,虧損的企業,是不可能實現上市的。

    “表面上看,美國SEC對上市企業不做太多規定,好像對投資者’不負責任’,但其實這是美國股市高度市場化的一種體現。SEC只是裁判員,它對整個市場供需關係和定價,不履行義務,也不承擔責任,它的準則是讓投資者、投資市場決定企業上市成功與否。美國股市完全依賴於市場之手的調節,股價變化能夠充分反映投資者’用手投票’或’用腳投票’的結果。如果一家企業被市場的認可度不高,即便在美國實現上市,投資者也可能不買賬,企業的股價也高不了。 ”丁遠說。

    美國股市上市的門檻低,但生存下來,卻不容易。美國SEC對上市企業的監管非常嚴格,對信息披露的程度與時間,都有嚴格要求。不適應美國SEC的監管制度,幾乎成為很多在美國上市中國企業的“通病”。那些在資本市場專挑上市公司“刺”的做空公司,也讓企業在美國市場生存不易。丁遠說,美國市場有做空機制,做空公司可以從做空中賺錢。它們並不是專門針對中國企業,任何存在問題的企業,它們都會找茬。不過,正是有這樣的公司存在,才讓眾多美國上市企業必須規規矩矩地經營,而且市場上,也不會長期存在極端高估的企業。

      上市容易,退市也容易。這是從土豆等中國企業退市中,可以看出的美國股市,又一個區別於A股的特徵。

    放眼全球,在相對成熟的資本市場,“有進有退”是正常現象:2009年,德國交易所新上市公司6家,退市61家;倫敦交易所新上市公司73家,退市385家;這一年,紐約交易所新上市公司94家,退市212家。在美國市場,上市企業的“大進大出”更是常態。納斯達克市場公司退市數量非常可觀,該市場在1985年初,擁有4097家上市公司,到2008年底,上市公司為2952家,1985年至2008年,共計11820家公司上市,12965家公司退市,退市數量超過了上市數量。而在1995年至2002年的八年間,包括,紐約所與納斯達克在內的美國股市,更是創下7000多家上市公司退市的記錄之最。

    武漢科技大學金融證券研究所所長董登新教授說,在退市標准上,美國股市採用了財務退市標準和市場化退市標準。除了因併購或私有化原因自動、自主退市外,比如,像土豆這樣的企業,還有,美國上市公司因達不到持續掛牌的財務標准或市場化標準將會被迫退市,另外,因法人過失或違法行為​​,也會導致退市。

    翻閱有關資料可以看到,紐交所與納斯達克對企業退市,有著相當明確的指標。如,紐交所主板退市標準包括,股權分散程度、股權結構、經營業績、資產規模等指標,導致上市公司終止上市的情形,主要包括:股東數少於600個,持股超過100股以上的股東數少於400個;社會公眾持有股票少於20萬股或其總市值少於100萬美元;最近5年連續虧損;總資產少於400萬美元,且最近4年連續虧損;總資產少於200萬美元,且最近2年連續虧損;連續5年不分紅。而納斯達克對不同類型公司有不同的退市標準。要維持上市地位,經營型公司必須滿足:淨資產不低於400萬美元;公眾流通股不低於75萬股;公眾流通股市值不低於500萬美元;買方報價不低於1美元;股東不少於400個;做市商不少於2個。增長型公司必須滿足:總市值不低於5000萬美元,或總資產不少於5000萬美元,且總收入不少於1500萬美元;公眾流通股不低於110萬股;公眾流通股市值不低於1500萬美元;買方報價不低於5美元;股東不少於400個;做市商不少於4個。

    “正因為有進有退,美國股市才能吞吐自如、大浪淘沙。 ”董登新說。反觀A股,退市標準形同虛設。首先,上市公司可實施“報表重組”,連續兩年虧損,第三年微利,逃脫暫停上市處理,再接著虧損兩年,再微利一年,如此循環往復;其次,即使上市公司連續三年虧損被暫停交易,也不意味著必然退市,上市公司在這個階段,同樣可選擇“報表重組”,只要第四年微利,就可逃脫退市危機。

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    U.S. capital markets, to think clearly and then play
    March 17, 2012 Source: Liberation – Liberation Daily reporter Guo Yi Jun Tang Ye
    No permanent friends, no permanent enemies. This sentence is no longer suitable But Youku and potatoes “flash marriage”.

    March 12, former competitors – video site Youku and Tudou announced the signing of a definitive agreement will be 100% of the stock swap merging to form the new company Youku potatoes Corporation. Listed only seven months, potatoes convertible merger, and obtained a 28.5% stake in the new company, while the Nasdaq delisting.

    In the capital markets every day in the interpretation of listing, delisting story. “Potato” who went overseas listing, enterprises frequently delisting, not into the “back” helpless, or “back” into the strategic, or “retreat” to think make up the determination?

    Enemies “flash marriage” potatoes curtain call

    Competition between almost favorably cool since its inception in 2006, led by Wang Wei, Tudou, has never stopped. Get financing, grab the market, grab copyright, who is the boss of the field of video? Late last year, two for the Taiwan variety show “Kangxi” court. Unexpectedly, six-year “grudge”, the final and the pro-end.

    Said to be merged, in fact, equivalent to Youku acquired potato.

    EST, March 9 closing the Youku Nasdaq closed at $ 25.01, the total market value of $ 2.85 billion; potato price is $ 15.39, with a total market capitalization of $ 436.4 million. In other words, in accordance with the then market value, potatoes accounted for only 13.2% of the total market capitalization of the new company; merger agreement announced potato has approximately 28.5% of the shares of the new company.

    Obviously, the potatoes in the new company has lost control of the stock premium earned in exchange for money.

    The positive impact of this transaction is immediately reflected in the capital markets: Youku and potatoes of the stock price, the deal was announced the same day, respectively, soaring 27.35% and 156.53%.

    Other statistics, said: potatoes per share American Depositary Share (ADS) to be exchanged for 1.595 shares of the Youku ADS calculation, the potatoes after the merger share price will reach $ 39.89, compared with the current share price premium of 159%.

    Potatoes has a market value of the longer pre-IPO substantial increase in investment to maximize the value of potatoes shareholders, is undoubtedly the biggest winner in this transaction.

    Youku potatoes “after the merger was announced, potatoes in recent years due to the same industries and enterprises merger, delisting in the overseas capital market, a Chinese company.

    In the past year, the number of enterprises of the existing BMP Sunstone and Yasi has passed merger, delisting in the U.S. capital market, easy lives in China for the China Real Estate Information tender offer is still ongoing.

    In potatoes “curtain call” a month ago, Shanda, Alibaba – two Chinese Internet companies, “privatization” and bid farewell to the U.S. stock market.

    February 14, 2012, Shanda company Extraordinary General Meeting a majority of shareholders voted in favor of approval of the CEO Mr. Chen proposed $ 2.3 billion, the acquisition of the grand proposal of the issued shares in the United States, which makes the grand privatization of the last four months, and finally the dust has settled; Mr. Chen became China’s Internet industry to create their own company in the U.S. capital markets, privatization of the delisting first. The reason is that, after privatization, the company will no longer have the pressure of the capital market performance of short-term revenues, profits, etc., can be practical to do the layout of the long-term business in accordance with their optimistic about the direction to go more freely and smoothly.

    The privatization of reasons given by Chairman of the Board of Alibaba Group Jack Ma is further grim economic environment at home and abroad, especially in small businesses in the face of the enormous pressure of the raw materials, exchange rates, labor costs, the B2B business model is facing a huge challenges need to accelerate the restructuring and upgrading, the privatization of the Alibaba allows enterprises to reduce the pressure to develop the customers the most beneficial long-term planning.

    Internet laboratory, chairman of Fang Xingdong sharp that: Alibaba B2B business privatization, called Ma tactics, issue price, complete B2B privatization, which is equivalent to five years, more than a billion dollars interest-free loans. Subsequently, the solution to the Yahoo problem, no longer need to be announced. Cleared away Yahoo listing, Alibaba financial astronomical. ”

    Ding Yuan, professor at the China Europe International Business School, believes that privatization of some companies by buying stocks and the stock price is too low, but also a certain relationship. The largest shareholder is optimistic about his company’s business, market expectations are not so high, the stock did not reach the psychological level. Thus, the largest shareholder of stock delisting, they hold stock.

    “Shanda, Alibaba, privatization is only one example.” Zero2IPO Group analyst Zhang Yanan, told reporters that the enterprise is not listed as the ultimate goal of a certain stage of privatization, in order to change city listed or listed as a whole. ”

    Listed delisting stocks siege

    In the past year, including Fourier Kepu Wei, security technology, Pacific Electric, music language, including 28 Chinese companies listed in the United States announced the delisting in the United States set off a wave of Chinese enterprises “delisting tide . ” U.S. ROTH statistics show that since 2011, delisting, or ongoing delisting of the total enterprise value of up to $ 7.8 billion. In contrast, according to the British Thomson Reuters data, the total amount of 2011, Chinese enterprises in the U.S. initial public offering (IPO) of only $ 2.2 billion, compared with 2010 was reduced by half.

    In contrast the “retreat” data is clearly visible: in 2011, the delisting from the U.S. enterprise market capitalization of more than Chinese companies by the total funds raised in the U.S. IPO. As of mid-January 2012, Chinese companies listed in NASDAQ, 58 left.

    Chinese enterprises all the way, the scenery get together to foreign markets, but also quietly withdraw from the market, so “toss” Exceeding?

    First, the share price is too low. The data show that as of October 12, 2011, already 24 Chinese concept stocks under $ 1. Nasdaq requiring listed companies for 30 trading days, the stock price below $ 1, it will face delisting warning. If the listed company within 90 days to take measures to reverse the share price will stop stock trading.

    Surface, the vast majority of crisis, subject to delisting stocks are less than $ 1 stock long-term, can not meet U.S. listing requirements. In fact, the poor management of listed companies, a serious performance loss, lack of investor confidence is real internal clock day avers, Wall Street analysts.

    Back in 2009, Wuhan Group under the jurisdiction of the Chinese energy companies from the United States withdraw from the market, become the first delisting of Chinese enterprises. Recently, the Group Chairman Dengtian Zhou Turning to the delisting of the reasons for that: “Every year, in addition to the need for more than 100 million U.S. dollars in maintenance costs and, more importantly, the lack of expression of the value of the company, the U.S. market can not continue to finance role. ”

    U.S. Securities and Exchange Commission (SEC) records show that in recent years, Chinese private enterprises through the “backdoor listing” occupation of the U.S. stock market, but they are actually often fail to meet the most basic financing requirements. The data show that in recent years, at least 11 such companies from the major U.S. stock exchange delisting, or forced to cease trading, subject to regulatory investigation.

    It is understood that some of the management team and private equity group, fell to the acquisition of an enterprise’s equity, to seek opportunities eventually re-listing after listing venue, possibly in the Hong Kong market or the A-share market – in these place, the level of valuation of the Chinese mainland enterprises is generally higher than in the United States.

    However, success of market, not everything will be fine. According to a market success of entrepreneurs in the United States, in the early listing of the Company, each month, he wanted to in the United States three days, “do not go, and not, investment banks, auditors, lawyers tell you: must-see, not go, the stock would fall, because investors have reason to believe: your investors do not pay attention either enterprises “.

    Secondly, after the initial run-in with the sweet, Chinese listed companies usually will gradually feel the gap of the Chinese legal environment, thus, produce acclimatized, “retire”, few. For example, many local businesses are not accustomed to the disclosure of all income (or tax), but this habit does not work in the United States. United States provides: local tax must be consistent with taxation principles of the declaration to the U.S. SEC, the maximum gap must not exceed 10%

    According to the advisory body to disclose this part of the gap of the Chinese company, and actually be able to reach more than 10 times, far more than the U.S. statutory standards.

    In addition, the delisting wave “behind this wave of Chinese companies, Chinese enterprises are facing fraud charges unrelated. A typical example is listed Sino-Forest in Canada, it was accused of deliberately exaggerating the value of its forestry assets, a company called “MuddyWaters (muddy water),” the investigation, accusing the Sino-Forest has been listed on the ongoing fraud. Subsequently, the Sino-Forest’s stock in Canada to stop the sale. This example, the overseas financial markets triggered a wave of Chinese companies do not trust a large extent, dampened the confidence of U.S. investors on the Chinese stock. In this case, many investment banks chose to sing the air stock.

    Ding, blind Chinese enterprises listed overseas, the reason may also be investment banks, “Fudge”. Investment bank is responsible for the overseas listing of underwriters, the enterprises listed overseas, the investment bank in order to get the commission. They always can not lose, so, some investment banks desperately flicker “you listed on it, and now the time is how well and how I help you package, the market, you have the number of benefits”. Made listed on the entrepreneurs feel that the city, you can circle to the money, better said the investment bank that allows entrepreneurs to produce a “over this village, there is no shop” illusion. “Some Chinese enterprises, really is a lot of things are not clear, hastily listed. Among other things, high maintenance costs on an annual overseas listing, many companies are not clear. Only a small business in the United States market, one-year maintenance costs, up to millions of dollars. ”

    Market-oriented, highlighting the power of capital

    Potatoes last year’s losses listed this year, less than one year, in a hurry to withdraw from the market, if on the domestic A-share market is almost impossible. This into a retreat, it is precisely reflect the domestic and international stock market listing and delisting mechanism different.

    “We are forced on the U.S. stock market, a Chinese Internet company listed on Nasdaq CEO told the media. In his view, in the A-share listed to get higher earnings, but also saving advertising costs of the enterprise to establish reputation. But the majority of Internet companies in accordance with the existing listing regime in the A-share on the city of, so to switch stocks. Because, in the United States, is relatively much easier.

    Fang Xingdong pointed out that enterprises in the foreign market, one of the biggest benefits is convenient to exit the venture capital, direct cash; in the country, there will be a series of regulatory measures, even if the cash funds should get abroad, it is very difficult.

    In China, the United States market, the general listing criteria, including financial criteria, such as total assets, net assets, net profit, etc., with the market standards, such as the number of shareholders, the stock price, market capitalization, public float. China, the United States securities regulatory authorities are completely different regulatory mechanisms of the listed companies. Ding said that the U.S. SEC is mainly responsible for the audit reported to the company’s information disclosure is to see the information provided by the enterprise, the information disclosed is true, but the company’s financial indicators, the industry’s requirements are very loose, but the China Securities Regulatory Commission the requirements of different company’s financial indicators, there are very strict rules. So you can see who is still loss-Chinese Internet companies can be listed in the U.S. But in China, in accordance with existing regulations, loss of business, it is impossible to achieve the listing.

    “Superficially, the U.S. SEC listed companies do not do too many regulations, it seems investors ‘irresponsible’, but in fact this is a reflection of the highly market-oriented U.S. stocks The SEC is just the referee, it is the market supply and demand relations and pricing, do not fulfill their obligations, or assume responsibility for its guidelines to allow investors to the investment market to determine the enterprises listed on the success of the U.S. stock market is completely dependent on the regulation of the hand of the market, the stock price changes to fully reflect investors’ hand the results of voting ‘or’ vote with their feet ‘if a company is the recognition of the market is not high, even in the United States market, investors may not buy it, the company’s share price can not also high. “Ding said.

    U.S. stocks listed on the threshold is low, but to survive, it is not easy. U.S. SEC is very strict supervision of listed companies, the extent and time of the disclosure, there are stringent requirements. Not suited to the SEC in the United States regulatory system, almost as many Chinese enterprises listed in the U.S. “common problem”. Rarity in listed companies in the capital markets the company’s short of the “thorn”, but also allow enterprises to survive in the U.S. market is not easy. Ding said the U.S. market has a short mechanism, short company can make money from doing air. They are not specific to Chinese enterprises, enterprises of any problems, they are finding fault. However, it is such a company exists only to let the U.S. listed companies must operate neatly, and the market will not exist for a long extreme overestimation of the enterprise.

    Easy, listing and delisting is also easy. This can be seen from potatoes and other Chinese companies delisting in the U.S. stock market, one different from the characteristics of the A shares.

    Looking at the world, in relatively mature capital market, “advance and retreat” is a normal phenomenon: In 2009, the German Stock Exchange listed companies 6, delisting 61 73; London Stock Exchange listed companies, delisting 385 ; this year, 94 of the New York Stock Exchange listed companies, delisting 212. Listed companies in the U.S. market, “into the big out” is the norm. Nasdaq delisting number of very impressive, the market in early 1985, with 4097 listed companies, to the end of 2008, listed companies for 2952, 1985-2008, a total of 11 820 companies listed, 12965 company retreat City, delisting than the listed number. In the eight years from 1995 to 2002, including the United States, including New York, the Nasdaq stock market, but also hit a record of 7,000 listed companies delisting.

    Financial Securities Research Institute of Wuhan University of Science and Technology, said Professor Dong Dengxin delisting criteria, the U.S. stock market with financial delisting standards and market delisting standard. In addition to the automatic, self-delisting due to merger or privatization of reasons, such as the enterprise such as potatoes, as well as, the U.S. listed companies up to the financial standards or market do not meet the continued listing standards will be forced to withdraw from the market, in addition, result of corporate negligence or illegal acts, will lead to delisting.

    Read the relevant information you can see, the NYSE and Nasdaq delisting of the enterprise, has a fairly clear indicator. Such as the NYSE Board delisting standards include indicators of the degree of dispersed ownership, equity structure, results of operations, asset size, resulting in the case of listed companies to terminate the listing, including: less than 600 shareholders, holding more than 100 shares or more shareholders less than 400; the public holding stocks is less than 20 million shares or a total market capitalization of less than $ 1,000,000; consecutive losses in the last five years; total assets of less than $ 4,000,000, and the last four years of consecutive losses; assets of less than $ 2,000,000, and the last two years of consecutive losses; for five consecutive years do not pay dividends. Nasdaq delisting standards for different types of companies have different To maintain the listing status of the operating companies must be met: the net assets of not less than $ 4 million; public the outstanding shares of not less than 75 million shares; public float market value of not less than $ 5,000,000; the bid price not less than $ 1; shareholders not less than 400; at least two market makers. Growth companies that must be met: the total market value of not less than $ 50 million or total assets of not less than $ 50 million, and the total income of less than $ 15 million; the public the outstanding shares of not less than 110 shares; public float market value is not less than $ 15 million; the bid price not less than $ 5; shareholders not less than 400; at least four market makers.

    “Because of the advance and retreat, the U.S. stock market to handling ease, Ebb Tide.” Dong Teng said. In contrast to the A-share delisting standards useless. First, listed companies can be implemented Report reorganization, two years of losses, the third-year low-profit, escaped to suspend the listing of processing, followed by two years of losses, and then low-profit one year and so on ad infinitum; Second, even if three consecutive losses of listed companies is suspended from trading, does not mean the inevitable delisting of listed companies at this stage, the same may choose Report reorganization “, as long as the fourth year of low-profit, you can escape the delisting crisis.

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