Chinese Firms Are Leaving the U.S. to Relist Back Home
ByChinese companies are pulling out of the U.S. stock market at a record pace.
Twelve Chinese firms traded in the U.S. have received bids this year totaling $10.6 billion to delist their shares, according to data compiled by Bloomberg. Renren Inc., the $2.2 billion social-networking site, and 21Vianet Group Inc., a Beijing-based operator of data centers, on Wednesday became the latest companies to say they received offers to go private.
Chinese firms are leaving the U.S. to relist back home, where share gains are the biggest worldwide and scrutiny of their business is likely to be less, according to Pacific Crest Securities LLC. Focus Media Holding Ltd., the Chinese advertising company taken private in New York in 2013 after pressure from short-seller Carson Block, said June 3 it planned to list in Shenzhen through a reverse merger…
Chinese Firms Are Leaving the U.S. to Relist Back Home
