中國告白公司分眾傳媒控股有限公司(Focus Media Holding)將經由過程逆向收購再次上市。此前，該公司曾因遭到一家有名賣空機構的進擊而廢棄在紐約上市。
周二晚些時刻，在深圳證券生意業務所(Shenzhen Stock Exchange)上市的矽橡膠臨盆商江蘇宏達新資料(Jiangsu Honda，簡稱宏達新材)表現，該公司將以457億元國民幣(合74億美元)置換分眾傳媒資產。
該公司重返中國，一方面凸顯出那些因股市暴漲而致使股價大幅晉升的企業團體購置力大增，另外一方面則凸顯出亞洲投資者愈來愈樂意支撐此前曾受西方賣空者進擊的企業。
經由過程此次借殼上市，以凱雷團體(Carlyle Group)為首的投資者將斬獲近一倍的回報。它們在2013年5月斥資37億美元收購分眾傳媒。
這家中國告白公司本來在納斯達克(Nasdaq)上市。但是，2011年11月研討團體渾水(Muddy Waters)控告該公司誇張旗下具有的告白牌數目，並在並購生意業務中出資過量。該公司在那以後被轉為私家控股。
其時，分眾傳媒否定了這一控告，稱其是一種“曲解”，但股價下跌幅度仍高達40%。
本年迄今，著重高科技企業的深證成指(Shenzhen Composite)已上漲跨越一倍。與此同時，上海證券生意業務所(Shanghai Stock Exchange)上月曾在7天內上漲14%，到達2008年以來的最高點。
下周，摩根士丹利本錢國際(MSCI)將頒布是不是將中國的A股納入環球指數。假如它選取這麽做，將為中國股市平增更多助力。
宏達新材將以現金和股票置換分眾傳媒資產。別的，該公司還頒布了50億元國民幣的配股籌劃，為這筆生意業務供給資金。該生意業務須要獲得中國證監會(China Securities Regulatory Commission)的同意，不外逆向收購面對的考核平日弱於初次公然刊行(IPO)。
2011年，專擅長賣空的研討團體開端成為亞洲股市上一支弗成疏忽的力氣。就在那一年，渾水公司鞭撻在多倫多上市的嘉漢林業(Sino-Forest)所頒布賬目標真實性。嘉漢林業是一家中國林業公司，厥後未能逃走停業運氣。
2014年3月，以新加坡投資機構淡馬錫(Temasek)為首的投資者曾斥資21億美元，收購奧蘭(Olam)未被淡馬錫掌握的股分。奧蘭是一家農業大批商品生意業務商，也曾遭到渾水批駁。為此，淡馬錫還投入資金支撐奧蘭配售新股，以擠壓賣空者。
在香港上市的中國房地產開辟商恒大(Evergrande)，也曾擊退另外一家賣空機構香櫞研討(Citron Research)的進擊。
更近的例子是，在香港上市的天合化工(Tianhe Chemical)股票停牌五周，以草擬針對相幹批駁的回嘴資料。這些批駁發自一家名為匿名剖析(Anonymous Analytics)的機構。該公司股票至今未從那次進擊規復過來。
【參考譯文】
Focus Media Holding, a Chinese billboard company that abandoned its New York listing after an attack by a prominent short seller, is set to go public again via a reverse takeover.
Jiangsu Honda, a silicon rubber manufacturer listed on the Shenzhen Stock Exchange, said late on Tuesday that it would pay Rmb45.7bn ($7.4bn) for Focus.
The company’s return to China highlights the spending power of groups whose shares have been boosted by soaring equity markets and Asian investors’ increasing willingness to back companies previously attacked by western short sellers.
With the backdoor listing, investors led by the Carlyle Group will have almost doubled their money after paying $3.7bn for Focus Media in May 2013.
The Chinese advertising company had been listed on Nasdaq but was taken private after research group Muddy Waters alleged in November 2011 that it exaggerated the number of billboards it had and overpaid for acquisitions.
At the time, shares in Focus Media, which denied the accusations as “innuendo”, fell as much as 40 per cent.
So far this year the tech-heavy Shenzhen Composite has more than doubled, while last month the Shanghai Stock Exchange gained 14 per cent in seven days, reaching its highest since 2008.
If MSCI opts to include Chinese A shares in its global indices, a decision due to be announced next week, that would add even more fuel to the country’s equity markets.
Jiangsu Honda, which will pay a mixture of cash and stock for Focus Media, also announced a Rmb5bn placement to help fund the deal. The transaction requires approval from the China Securities Regulatory Commission, but reverse takeovers typically draw less scrutiny than initial public offerings.
Research groups specialising in short selling emerged as a force to be reckoned with in Asia in 2011 when Muddy Waters attacked the veracity of accounts published by Toronto-listed Sino-Forest. The Chinese forestry company later collapsed.
In March 2014, investors led by Temasek offered to pay $2.1bn for the shares they did not control in Olam, an agricultural commodities trader that was also criticised by Muddy Waters. The Singapore investment agency also backed an Olam rights offer designed to squeeze short sellers.
Evergrande, a Chinese property developer listed in Hong Kong, also beat back an attack by another short seller, Citron Research.
More recently, Hong Kong-listed Tianhe Chemical suspended trading in its shares for five weeks while it drafted a rebuttal to criticisms levelled by Anonymous Analytics. Its stock has yet to recover from the attack.
市場價：HK$ 92
