[每天懂点法]Lawyers benefit from Chinese take privates

每天懂点法

The flurry (一阵风)of Chinese companies delisting{把（证券等）从上场证券中除去} from US capital markets to head for Chinese exchanges(证券市场) was highlighted last week when Qihoo 360 announced that it would leave the NYSE and go private for US$9 billion, which trumps（超过） the 2012 US$3.7 billion offer for Focus Media. Kirkland & Ellis and Skadden are acting on the deal. The 38% and 94% surges（暴涨） in the Shanghai and Shenzhen stock indexes, respectively, this year appear much more attractive than the 8% and 2% for the Nasdaq and NYSE. This month alone, at least seven companies have received similar offers to go private, including US$673 million for Nasdaq-listed China Mobile Games and Entertainment Group. Gaming company Perfect World is going for US$1.1 billion and Wuxi PharmaTech is delisting from the NYSE for US$3.3 billion.

The trend comes amid increasing expectations that domestic IPO approval rules will be further relaxed （放松）in October. Also, Chinese private equity houses have been significantly active in the past two years, meaning more experience and bigger portfolios. Privatisation（私有化） means more work for everyone, but more money. All this hinges on（取决于…）, however, the Shanghai and Shenzhen stock exchanges maintaining their highs.
（转自china law and practice）

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