业界普遍认为,与大批正在进行私有化的美国“中概股”一样,万达最终将寻求在上海或深圳重新上市,这两地的估值水平通常较高。然而,与此同时,万达拟议的私有化也凸显了另外一个趋势:中国企业家对旗下公司所能够选择的上市地越来越不满意。
Take Hong Kong, the natural home for Chinese groups. Mainland companies make up more than half of the city’s Hang Seng index but are valued well below local stocks as well as mainland-listed compatriots: the Hang Seng trades on 11 times expected earnings; the blue-chip mainland CSI300 trades on 13 times, but the Hang Seng China Enterprises index, made up exclusively of mainland-based groups, trades on a multiple of just 7.
以中资企业天然的上市大本营——香港——为例。中国内地企业在香港恒生指数(Hang Seng index)中占了一半以上的比重,但估值远低于香港本地企业,也低于在内地上市的企业:恒生指数的预期市盈率为11倍;内地由蓝筹股组成的沪深300指数(CSI 300)预期市盈率为13倍,而全部由内地企业构成的恒生中国企业指数(Hang Seng China Enterprises Index)预期市盈率只有7倍。
New York does not offer a particularly attractive alternative. Valuations are better than in Hong Kong but, outside the likes of Alibaba and Baidu, most companies struggle for attention. Momo, the online dating site currently pursuing a $2.3bn take-private backed by Alibaba, is a case in point. There are just two analysts currently following the stock, according to Bloomberg.
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