Take-private offers worth nearly $3bn are pending and almost $4bn have already been completed, according to Dealogic. But premiums have dropped. From almost 50 per cent in 2010, they are averaging 38 per cent this year. Money will be lost but getting out at least draws a line under unhappy experiences.

Dealogic的数据显示，近期即将对借壳上市中国企业发出的私有化要约价值将近30亿美元，而已完成的私有化交易价值将近40亿美元。不过，收购溢价却有所下滑。2010年时溢价近乎为50%，今年则降至平均38%。退市之举虽然在金钱方面会造成些损失，但它至少为不愉快的经历画上了句号。

Most offers are repurchases by the founder, usually still the majority shareholder. Some deals have private equity backing in the expectation that they will eventually relist, say in Hong Kong. That is for another day. For now, many will struggle just to extricate themselves from the US taxman and the poor legal structures they adopted as part of the listing “package, which often included lawyers and bankers.

上述多数要约都属于这类企业的创始人发起的回购，这些人通常都是多数股股东。有些交易得到私人股本的资金支持。这些私人股本期望，这类企业最终还能在香港等地重新上市。这都是后话了。就现在而言，其中很多企业首先得使出浑身解数来摆脱美国税务当局和上市那“一锤子买卖中采用的糟糕法律架构（通常涉及律师和银行家）带来的困扰。

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