Nobody loves them and many actively despise them. It is just as well that so many Chinese companies that listed in the US through reverse mergers are trying to get out. Closing this chapter in the story of corporate China’s growing engagement with the rest of the world cannot come soon enough.

谁都不待见它们，很多人还对它们鄙视有加。大量通过“借壳在美上市的中国公司，正在努力退出美国股市——这其实没什么大不了的。中国企业融入世界的故事中出现的这一幕，不会立刻就结束。

So-called “advisers promised the glamour of a New York listing to smallish Chinese companies that either did not understand the importance of corporate governance or simply wanted the money. Egregious examples of each have poisoned the well for all: since their peak at the end of 2010, Chinese reverse-merger stocks have dropped by more than two-thirds, according to a Bloomberg index, aided by short sellers, fears of fraud and poor liquidity. By contrast, an index of the largest US-listed Chinese groups – the likes of Baidu, Sinopec and China Mobile – is up by 10 per cent. Smaller US companies, with which the reverse mergers are more comparable, have gained a fifth.

那些所谓的“咨询机构向中国中小企业保证，在纽约上市好处多多。可是这些企业要么不明白公司治理的重要性，要么只想圈钱。这两种情况中的突出恶例起到了“一马勺坏一锅的效果：彭博(Bloomberg)的一项指数显示，自2010年末达到历史峰值以来，借壳上市的中国企业的股价已累计下跌逾三分之二，卖空者、对欺诈的担忧情绪以及流动性不佳更是起到了推波助澜的作用。相比之下，一项衡量在美上市的中国大型企业（如百度、中石化(Sinopec)和中国移动(China Mobile)）股价表现的指数累计上涨了10%。美国中小企业（它们与借壳上市的中国中小企业更具可比性）的股价则累计上涨了五分之一。

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