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The Research on the Going Private of Chinese Overseas Listed Companies

Author ZhangKaiGen
Tutor ZhangHuiBing
School Shanghai Jiaotong University
Course Business Administration
Keywords Chinese concept stocks going private CCF valuation
Type Master's thesis
Year 2013
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Since2010, the overseas-listed Chinese companies have beenfrequently suffering from short selling by short sellers. The market valuesof these companies have plummeted, and their stock prices have beenslumping. As a result, many Chinese concept stocks have chosen to delistfrom the overseas capital markets, going private of overseas-listedChinese companies has become a kind of trend.Under such a circumstance, this thesis elaborates systematically thereason and motivations, operating and process, development strategy afterdelisting and the risk analysis of the going private of Chinese conceptstocks, a special kind of Mergers and Acquisitions. Moreover, this papertakes Focus Media (NASDAQ: FMCN) as an example to illustrate thecapital operation of going private, and evaluating its value with thecapital discounted cash flow (CCF) valuation model and relativevaluation method to assess the financial risk of its going private. Finally, this paper also analyses the investment opportunities in the going privatetide of Chinese concept stocks and its enlightenment to the developmentof Chinese capital market.

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