萬達在中國內地上市的潛在借殼對象宣佈終止談判
A potential host for Wanda’s backdoor listing in China has pulled out of talks, causing a headache for Wang Jianlin, China’s richest man, as he seeks to replace a poorly performing Hong Kong listing with the higher valuations offered in Shanghai and Shenzhen.
萬達(Wanda)在中國內地上市的潛在借殼對象宣佈終止談判，這或許會讓中國首富王健林感到頭疼，目前他正尋求迴歸A股，用上海和深圳的較高估值取代表現不佳的香港上市。
Shenzhen-listed Soft Rock Investment Group yesterday said it had dropped out of discussions over an asset swap deal to restructure itself as Wanda Commercial Properties’ shell.
深圳上市的綿石投資集團(Soft Rock Investment Group)昨日表示，其已退出關於將自身重組爲萬達商業地產(Wanda Commercial Properties)上市外殼的資產置換協議的談判。
Mr Wang paid $4.4bn earlier this year to privatise Dalian Wanda Commercial Properties just 18 months after listing in Hong Kong. The privatisation was the biggest such deal by a Chinese group in the city, and its success in relisting onshore was being closely watched as a template that others might follow.
王健林今年早些時候斥資44億美元，將在香港上市僅一年半的大連萬達商業地產公司收歸私有。那是中資集團在香港進行的規模最大的私有化交易，其在內地重新上市的成敗受到密切關注，被視爲其它公司可能效仿的模板。
More than $12bn of take-private deals by Chinese companies have been announced this year, following $21.7bn last year, according to Dealogic. Most are believed to be seeking a mainland listing, where valuations are higher than those in New York or Hong Kong.
Dealogic的數據顯示，今年迄今中資企業宣佈了超過120億美元的私有化交易，而去年全年達到217億美元。據信多數交易是爲了尋求在估值高於紐約或香港的內地交易所上市。
But the potential for a wave of backdoor listings has raised concerns among Chinese regulators, worried that companies will escape the scrutiny of the initial public offering process by reversing into already-listed shells.
但是，出現一波後門上市的可能性引起了中國監管機構的關注，他們擔心企業通過借殼上市逃避首次公開發行(IPO)過程的審查。
Shares in scores of companies suspected to be shells in search of a backdoor buyer have leapt in Hong Kong as well as the mainland this year, as tighter bank funding conditions have pushed executives to seek other funding routes including public equity.
今年以來，香港和內地股市有幾十家疑似潛在外殼、正在尋覓後門買家的公司股價飆升，其背景是銀行融資條件有所收緊，促使管理層物色其他融資渠道，包括公共股本。
Shells in Shanghai and Shenzhen also provide a means of jumping the queue of several hundred mainland companies seeking regulatory approval for an IPO.
在上海和深圳上市的外殼，還提供了跳過數百家排隊等候IPO監管審批的內地公司的手段。
Soft Rock said in a statement to the Shenzhen bourse: “Because the relevant parties could not reach an agreement on the timeframe of this major restructuring, in order to protect shareholder interests . . . we have decided to end the restructuring plans.”
綿石投資在提交深圳證交所的一份公告中表示：“鑑於相關各方未能就本次重大資產重組的時間安排協商達成一致，爲維護全體股東利益……公司決定終止本次重大資產重組事項的籌劃。”
Wanda said it “only had preliminary contact” with Soft Rock and “did not enter formal discussions for restructuring Wanda Commercial Properties, nor did we reach any common purpose”.
萬達表示，只與綿石投資“進行初步接觸”，“未就萬達商業重組進行正式協議談判，也未達成任何一致意向”。
