分衆傳媒擬借殼在中國上市

Focus Media Holding, a Chinese billboard company that abandoned its New York listing after an attack by a prominent short seller, is set to go public again via a reverse takeover.

中國廣告公司分衆傳媒控股有限公司(Focus Media Holding)將通過逆向收購再次上市。此前，該公司曾因受到一家著名賣空機構的攻擊而放棄在紐約上市。

Jiangsu Honda, a silicon rubber manufacturer listed on the Shenzhen Stock Exchange, said late on Tuesday that it would pay Rmb45.7bn ($7.4bn) for Focus.

週二晚些時候，在深圳證券交易所(Shenzhen Stock Exchange)上市的硅橡膠生產商江蘇宏達新材料（Jiangsu Honda，簡稱宏達新材）表示，該公司將以457億元人民幣（合74億美元）置換分衆傳媒資產。

The company’s return to China highlights the spending power of groups whose shares have been boosted by soaring equity markets and Asian investors’ increasing willingness to back companies previously attacked by western short sellers.

該公司重返中國，一方面凸顯出那些因股市暴漲而導致股價大幅提升的企業集團購買力大增，另一方面則凸顯出亞洲投資者越來越願意支持此前曾受西方賣空者攻擊的企業。

With the backdoor listing, investors led by the Carlyle Group will have almost doubled their money after paying $3.7bn for Focus Media in May 2013.

通過這次借殼上市，以凱雷集團(Carlyle Group)爲首的投資者將斬獲近一倍的回報。它們在2013年5月斥資37億美元收購分衆傳媒。

The Chinese advertising company had been listed on Nasdaq but was taken private after research group Muddy Waters alleged in November 2011 that it exaggerated the number of billboards it had and overpaid for acquisitions.

這家中國廣告公司原本在納斯達克(Nasdaq)上市。然而，2011年11月研究集團渾水(Muddy Waters)指控該公司誇大旗下擁有的廣告牌數量，並在併購交易中出資過多。該公司在那之後被轉爲私人控股。

At the time, shares in Focus Media, which denied the accusations as “innuendo”, fell as much as 40 per cent.

當時，分衆傳媒否認了這一指控，稱其是一種“歪曲”，但股價下跌幅度仍高達40%。

So far this year the tech-heavy Shenzhen Composite has more than doubled, while last month the Shanghai Stock Exchange gained 14 per cent in seven days, reaching its highest since 2008.

今年迄今，偏重高科技企業的深證成指(Shenzhen Composite)已上漲超過一倍。與此同時，上海證券交易所(Shanghai Stock Exchange)上月曾在7天內上漲14%，達到2008年以來的最高點。

If MSCI opts to include Chinese A shares in its global indices, a decision due to be announced next week, that would add even more fuel to the country’s equity markets.

下週，摩根士丹利資本國際(MSCI)將公佈是否將中國的A股納入全球指數。如果它選擇這麼做，將爲中國股市平添更多助力。

Jiangsu Honda, which will pay a mixture of cash and stock for Focus Media, also announced a Rmb5bn placement to help fund the deal. The transaction requires approval from the China Securities Regulatory Commission, but reverse takeovers typically draw less scrutiny than initial public offerings.

宏達新材將以現金和股票置換分衆傳媒資產。此外，該公司還公佈了50億元人民幣的配股計劃，爲這筆交易提供資金。該交易需要得到中國證監會(China Securities Regulatory Commission)的批准，不過逆向收購面臨的審覈通常弱於首次公開發行(IPO)。

Research groups specialising in short selling emerged as a force to be reckoned with in Asia in 2011 when Muddy Waters attacked the veracity of accounts published by Toronto-listed Sino-Forest. The Chinese forestry company later collapsed.

2011年，專長於賣空的研究集團開始成爲亞洲股市上一支不可忽視的力量。就在那一年，渾水公司抨擊在多倫多上市的嘉漢林業(Sino-Forest)所公佈賬目的真實性。嘉漢林業是一家中國林業公司，後來未能逃脫破產命運。

In March 2014, investors led by Temasek offered to pay $2.1bn for the shares they did not control in Olam, an agricultural commodities trader that was also criticised by Muddy Waters. The Singapore investment agency also backed an Olam rights offer designed to squeeze short sellers.

2014年3月，以新加坡投資機構淡馬錫(Temasek)爲首的投資者曾斥資21億美元，收購奧蘭(Olam)未被淡馬錫控制的股份。奧蘭是一家農業大宗商品交易商，也曾受到渾水批評。爲此，淡馬錫還投入資金支持奧蘭配售新股，以擠壓賣空者。

Evergrande, a Chinese property developer listed in Hong Kong, also beat back an attack by another short seller, Citron Research.

在香港上市的中國房地產開發商恆大(Evergrande)，也曾擊退另一家賣空機構香櫞研究(Citron Research)的攻擊。

More recently, Hong Kong-listed Tianhe Chemical suspended trading in its shares for five weeks while it drafted a rebuttal to criticisms levelled by Anonymous Analytics. Its stock has yet to recover from the attack.

更近的例子是，在香港上市的天合化工(Tianhe Chemical)股票停牌五週，以起草針對相關批評的辯駁材料。這些批評發自一家名爲匿名分析(Anonymous Analytics)的機構。該公司股票至今未從那次攻擊恢復過來。