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03:16 PM
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Chinese Companies Pull Out of US Stock Markets
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[quote:Anonymous Coward 21968272:MV8xOTU3MjY5XzMyODM1MTU0XzlERUNFOTZG] Western companies are the manufacturers in China. Without those exports and the western middle-class China goes back to the dark ages. They will survive, they have been there before. [/quote]
Original Message
Just a few years after Chinese companies lined up to sell shares on Wall Street, a growing number are reversing course and pulling out of U.S. exchanges.
This week, Focus Media Holding Ltd., announced its chairman and private equity firms want to buy back its U.S.-traded shares and take the Shanghai-based advertising company private. The deal would value Focus Media at $3.5 billion, according to financial information firm Dealogic.
Smaller companies also are withdrawing from U.S. exchanges. In a sign of official encouragement, a Chinese business magazine said a state bank has provided $1 billion in loans to help companies with listings abroad move them to domestic exchanges.
The withdrawals follow accusations of improper accounting by some companies and a deadlock between Beijing and Washington over whether U.S. regulators can oversee their China-based auditors.
Some Chinese companies say they are pulling out of U.S. markets because a low share price fails to reflect the strength of their business. Withdrawing also eliminates the cost of complying with American financial reporting rules.
[
link to finance.yahoo.com
]
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