When Wang Jianlin took Wanda Commercial Properties public in Hong Kong in 2014, the $3.7bn flotation marked something of a coming out for the tycoon¹. Known on the mainland for his Wanda Plaza² developments, he was starting to gain an international reputation as a dealmaker, buying cinemas and eyeing US film studios.

2014年王健林让万达商业地产(Wanda Commercial Properties)在香港上市，融资37亿美元，似乎标志着这位企业大亨开始登陆公开市场。在中国内地以开发“万达广场”闻名的王健林，开始在国际上博得作为交易撮合者的声誉，收购院线，瞄准美国电影公司。

Since then Mr Wang’s deals and his property developments have established him as China’s richest man. However, investor³ appreciation⁴ for Wanda Commercial, the core of his empire, has not matched this success. In fact, just 15 months after going public, Mr Wang said he was considering taking the business private again.

此后，凭借并购和房地产开发，王健林奠定了自己作为中国首富的地位。然而，投资者对其商业帝国的核心——万达商业——的赏识程度却与这样的成功不相称。事实上，上市才15个月，王健林就表示正在考虑将万达商业重新私有化。

It is widely thought that, like a host of US-listed Chinese companies currently being taken private, Wanda will eventually seek to relist in Shanghai or Shenzhen, where valuations are usually higher. In the meantime, though, the proposed move highlights another trend: growing Chinese dissatisfaction with the equity⁵ market options available to their companies.

业界普遍认为，与大批正在进行私有化的美国“中概股”一样，万达最终将寻求在上海或深圳重新上市，这两地的估值水平通常较高。然而，与此同时，万达拟议的私有化也凸显了另外一个趋势：中国企业家对旗下公司所能够选择的上市地越来越不满意。

Take Hong Kong, the natural home for Chinese groups. Mainland companies make up more than half of the city’s Hang Seng index but are valued well below local stocks as well as mainland-listed compatriots: the Hang Seng trades on 11 times expected earnings⁶; the blue-chip mainland CSI300 trades on 13 times, but the Hang Seng China Enterprises index, made up exclusively of mainland-based groups, trades on a multiple of just 7.

以中资企业天然的上市大本营——香港——为例。中国内地企业在香港恒生指数(Hang Seng index)中占了一半以上的比重，但估值远低于香港本地企业，也低于在内地上市的企业：恒生指数的预期市盈率为11倍；内地由蓝筹股组成的沪深300指数(CSI 300)预期市盈率为13倍，而全部由内地企业构成的恒生中国企业指数(Hang Seng China Enterprises Index)预期市盈率只有7倍。

New York does not offer a particularly attractive alternative. Valuations are better than in Hong Kong but, outside the likes of Alibaba and Baidu, most companies struggle for attention. Momo, the online dating site currently pursuing a $2.3bn take-private backed by Alibaba, is a case in point. There are just two analysts⁷ currently following the stock, according to Bloomberg.

纽约并未提供一个特别有吸引力的替代选择。虽然这里的估值比香港高，但除了阿里巴巴(Alibaba)、百度(Baidu)这样的公司，多数公司都在艰难地试图吸引眼球。获得阿里巴巴支持拟用23亿美元进行私有化的在线约会网站陌陌(Momo)就是典型一例。据彭博(Bloomberg)报道，目前只有两名分析师跟踪该公司股票。

Small wonder $38bn of US-listed Chinese “take-privates” were announced last year, and a further $7bn this year, according to Dealogic.

会出现私有化趋势也就没什么可奇怪的了。Dealogic的数据显示，去年，在美国上市的中国公司总计宣布了380亿美元的私有化交易金额，今年迄今又新增70亿美元。

But even going home and seeking a relisting is not entirely⁸ appealing. There are several hundred companies in the queue for initial public offerings, and the timetable is controlled by officials. Root-and-branch reforms to the clunky process, promised after last year’s mainland boom and bust⁹, are a long way off.

但即便回国重新寻求上市也并不是称心如意的选择。数百家企业正排队等待进行首次公开发行(IPO)，而上市时间表由官员掌控。在内地股市经历了去年的暴涨暴跌之后，当局承诺要对繁复的IPO程序进行彻底改革，但距离兑现还很遥远。

If that were not enough, this month the China Securities Regulatory Commission said it was examining the effect that returning take-privates could have on mainland markets — a study that includes reverse mergers¹⁰ into shell companies as well as IPOs. One fear is that restrictions¹¹ will be imposed. Shares in US-listed target companies promptly¹² fell. Hong Kong, too, has voiced concerns about backdoor listings on its markets. Most of these are from the mainland.

如果这些还不够的话，本月，中国证券监督管理委员会(CSRC)表示，其正在研究中概股回归可能对内地股市产生的影响——包括对借壳上市及IPO的研究。有人担心会出一些限制。在美上市的目标公司股价当即应声下跌。香港方面也对后门上市的做法表示了担忧。大部分此类企业都来自中国内地。

As a result, many Chinese groups rely on private money and, for tech groups, this is readily available. Lufax, the online platform known for peer-to-peer lending, raised $1bn in a January round that valued it at $18.5bn. Ant Financial, the financial affiliate¹³ of Alibaba, raised $4.5bn last month for a $60bn valuation. Just last week, Apple put $1bn into Didi Chuxing, China’s dominant¹⁴ online taxi-hailing group.

因此，许多中国企业都依赖私人资本，而对科技公司而言，获得这些资本并不难。在今年1月完成的一轮募资中，P2P网贷平台陆金所(Lufax)筹集了10亿美元，令其估值达到185亿美元。上月，阿里巴巴旗下金融公司蚂蚁金服(Ant Financial)筹集了45亿美元，该公司估值达600亿美元。就在上周，苹果(Apple)宣布向中国主要在线打车集团——滴滴出行(Didi Chuxing)投资10亿美元。

“For a Chinese company with a good story, raising private equity isn’t difficult,” says Keith Pogson, senior partner in EY’s Asia financial services practice. “Investors¹⁵ are tired of the volatility¹⁶ of public markets and watching an investment go up and down, particularly in China. They just want to see how it pans out over the long term.”

“一家中国公司如果有好的故事，募集私人股本并不难，”安永(EY)亚洲金融服务高级合伙人包凯(Keith Pogson)说，“投资者已经厌倦了公开市场的剧烈波动，厌倦了看着自己的投资起起落落——特别是在中国。他们只想看长期而言会有什么结果。”

Private Chinese groups can also move more quickly. Anbang Insurance, which launched $20bn of hotel bids within two days in March, demonstrated the benefits and limits of that. Not having to seek shareholder¹⁷ approval removed one hurdle¹⁸ for a deal that, like all Chinese transactions, also needed regulatory approval. However, the group later ran into criticism over a lack of transparency in its structure and funding. Its larger proposed deal, a $14bn bid for Starwood, ultimately failed.

中国民营企业在行动上也更加敏捷。安邦保险(Anbang Insurance)就展示了其中的优势与局限。今年3月，安邦在两天时间内发起总交易金额200亿美元的酒店资产竞购。与中国所有并购交易一样，安邦的这些交易也需经过监管部门批准，但不必征求股东同意，少了一道障碍。然而，安邦后来因在公司架构及融资方面缺乏透明度而遭到批评，其较大的一笔交易——出价140亿美元竞购喜达屋(Starwood)——以失败告终。

At some point, though, private investors in Ant Financial, Lufax and the like will want an exit and, in all probability, public markets will be the only means of providing it in sufficient scale — as was the case for Alibaba.

然而，在某些时候，蚂蚁金服、陆金所之类公司的私人投资者也会想要一条退出的路径，而唯一能够以足够大的规模提供这种渠道的极有可能只能是公开市场——正如阿里巴巴的情况。

But Wanda’s take-private suggests any renewed Chinese enthusiasm for public markets is still some way off.

但万达的私有化意图表明，中国企业对公开市场重新燃起热情仍需时日。