Delisting from received a buyout offer to complete privatization, 360 after more than a year.

The overall environment well, 2011 360 when listing, just in time for the Chinese Internet company listings in the United States, before and after have youku, potatoes, dangdang, CD and so on, until 2013, Alibaba, where to go, Twitter, Ju mei products have been listed.

However the tide soon arrived. The past two years, corporate IPO less, unit selection mode of privatization in increasing in volume, embarrassing situation for the entire stock market fans caused.

According to public information, 2015 in Chinese-funded enterprises overseas IPO only 14 for the past three years low. While the first half of this year, in addition to 51Talk, no further messages listed domestic companies in the us.

Meanwhile, in 2015 there are 33 us-listed China stocks received a buyout offer, 360 one.

Take 360 delisting comes as we take stock delisting of shares in these two years are:

As can be seen from the figure, 25 are under way or have been privatised shares in the privatisation of 16 quotes are lower than the offering price, as all network, Air America media.

Some companies in the privatization process is very fast, for 3 months to 6 months time, but there are also companies such as Internet century, because the offer was withdrawn, privatization has been put forward for more than a year, but had to run aground.

The privatization of a large number of shares in reason with valuation, transactions, regulatory arbitrage and the four factors.

Valuations, us-listed shares in value substantially undervalued, the so-called "Wall Street did not understand China," most companies are not properly valued.

Secondly, the generally low stock trading volume, no volume is equivalent to have lost the capacity for sustained financing;

Regulation, stocks in the United States by rigorous oversight in decision-making, some of the issues facing the company in China with strong legal risk, while also giving some short body handle. McGlaughlin since listing began, United States law firm targeted, dealing with a number of lawsuits, under pressure to delisting multiple times, and through self-help and share to avoid delisting.

Finally, in fact, is to return to arbitrage, return to a-share is likely to be realized share price rally.

从接到私有化要约到完成私有化退市，360历经了一年。

因为整体环境发展良好，2011年360上市的时候，正赶上中国互联网公司的赴美上市潮，前后上市的还有优酷、土豆、当当、唯品会 等等，此后到2013年，阿里巴巴、去哪儿、微博、聚美优品也相继上市。

然而退潮期很快就到了。过去两年，企业IPO的数量不断减少，中概股选择私有化方式的数量却不断增多，造成整个股市迷之尴尬的局面。

据公开资料显示，2015年中资企业在境外进行IPO的只有14家，为过去三年以来的新低。而今年上半年，除了51Talk外，再无任何国内企业赴美上市的消息。

与此同时，2015年有33家在美上市的中国概念股收到了私有化要约，360正是其中一家。

借360退市之际，我们盘点一下这两年退市的中概股有哪些：

从图中可以看出，25家正在进行或已经完成私有化的中概股中，有16家的私有化报价都低于发行价，如人人网、航美传媒等。

有的公司私有化进程非常快，进行了3个月到6个月不等的时间，但也有像世纪互联这样的公司，因为要约被撤回，私有化提出已经一年有余，但不得不搁浅。

大量中概股的私有化原因其实不外乎跟估值、交易、监管和套利这四个因素有关。

估值上，赴美上市的中概股价值被严重低估，所谓的“华尔街不懂中国”让大多数的公司都得不到应有的估值。

其次，中概股的交易量普遍偏低，没有交易量就相当于已经失去了持续融资的能力；

监管上，中概股在美国受到了决策上的严厉监督，中国公司本身存在的一些问题面临着强烈的法律风险，同时也给了一些做空机构可乘之机。比如麦考林自从上市开始，就被美国一些律师事务所盯上，应对了数次的诉讼，面临多次退市的压力，还曾通过并股自救，避免退市。

最后，其实就是为了回归套利，回归A股可能会实现股价的大涨。