After Focus Media, more and more Chinese stocks have also embarked on the road to return to A shares.
On Thursday (June 4), Mindray Medical , which is listed on the New York Stock Exchange, surged 10.92% to $30.47, the biggest increase since August 2012. The volume of transactions has soared to 6.5 million shares, which is more than 9 times the average daily trading volume in the past three months.
The three managements of Mindray submitted a non-binding proposal to the board of directors on the same day. The three will acquire all the shares of the company from other shareholders at a price of US$30, which is 9.2% higher than the company's closing price on Wednesday. .
Currently, the three managements already own 28% of the company's circulating shares. According to Bloomberg, the equity acquisition plan will involve $2.6 billion in cash, while the Wall Street Journal is expected to cost $3 billion.
Prior to this, the other two Chinese stocks, Wuxi WuXi PharmaTech and the Chinese Cord Blood Bank, are also preparing for returning to China through a similar privatization program. With soaring mainland stock market, the domestic similar biomedical company's valuation has more than tripled Mindray.
According to Bloomberg, Peter Runsworth, founder of Hengrun Investment, commented: “The company’s management is doing this for valuation purposes.†Since biomedical stocks may receive higher valuations on the mainland, it’s better to go back than to stay in the US. it is good.
Mindray said that the company will set up a special committee composed of independent directors to evaluate the program.
Mindray Medical is principally engaged in the development and manufacture of clinical medical devices . The company went public in the US in September 2006. A year later its share price rose to a historical peak of $44.99, which has fallen 32% from its peak. At present, the company's price-earnings ratio is 18 times, and the average valuation of similar companies listed on the A-share market is 58 times.
With Focus Media's backdoor HTC new material officially unveiled in A-shares, it became the first Chinese company to return to A-shares. The market expects Zhejiang to open the prelude to the return of China Stocks.
Yesterday, the State Council executive meeting chaired by Premier Li Keqiang also mentioned in particular that it is necessary to determine the policy measures for vigorously promoting mass entrepreneurship and publicity, and promote the listing of special equity structure entrepreneurs in China. This opened the door for the return of the Chinese stock market in terms of policy.
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