The reversal of sentiment is clear. IPOs of Chinese companies in the U.S. are expected to be around 20 to 30 this year, up from two in 2012. Privatizations deals, where publicly listed Chinese companies are bought out and taken private, dropped from 24 in 2012 to six so far this year.
There are many forces behind the turnaround: record-shattering U.S. stock markets, greater investor euphoria, and perhaps scandal fatigue, to name just a few.
For go-private deals, the fundamentals have tilted away from such transactions. The valuation of U.S.-listed Chinese companies have rebounded to levels higher than the historical average.
The NASDAQ Golden Dragon China Index (HXC)’s overall valuation, for example, has reached 19.7 times price earning ratio, higher than the historical average of 15.3 times, and also higher than NASDAQ’s 18.8 times.
Below, we list more data on Chinese IPOs and go-private deals.