万达(Wanda)在中国内地上市的潜在借壳对象宣布终止谈判，这或许会让中国首富王健林感到头疼，目前他正寻求回归A股，用上海和深圳的较高估值取代表现不佳的香港上市。

　　Shenzhen-listed Soft Rock Investment Group yesterday said it had dropped out of discussions over an asset swap deal to restructure itself as Wanda Commercial Properties’ shell.

　　深圳上市的绵石投资集团(Soft Rock Investment Group)昨日表示，其已退出关于将自身重组为万达商业地产(Wanda Commercial Properties)上市外壳的资产置换协议的谈判。

　　Mr Wang paid $4.4bn earlier this year to privatise Dalian Wanda Commercial Properties just 18 months after listing in Hong Kong. The privatisation was the biggest such deal by a Chinese group in the city, and its success in relisting onshore was being closely watched as a template that others might follow.

　　王健林今年早些时候斥资44亿美元，将在香港上市仅一年半的大连万达商业地产公司收归私有。那是中资集团在香港进行的规模最大的私有化交易，其在内地重新上市的成败受到密切关注，被视为其它公司可能效仿的模板。

　　More than $12bn of take-private deals by Chinese companies have been announced this year, following $21.7bn last year, according to Dealogic. Most are believed to be seeking a mainland listing, where valuations are higher than those in New York or Hong Kong.

　　Dealogic的数据显示，今年迄今中资企业宣布了超过120亿美元的私有化交易，而去年全年达到217亿美元。据信多数交易是为了寻求在估值高于纽约或香港的内地交易所上市。

　　But the potential for a wave of backdoor listings has raised concerns among Chinese regulators, worried that companies will escape the scrutiny of the initial public offering process by reversing into already-listed shells.

　　但是，出现一波后门上市的可能性引起了中国监管机构的关注，他们担心企业通过借壳上市逃避首次公开发行(IPO)过程的审查。

　　Shares in scores of companies suspected to be shells in search of a backdoor buyer have leapt in Hong Kong as well as the mainland this year, as tighter bank funding conditions have pushed executives to seek other funding routes including public equity.

　　今年以来，香港和内地股市有几十家疑似潜在外壳、正在寻觅后门买家的公司股价飙升，其背景是银行融资条件有所收紧，促使管理层物色其他融资渠道，包括公共股本。

　　Shells in Shanghai and Shenzhen also provide a means of jumping the queue of several hundred mainland companies seeking regulatory approval for an IPO.

　　在上海和深圳上市的外壳，还提供了跳过数百家排队等候IPO监管审批的内地公司的手段。

　　Soft Rock said in a statement to the Shenzhen bourse: “Because the relevant parties could not reach an agreement on the timeframe of this major restructuring, in order to protect shareholder interests?.?.?.?we have decided to end the restructuring plans.”

　　绵石投资在提交深圳证交所的一份公告中表示：“鉴于相关各方未能就本次重大资产重组的时间安排协商达成一致，为维护全体股东利益……公司决定终止本次重大资产重组事项的筹划。”

　　Wanda said it “only had preliminary contact” with Soft Rock and “did not enter formal discussions for restructuring Wanda Commercial Properties, nor did we reach any common purpose”.

　　万达表示，只与绵石投资“进行初步接触”，“未就万达商业重组进行正式协议谈判，也未达成任何一致意向”。