Cynthia96
2021-06-23
Good
51job.com agrees to US$5.7 billion privatisation deal, latest US-listed Chinese firm to go private<blockquote>前程无忧同意57亿美元私有化交易，成为最新一家私有化的美国上市中国公司</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
2
1
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":123581245,"tweetId":"123581245","gmtCreate":1624429367487,"gmtModify":1631889118163,"author":{"id":4087435220374410,"idStr":"4087435220374410","authorId":4087435220374410,"authorIdStr":"4087435220374410","name":"Cynthia96","avatar":"https://static.tigerbbs.com/e828c27f52bcd4d5a27c793cd8a6fd8e","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":6,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Good </p></body></html>","htmlText":"<html><head></head><body><p>Good </p></body></html>","text":"Good","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/123581245","repostId":1142290554,"repostType":4,"repost":{"id":"1142290554","kind":"news","pubTimestamp":1624427981,"share":"https://www.laohu8.com/m/news/1142290554?lang=zh_CN&edition=full","pubTime":"2021-06-23 13:59","market":"us","language":"en","title":"51job.com agrees to US$5.7 billion privatisation deal, latest US-listed Chinese firm to go private<blockquote>前程无忧同意57亿美元私有化交易，成为最新一家私有化的美国上市中国公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142290554","media":"finance.yahoo","summary":"Chinese human resources and job search provider 51job.com has agreed to be taken private in a deal t","content":"<p>Chinese human resources and job search provider 51job.com has agreed to be taken private in a deal that valued it at about US$5.7 billion, making it the latest US-listed Chinese firm to dump the public markets in favour of private ownership.</p><p><blockquote>中国人力资源和求职提供商前程无忧(51job.com)已同意私有化，交易估值约为57亿美元，使其成为最新一家放弃公开市场、转而私有化的美国上市中国公司。</blockquote></p><p> The transaction followed a nine-month engagement with Beijing private-equity firm DCP Capital, which was first revealed in September. The company, which went public in the US in 2004, formed a special committee of independent directors to consider the proposal and other strategic alternatives at the time.</p><p><blockquote>此次交易是在与北京私募股权公司DCP Capital进行了为期九个月的合作之后进行的，该合作于9月份首次披露。该公司于2004年在美国上市，当时成立了一个独立董事特别委员会来考虑该提案和其他战略替代方案。</blockquote></p><p> In May, 51job.com said it received anupdated takeover proposalfrom a consortium that included DCP and buyout firm Ocean Link Partners, as well as its CEO Rick Yan. Its largest shareholder, Recruit Holdings, has since joined the consortium.</p><p><blockquote>今年5月，前程无忧表示收到了一个财团的最新收购提案，该财团包括DCP和收购公司Ocean Link Partners及其首席执行官Rick Yan。其最大股东Recruit Holdings已加入该财团。</blockquote></p><p> Do you have questions about the biggest topics and trends from around the world? Get the answers withSCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.</p><p><blockquote>你对世界各地最大的话题和趋势有疑问吗？通过SCMP Knowledge获得答案，这是我们屡获殊荣的团队为您带来的精选内容平台，包括解释器、常见问题解答、分析和信息图表。</blockquote></p><p> Thetake-private transactioncame after the job search website saw its share price decline by more than half from its all-time closing high of US$113.06 in June 2018 to a two-year low in March of last year before rebounding somewhat. The company's shares jumped nearly 25 per cent since it announced the updated privatisation proposal in May.</p><p><blockquote>此次私有化交易发生之前，该求职网站的股价从2018年6月的历史收盘高点113.06美元下跌了一半以上，至去年3月的两年低点，随后有所反弹。自5月份宣布更新后的私有化提案以来，该公司股价上涨了近25%。</blockquote></p><p> Offered to investors at US$79.05 in cash per American depositary share, the deal represents a 28.89 per cent premium to its closing price on May 3, the day it announced it had received an updated, non-binding proposal to go private. The transaction is expected to close in the second half of 2021.</p><p><blockquote>该交易以每股美国存托股79.05美元现金的价格向投资者提供，较5月3日的收盘价溢价28.89%，当天该公司宣布已收到更新的、不具约束力的私有化提案。该交易预计将于2021年下半年完成。</blockquote></p><p> When compared with US-listed competitors, the daily trading volume of 51job.com has averaged just about half that of Manpower Group, the staffing and recruitment firm headquartered in Wisconsin with a global presence. Over the past 12 months, an average of 231,787 shares changed hands a day, or about just 0.3 per cent of the firm's total number of common shares outstanding, data from Nasdaq and 51job.com's filing shows.</p><p><blockquote>与在美国上市的竞争对手相比，前程无忧的日均交易量仅为万宝盛华集团的一半左右。万宝盛华集团是一家总部位于威斯康星州、业务遍及全球的人事和招聘公司。纳斯达克和前程无忧的文件数据显示，过去12个月，平均每天有231,787股股票易手，约占该公司已发行普通股总数的0.3%。</blockquote></p><p> Companies with low trading volumes generally make a case that minority shareholders would be better off exiting at a premium through the privatisation offer rather than trying to cash out in the stock market.</p><p><blockquote>交易量较低的公司通常会辩称，少数股东最好通过私有化要约溢价退出，而不是试图在股市套现。</blockquote></p><p> A representative for 51job.com did not respond to a request for comment on Tuesday.</p><p><blockquote>前程无忧的代表周二没有回应置评请求。</blockquote></p><p> Since the beginning of last year, 20 Chinese companies agreed to privatisation deals worth US$20.5 billion, the largest number of such transactions since two dozen US-listed Chinese companies went private in 2015, according to data provider Refinitiv.</p><p><blockquote>数据提供商路孚特的数据显示，自去年年初以来，已有20家中国公司同意进行价值205亿美元的私有化交易，这是自2015年24家在美上市的中国公司私有化以来此类交易数量最多的一次。</blockquote></p><p> Online classified advertisements website58.com;Sina Corporation, the operator of social media platformWeibo; andRuhnn Holding, which uses \"key opinion leaders\", or online influencers, to market brands in China, are among the companies that have decided to go private in transactions with private equity firms or their founders since June of last year.</p><p><blockquote>在线分类广告website58.com社交媒体平台微博的运营商新浪公司；andRuhnn Holding利用“关键意见领袖”或在线影响者在中国营销品牌，自去年6月以来，该公司是在与私募股权公司或其创始人的交易中决定私有化的公司之一。</blockquote></p><p> The rush by some Chinese companies to consider privatisation comes against the backdrop ofheightened US-China tensionsand threats of potential delistings of firms over potential ties to the Chinese military and along-running accounting disputebetween Washington and Beijing weighing on valuations.</p><p><blockquote>一些中国公司急于考虑私有化的背景是，美中紧张局势加剧，公司可能因与中国军方的潜在联系而退市，以及华盛顿和北京之间持续存在的会计纠纷给估值带来压力。</blockquote></p><p> It also follows a trying 18 months for the global economy with thecoronavirus pandemicforcing local lockdowns and changing consumer and business behaviours.</p><p><blockquote>此前，全球经济经历了艰难的18个月，冠状病毒大流行迫使当地封锁，消费者和企业行为发生了变化。</blockquote></p><p> Another reason is low valuations.</p><p><blockquote>另一个原因是低估值。</blockquote></p><p> \"It's usually a valuation question,\" said Marcia Ellis, global chair of private equity group at law firm Morrison & Foerster. \"A lot of the China-related companies that are listed in the US suffer a sort of China discount, for various reasons. I think a lot of these people think if their company were listed in Hong Kong or in China they would have a much higher valuation.\"</p><p><blockquote>“这通常是一个估值问题，”Morrison&Foerster律师事务所私募股权集团全球主席Marcia Ellis表示。“出于各种原因，许多在美国上市的与中国相关的公司都遭受了某种中国折扣。我认为很多人认为，如果他们的公司在香港或中国上市，他们的估值会高得多。”</blockquote></p><p> The privatisation push also comes as private equity firms are seeking to deploy more money in Asia.</p><p><blockquote>在推动私有化之际，私募股权公司正寻求在亚洲部署更多资金。</blockquote></p><p> Asia-Pacific based private equity firms, such as DCP, were sitting on a record US$446 billion in dry powder as of April and the industry's assets under management is expected to top US$6 trillion by 2025, according to data provider Preqin.</p><p><blockquote>根据数据提供商Preqin的数据，截至4月份，DCP等亚太地区私募股权公司持有创纪录的4460亿美元干粉，预计到2025年该行业管理的资产将超过6万亿美元。</blockquote></p><p> \"Asia-Pacific has been an engine driving global growth for more than a decade now and is in the middle of a historic transformation,\" Mark O'Hare, Preqin's founder and CEO, said. \"Investor demand to access this fast-growing and diverse region remains robust, while structural challenges to deploy capital are easing.\"</p><p><blockquote>Preqin创始人兼首席执行官马克·奥黑尔(Mark O'Hare)表示：“十多年来，亚太地区一直是推动全球增长的引擎，目前正处于历史性转型之中。”“投资者进入这个快速增长且多元化的地区的需求仍然强劲，而部署资本的结构性挑战正在缓解。”</blockquote></p><p> However, the US capital market - and its vast investor base - remains appealing to many Chinese firms seeking a higher profile globally or necessary cash to expand.</p><p><blockquote>然而，美国资本市场及其庞大的投资者基础仍然吸引着许多寻求全球知名度或扩张所需现金的中国公司。</blockquote></p><p></p><p> Didi Chuxing, China's biggest ride-hailing platform;Full Truck Alliance, a Chinese service similar to Uber Technologies for freight shipping; andChinese online grocery platforms, Missfresh and Dingdong Maicai, are among a slew of Chinese technology pursuing US initial public offerings.</p><p><blockquote>中国最大的网约车平台滴滴出行；Full Truck Alliance，一项类似于优步技术的中国货运服务；中国在线杂货平台每日优鲜和叮咚买菜是众多寻求在美国首次公开募股的中国科技公司之一。</blockquote></p><p> For some companies, the calculus may come down to shrinking stock prices, low trading volumes and the potential from a more receptive audience with a later listing closer to home.</p><p><blockquote>对于一些公司来说，计算可能归结为股价下跌、交易量低迷以及稍后在离家更近的地方上市的受众更容易接受的潜力。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>51job.com agrees to US$5.7 billion privatisation deal, latest US-listed Chinese firm to go private<blockquote>前程无忧同意57亿美元私有化交易，成为最新一家私有化的美国上市中国公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n51job.com agrees to US$5.7 billion privatisation deal, latest US-listed Chinese firm to go private<blockquote>前程无忧同意57亿美元私有化交易，成为最新一家私有化的美国上市中国公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-06-23 13:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Chinese human resources and job search provider 51job.com has agreed to be taken private in a deal that valued it at about US$5.7 billion, making it the latest US-listed Chinese firm to dump the public markets in favour of private ownership.</p><p><blockquote>中国人力资源和求职提供商前程无忧(51job.com)已同意私有化，交易估值约为57亿美元，使其成为最新一家放弃公开市场、转而私有化的美国上市中国公司。</blockquote></p><p> The transaction followed a nine-month engagement with Beijing private-equity firm DCP Capital, which was first revealed in September. The company, which went public in the US in 2004, formed a special committee of independent directors to consider the proposal and other strategic alternatives at the time.</p><p><blockquote>此次交易是在与北京私募股权公司DCP Capital进行了为期九个月的合作之后进行的，该合作于9月份首次披露。该公司于2004年在美国上市，当时成立了一个独立董事特别委员会来考虑该提案和其他战略替代方案。</blockquote></p><p> In May, 51job.com said it received anupdated takeover proposalfrom a consortium that included DCP and buyout firm Ocean Link Partners, as well as its CEO Rick Yan. Its largest shareholder, Recruit Holdings, has since joined the consortium.</p><p><blockquote>今年5月，前程无忧表示收到了一个财团的最新收购提案，该财团包括DCP和收购公司Ocean Link Partners及其首席执行官Rick Yan。其最大股东Recruit Holdings已加入该财团。</blockquote></p><p> Do you have questions about the biggest topics and trends from around the world? Get the answers withSCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.</p><p><blockquote>你对世界各地最大的话题和趋势有疑问吗？通过SCMP Knowledge获得答案，这是我们屡获殊荣的团队为您带来的精选内容平台，包括解释器、常见问题解答、分析和信息图表。</blockquote></p><p> Thetake-private transactioncame after the job search website saw its share price decline by more than half from its all-time closing high of US$113.06 in June 2018 to a two-year low in March of last year before rebounding somewhat. The company's shares jumped nearly 25 per cent since it announced the updated privatisation proposal in May.</p><p><blockquote>此次私有化交易发生之前，该求职网站的股价从2018年6月的历史收盘高点113.06美元下跌了一半以上，至去年3月的两年低点，随后有所反弹。自5月份宣布更新后的私有化提案以来，该公司股价上涨了近25%。</blockquote></p><p> Offered to investors at US$79.05 in cash per American depositary share, the deal represents a 28.89 per cent premium to its closing price on May 3, the day it announced it had received an updated, non-binding proposal to go private. The transaction is expected to close in the second half of 2021.</p><p><blockquote>该交易以每股美国存托股79.05美元现金的价格向投资者提供，较5月3日的收盘价溢价28.89%，当天该公司宣布已收到更新的、不具约束力的私有化提案。该交易预计将于2021年下半年完成。</blockquote></p><p> When compared with US-listed competitors, the daily trading volume of 51job.com has averaged just about half that of Manpower Group, the staffing and recruitment firm headquartered in Wisconsin with a global presence. Over the past 12 months, an average of 231,787 shares changed hands a day, or about just 0.3 per cent of the firm's total number of common shares outstanding, data from Nasdaq and 51job.com's filing shows.</p><p><blockquote>与在美国上市的竞争对手相比，前程无忧的日均交易量仅为万宝盛华集团的一半左右。万宝盛华集团是一家总部位于威斯康星州、业务遍及全球的人事和招聘公司。纳斯达克和前程无忧的文件数据显示，过去12个月，平均每天有231,787股股票易手，约占该公司已发行普通股总数的0.3%。</blockquote></p><p> Companies with low trading volumes generally make a case that minority shareholders would be better off exiting at a premium through the privatisation offer rather than trying to cash out in the stock market.</p><p><blockquote>交易量较低的公司通常会辩称，少数股东最好通过私有化要约溢价退出，而不是试图在股市套现。</blockquote></p><p> A representative for 51job.com did not respond to a request for comment on Tuesday.</p><p><blockquote>前程无忧的代表周二没有回应置评请求。</blockquote></p><p> Since the beginning of last year, 20 Chinese companies agreed to privatisation deals worth US$20.5 billion, the largest number of such transactions since two dozen US-listed Chinese companies went private in 2015, according to data provider Refinitiv.</p><p><blockquote>数据提供商路孚特的数据显示，自去年年初以来，已有20家中国公司同意进行价值205亿美元的私有化交易，这是自2015年24家在美上市的中国公司私有化以来此类交易数量最多的一次。</blockquote></p><p> Online classified advertisements website58.com;Sina Corporation, the operator of social media platformWeibo; andRuhnn Holding, which uses \"key opinion leaders\", or online influencers, to market brands in China, are among the companies that have decided to go private in transactions with private equity firms or their founders since June of last year.</p><p><blockquote>在线分类广告website58.com社交媒体平台微博的运营商新浪公司；andRuhnn Holding利用“关键意见领袖”或在线影响者在中国营销品牌，自去年6月以来，该公司是在与私募股权公司或其创始人的交易中决定私有化的公司之一。</blockquote></p><p> The rush by some Chinese companies to consider privatisation comes against the backdrop ofheightened US-China tensionsand threats of potential delistings of firms over potential ties to the Chinese military and along-running accounting disputebetween Washington and Beijing weighing on valuations.</p><p><blockquote>一些中国公司急于考虑私有化的背景是，美中紧张局势加剧，公司可能因与中国军方的潜在联系而退市，以及华盛顿和北京之间持续存在的会计纠纷给估值带来压力。</blockquote></p><p> It also follows a trying 18 months for the global economy with thecoronavirus pandemicforcing local lockdowns and changing consumer and business behaviours.</p><p><blockquote>此前，全球经济经历了艰难的18个月，冠状病毒大流行迫使当地封锁，消费者和企业行为发生了变化。</blockquote></p><p> Another reason is low valuations.</p><p><blockquote>另一个原因是低估值。</blockquote></p><p> \"It's usually a valuation question,\" said Marcia Ellis, global chair of private equity group at law firm Morrison & Foerster. \"A lot of the China-related companies that are listed in the US suffer a sort of China discount, for various reasons. I think a lot of these people think if their company were listed in Hong Kong or in China they would have a much higher valuation.\"</p><p><blockquote>“这通常是一个估值问题，”Morrison&Foerster律师事务所私募股权集团全球主席Marcia Ellis表示。“出于各种原因，许多在美国上市的与中国相关的公司都遭受了某种中国折扣。我认为很多人认为，如果他们的公司在香港或中国上市，他们的估值会高得多。”</blockquote></p><p> The privatisation push also comes as private equity firms are seeking to deploy more money in Asia.</p><p><blockquote>在推动私有化之际，私募股权公司正寻求在亚洲部署更多资金。</blockquote></p><p> Asia-Pacific based private equity firms, such as DCP, were sitting on a record US$446 billion in dry powder as of April and the industry's assets under management is expected to top US$6 trillion by 2025, according to data provider Preqin.</p><p><blockquote>根据数据提供商Preqin的数据，截至4月份，DCP等亚太地区私募股权公司持有创纪录的4460亿美元干粉，预计到2025年该行业管理的资产将超过6万亿美元。</blockquote></p><p> \"Asia-Pacific has been an engine driving global growth for more than a decade now and is in the middle of a historic transformation,\" Mark O'Hare, Preqin's founder and CEO, said. \"Investor demand to access this fast-growing and diverse region remains robust, while structural challenges to deploy capital are easing.\"</p><p><blockquote>Preqin创始人兼首席执行官马克·奥黑尔(Mark O'Hare)表示：“十多年来，亚太地区一直是推动全球增长的引擎，目前正处于历史性转型之中。”“投资者进入这个快速增长且多元化的地区的需求仍然强劲，而部署资本的结构性挑战正在缓解。”</blockquote></p><p> However, the US capital market - and its vast investor base - remains appealing to many Chinese firms seeking a higher profile globally or necessary cash to expand.</p><p><blockquote>然而，美国资本市场及其庞大的投资者基础仍然吸引着许多寻求全球知名度或扩张所需现金的中国公司。</blockquote></p><p></p><p> Didi Chuxing, China's biggest ride-hailing platform;Full Truck Alliance, a Chinese service similar to Uber Technologies for freight shipping; andChinese online grocery platforms, Missfresh and Dingdong Maicai, are among a slew of Chinese technology pursuing US initial public offerings.</p><p><blockquote>中国最大的网约车平台滴滴出行；Full Truck Alliance，一项类似于优步技术的中国货运服务；中国在线杂货平台每日优鲜和叮咚买菜是众多寻求在美国首次公开募股的中国科技公司之一。</blockquote></p><p> For some companies, the calculus may come down to shrinking stock prices, low trading volumes and the potential from a more receptive audience with a later listing closer to home.</p><p><blockquote>对于一些公司来说，计算可能归结为股价下跌、交易量低迷以及稍后在离家更近的地方上市的受众更容易接受的潜力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/51job-com-agrees-us-5-093000771.html\">finance.yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JOBS":"前程无忧"},"source_url":"https://finance.yahoo.com/news/51job-com-agrees-us-5-093000771.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142290554","content_text":"Chinese human resources and job search provider 51job.com has agreed to be taken private in a deal that valued it at about US$5.7 billion, making it the latest US-listed Chinese firm to dump the public markets in favour of private ownership.\nThe transaction followed a nine-month engagement with Beijing private-equity firm DCP Capital, which was first revealed in September. The company, which went public in the US in 2004, formed a special committee of independent directors to consider the proposal and other strategic alternatives at the time.\nIn May, 51job.com said it received anupdated takeover proposalfrom a consortium that included DCP and buyout firm Ocean Link Partners, as well as its CEO Rick Yan. Its largest shareholder, Recruit Holdings, has since joined the consortium.\nDo you have questions about the biggest topics and trends from around the world? Get the answers withSCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.\nThetake-private transactioncame after the job search website saw its share price decline by more than half from its all-time closing high of US$113.06 in June 2018 to a two-year low in March of last year before rebounding somewhat. The company's shares jumped nearly 25 per cent since it announced the updated privatisation proposal in May.\nOffered to investors at US$79.05 in cash per American depositary share, the deal represents a 28.89 per cent premium to its closing price on May 3, the day it announced it had received an updated, non-binding proposal to go private. The transaction is expected to close in the second half of 2021.\nWhen compared with US-listed competitors, the daily trading volume of 51job.com has averaged just about half that of Manpower Group, the staffing and recruitment firm headquartered in Wisconsin with a global presence. Over the past 12 months, an average of 231,787 shares changed hands a day, or about just 0.3 per cent of the firm's total number of common shares outstanding, data from Nasdaq and 51job.com's filing shows.\nCompanies with low trading volumes generally make a case that minority shareholders would be better off exiting at a premium through the privatisation offer rather than trying to cash out in the stock market.\nA representative for 51job.com did not respond to a request for comment on Tuesday.\nSince the beginning of last year, 20 Chinese companies agreed to privatisation deals worth US$20.5 billion, the largest number of such transactions since two dozen US-listed Chinese companies went private in 2015, according to data provider Refinitiv.\nOnline classified advertisements website58.com;Sina Corporation, the operator of social media platformWeibo; andRuhnn Holding, which uses \"key opinion leaders\", or online influencers, to market brands in China, are among the companies that have decided to go private in transactions with private equity firms or their founders since June of last year.\nThe rush by some Chinese companies to consider privatisation comes against the backdrop ofheightened US-China tensionsand threats of potential delistings of firms over potential ties to the Chinese military and along-running accounting disputebetween Washington and Beijing weighing on valuations.\nIt also follows a trying 18 months for the global economy with thecoronavirus pandemicforcing local lockdowns and changing consumer and business behaviours.\nAnother reason is low valuations.\n\"It's usually a valuation question,\" said Marcia Ellis, global chair of private equity group at law firm Morrison & Foerster. \"A lot of the China-related companies that are listed in the US suffer a sort of China discount, for various reasons. I think a lot of these people think if their company were listed in Hong Kong or in China they would have a much higher valuation.\"\nThe privatisation push also comes as private equity firms are seeking to deploy more money in Asia.\nAsia-Pacific based private equity firms, such as DCP, were sitting on a record US$446 billion in dry powder as of April and the industry's assets under management is expected to top US$6 trillion by 2025, according to data provider Preqin.\n\"Asia-Pacific has been an engine driving global growth for more than a decade now and is in the middle of a historic transformation,\" Mark O'Hare, Preqin's founder and CEO, said. \"Investor demand to access this fast-growing and diverse region remains robust, while structural challenges to deploy capital are easing.\"\nHowever, the US capital market - and its vast investor base - remains appealing to many Chinese firms seeking a higher profile globally or necessary cash to expand.\nDidi Chuxing, China's biggest ride-hailing platform;Full Truck Alliance, a Chinese service similar to Uber Technologies for freight shipping; andChinese online grocery platforms, Missfresh and Dingdong Maicai, are among a slew of Chinese technology pursuing US initial public offerings.\nFor some companies, the calculus may come down to shrinking stock prices, low trading volumes and the potential from a more receptive audience with a later listing closer to home.","news_type":1,"symbols_score_info":{"JOBS":0.9}},"isVote":1,"tweetType":1,"viewCount":1417,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/123581245"}
精彩评论