atans1

Ho got this one right

In China, Temasek on 15/06/2015 at 1:14 pm

It was reported earlet that one of the funders of the US delisting was Temasek.

CARLYLE-BACKED COMPANY REACHES $7.4 BILLION DEAL FOR CHINA LISTING Focus Media, a Shanghai advertising company that was delisted from the Nasdaq two years ago after being targeted by the short seller Muddy Waters, on Wednesday reached a $7.4 billion deal to list on the Shenzhen stock exchange, Neil Gough writes in DealBook. Focus is returning to the market through a so-called backdoor listing, in which its main assets are sold to a company already listed in Shenzhen in exchange for shares that represent a controlling stake in the listed company. On Wednesday, Jiangsu Hongda New Material, a Shenzhen-listed manufacturer of silicone rubber products, said it would pay 45.7 billion renminbi, or $7.4 billion, mostly by issuing new stock, to acquire control of Focus.

In 2011, Focus Media was still listed on the Nasdaq when Muddy Waters accused it of overstating the number of screens in its LCD advertising network by about 50 percent, allegations that Focus Media denied. In 2013, the company was acquired and taken private by its chairman and a group of Chinese and foreign private firms that included the Carlyle Group, at a valuation of $3.7 billion.

NYT Dealbook

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