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| (MARK RALSTON/AFP/Getty Images) |
(AP)
BEIJING - Just a few years after Chinese companies lined up to sell shares on
Wall Street, a growing number are reversing course and pulling out of U.S.
exchanges.
This week,
Focus Media Holding Ltd., announced a $3.5 billion plan to buy back its
U.S.-traded shares and take the Shanghai-based advertising company private.
Smaller
companies also are withdrawing from U.S. exchanges. A state bank has provided
$1 billion in loans to help them move to domestic exchanges.
The
withdrawals follow accusations of improper accounting by some companies and a
deadlock between Beijing and Washington over whether U.S. regulators can
oversee their China-based auditors.
Some
Chinese companies say they are pulling out of U.S. markets because a low share
price fails to reflect the strength of their business.
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