| Summary: | 碩士 === 國立清華大學 === 計量財務金融學系 === 106 === China concept stocks refer to the overseas listing and to the territory of China's assets or revenue as the main component of the stock in general. Since the early 90s of the 20th century, shares in the US stock market has been more than 20 years. However, in 2011, the first time in the stock market tide, in addition to some poor quality of small and medium enterprises passive delisting, part of the high free cash flow or high-quality enterprises choose to take the initiative to withdraw from the privatization. The value of China concept stocks are seriously underestimated in overseas market, and the high premium of the domestic capital market makes many of the enterprises return to Chinese stock market. According to incomplete statistics, from 2015 to June 2016, 37 companies had offered privatization request. In the last 3 years, 5 enterprises have left from the overseas stock market and returned to the Chinese stock market. In 2015, the storm video delisted from the US privatization got back to the Chinese stock market, creating a myth of 27 consecutive daily gains. In 2015, Focus Media was described as a large sample of the return of China Game. In 2016, Giant Network became the second Chinese stock market to return to China. In the real decision-making, the time the companies to choose to privatization delist is a very important issue, the timing of the choice related to the company can successfully re-listed, affecting its follow-up financing plan and future development prospects. This article uses the idea of real options to solve this problem. The company has the option to decide whether and when to privatization delist from American market. Once it decides to do it, it means that the option has been executed. In this paper, we use the Giants Network Company as an example, which completed the privatization delisting in 2014 and returned to Chinese stock market by reverse takeover the Century Cruises Company in 2016. We can assess the timing point of privatization delisting that the company chose through the method of real options，providing an alternative and effective reference standard for company management in the future.
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