Hong Kong-listed companies have announced take-private deals worth US$17.8 billion so far this year, more than double last year's annual volume, according to Refinitiv data, often citing undervalued shares as a reason for the deals.
ASM, which produces chip assembly and packaging machinery, has since earlier this year approached a number of private equity and venture capital firms in the hope they can help fund a buyout, the people said.ASM's proposal comes as private equity interest in Chinese take-private deals is rising, with investors pouring money into new-economy companies listed on China's year-old Star Market amid the intensifying Sino-US tech war.
Star Market-listed companies enjoy an average price to earnings of over 93 times, according to the Shanghai Stock Exchange. Eikon data showed Nasdaq 100 companies have an average PE of 35.84 times. Chinese investors have also driven the country's 45 listed chipmakers to over 100 times the companies' earnings, making semiconductors the priciest sector in the stock market.
Source: News Formal (newsformal.com)
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