Shanghai-based Focus Media has reached a deal enabling it to do a backdoor listing on the Shenzhen Stock Exchange for twice the valuation that its management and private equity backers paid to take the company private by delisting in New York, The New York Times reported, citing an announcement from Shenzhen-listed Jiangsu Hongda New Material stating it would pay RMB45.7 billion (US$7.4 billion) for the purchase of Focus, mostly by issuing new stock. Focus delisted in 2013 following attacks from short-selling firm Muddy Waters Research in 2012; shares in silicone rubber products manufacturer Jiangsu Honda have been suspended from trading since December when it announced restructuring plans.
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