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China Firms Fleeing U.S. Listings Leave Bondholders in Dark

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The record pace of Chinese companies leaving U.S. exchanges is spurring concern among bondholders that transparency and corporate governance may worsen.

At least 25 Chinese companies listed in the U.S. are considering going private or have done so this year amid speculation they plan to list in China for higher valuations. The group includes international bond issuers such as Internet security service provider Qihoo 360 Technology Co. and data-center operator 21Vianet Group Inc. Baidu Inc., China’s largest search engine operator which also has global notes, has said it is interested in returning to the local stock market.