筹得逾3,000万美元的风投资金后，中国在线广告平台公司易传媒（AdChina）去年申请在纳斯达克上市。但易传媒近日承认，公司不会在纳斯达克或任何其他美国证券交易所上市。原因并不是因为投资者对该公司股票没有兴趣或任何公司丑闻，而是因为美国和中国金融监管机构之间目前存在分歧。

    简而言之，由于担心可能的欺诈行为，美国证券交易委员会（SEC）目前不认可四大审计事务所旗下中国分支机构的审计工作。美国证券交易委员会已表示，如果它可以审查相关审计工作的底稿，则可以接受这些机构的审计结果。但中国监管机构称，中国法律禁止传播这样的文件。据信，中美双方正在幕后就这一僵局展开谈判，虽然美国证券交易委员会去年12月还对四大审计事务所的中国分支机构提起诉讼，指控后者涉嫌违反美国证券法。

    与此同时，总部设在上海的易传媒等公司则成为了牺牲品。这家公司聘用普华永道（PricewaterhouseCoopers）中国附属公司为其会计，意味着它不能得到美国证券交易委员会颁发的有效登记声明。因此，从法律上而言，易传媒就无法完成美国IPO。

    金沙江创业投资（GSR Ventures）联席创始人林仁俊解释称：“对于任何希望在美国上市的中国公司而言，这都是一个问题。”林仁俊同时也是易传媒的董事。

    林仁俊不愿透露易传媒的下一步计划，但似乎暗示后者可能会在亚洲其他地方上市。

    他解释说：“第二个问题是，许多决定中资企业全球募资计划的决策者已经转移到香港。我听到的反馈是，他们一些人发现在香港上市更便捷。”

    风险基金支持的中资企业赴美上市的高峰期是2010年，当年就有28家中资企业在美国上市。到2011年，这一数字的降幅超过一半。到2012年，仅有2家中资公司赴美上市。除非这个争议能得到解决，否则不要指望2013年有任何中资企业会赴美上市。（财富中文网）

    译者：默默

    Chinese online advertising platform AdChina last year filed to go public on the Nasdaq, after having raised more than $30 million in venture capital funding. Yesterday, however, the company acknowledged that it won't have an IPO celebration at Nasdaq or any other U.S. exchange. Not because of investor interest or company scandal, but rather because of an ongoing battle between American and Chinese financial regulators.

    Here's the situation in a nutshell: The Securities and Exchange Commission currently will not recognize work done by the Chinese affiliates of Big 4 auditing firms, due to concerns over possible fraud. The SEC has said it would accept the audits if it could review the underlying work product, but Chinese regulators say that their laws prohibit the dissemination of such documents. The impasse supposedly is being negotiated behind the scenes, although the SEC also sued the Big 4's Chinese affiliates last December for allegedly violating U.S. securities laws.

    In the meantime, companies like Shanghai-based AdChina are becoming collateral damage. It uses a Chinese affiliate of PricewaterhouseCoopers for its accounting, which means that it cannot get its registration statement made effective by the SEC – thus legally preventing it from completing a stateside IPO.

    "This is a problem for any Chinese company that wants to list in the United States," explains Richard Lim, co-founder of GSR Ventures and an AdChina board member.

    Lim declined to say what AdChina plans to do next, but did seem to hint at a listing elsewhere in Asia.

    "A secondary issue is that many of the decision-makers on Chinese companies for the global investment funds have moved to Hong Kong, and I've heard feedback that some of them have an easier time committing to Hong Kong listings," he explains.

    The peak for VC-backed Chinese IPOs in the U.S. was 2010, when there were 28 such offerings. The figure dipped to less than half of that in 2011, and just two in 2012. Until this conflict gets resolved, don't expect any in 2013.