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May 30, 2013 /PRNewswire/ -- China's largest display advertising company
Focus Media Holdings (Nasdaq: FMCN) has successfully exited the NASDAQ Stock Market in a
$3.8 billion acquisition advised by JP Morgan. The buyout is the largest
China based company in history that has abandoned the NASDAQ Stock Market. Focus Media Holdings is an investment portfolio company of global investment firm
New York Global Group.
The Carlyle Group led the financing.
Focus Media joins more than 30 China based companies that have left the NASDAQ Stock Market since 2011. The massive exodus from the NASDAQ followed
CleanTech Innovations, Inc.'s bizarre delisting by the NASDAQ in 2011. NASDAQ delisted CleanTech for a vague and ambiguous reason: "discretionary authority," even though NASDAQ recognized that CleanTech more than complied with all listing standards. The New York Stock Exchange also has multiple listings of
China based companies. In contrast to the NASDAQ, the NYSE however has never cited "discretionary authority" as the basis for delisting any Chinese companies.