The current volatility in P.R.C. equity markets may dampen the recent enthusiasm for migrating U.S.-listed, China-based companies to PRC listings. The first half of 2015 saw an increase in the number of offers to take private China-based companies listed on U.S. markets (“Take Privates”), with the Wall Street Journal recently reporting 19 Take Private announcements in 2015. This trend was driven – at least in part – by a desire of management and/or substantial shareholders (“Controllers”) to unlock higher multiples for these firms by tapping into the bull market for A-shares. Although the recent declines in the A-share market may reduce the enthusiasm for initiating Take Privates, there are other compelling reasons to undertake these transactions.