In 2015, the US stock exchanges saw a delisting wave among China Concept Stocks. More than 30 Chinese companies received privatization offers, exceeding the total between 2010 and 2014. Only a few short years ago, it was every Chinese entrepreneur’s dream to go public in the US. Now, more and more listed Chinese companies have turned around and sought access to China’s A share market. What has changed? What risks have companies faced in the process of privatization? As the largest such privatization in 2015, Qihoo 360 is an example of how it plays out in practice.