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Are Chinese firms losing their taste for Wall Street?

Zhou Hongyi, Chairman and CEO of Qihoo 360.
Keith Bedford | Bloomberg | Getty Images
Zhou Hongyi, Chairman and CEO of Qihoo 360.

Wall Street's appeal for Chinese companies seems to be waning, with a sharp rise in the number of firms planning to delist from the U.S., despite the turmoil in the Shanghai stock market.

So far, 24 U.S.-listed Chinese companies have announced plans to go private this year, with 15 of these reported in June alone, according to financial software provider Dealogic.

In comparison, only one Chinese company delisted in 2014.

The surge in delisting announcements in June coincided with a sharp turnaround in Shanghai-listed stocks. The benchmark Shanghai Stock Exchange has tanked almost 30 percent since a peak of over 5178 hit in mid-June. This followed a staggering rally from the fourth quarter of 2014 onwards.

Of the 24 companies planning to go private, eight will delist from the New York Stock Exchange and eight from the Nasdaq, according to Dealogic.

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The largest company to go private will be antivirus software-provider Qihoo 360 Technology. This had a market capitalization of $8.5 billion when it announced its plan in June, up 400 percent from its market cap when it listed in 2011.

According to Dealogic, 19 of the 24 companies plan to delist via management buyouts, including Qihoo, where the existing management and a consortium of investors plan to buy the remaining 85 percent stake in the company, to the tune of $9.1 billion.

Additionally, only four Chinese companies have floated in the U.S. so far this year, raising a mere $234 million.

In the same period in 2014, 10 companies listed on Wall Street, raising $3.5 billion, according to Dealogic.

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After delinsting in the U.S., some Chinese companies may choose to relist elsewhere. For example, Gushan Environmental Energy and 3SBio recently relisted in Hong Kong after delisting from U.S. exchanges in 2012.

China is unusual among the world's major economies in that a significant number of its biggest companies are listed outside their home country, with swathes of Chinese companies looking to float following the global financial crisis of 2008. That includes Internet giant Alibaba, which listed on the New York Stock Exchange in September 2014, but Hong Kong and the U.K. are also popular options for Chinese companies.

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—By CNBC's Katy Barnato. Follow her on Twitter @KatyBarnato.