BEIJING—Hundreds of small Chinese companies flocked to U.S. exchanges in recent years, and investors eagerly greeted them as bets on China's surging economy.

That love affair has soured.

After a spate of recent scandals—and amid growing investor skepticism—a flurry of those companies are in talks to be taken private. In some cases, the companies plan to relist in two or three years in Hong Kong or mainland China, where valuations for such companies are now higher than in the U.S.

Shareholders saw billions of dollars in paper losses over the last year after a wave of accounting irregularities surfaced at dozens of U.S.-listed Chinese firms, prompting exchanges to delist several companies. The Securities and Exchange Commission also set up a group to investigate problems at Chinese companies listed in the U.S. As a result, investors have turned their backs on virtually the entire category, even though the vast majority of companies haven't been accused of wrongdoing.

The investor retreat has caught the attention of private equity groups. A number of them are working with the heads of Chinese companies to buy out outside shareholders, according to the companies' filings with the SEC. At least seven Chinese companies have initiated procedures for such buyouts or announced plans to, the filings show.