香港啓動年首筆規模逾10億美元IPO
Hong Kong has priced the first public float in the world to raise more than $1bn in 2016, marking the slowest start to a year for initial public offerings since the financial crisis in 2009.
香港已爲2016年第一筆融資逾10億美元的公開上市交易定價，這標誌着自2009年金融危機以來最爲遲緩的首次公開發行(IPO)開局。
Hong Kong is top of the global rankings after China’s Zheshang Bank yesterday raised $1.7bn from its IPO.
昨日，中國內地的浙商銀行(Zheshang Bank)通過IPO融資17億美元，使香港成爲今年迄今全球融資額最高的上市地。
So far IPOs globally have raised $12.8bn, according to Dealogic — one-third of last year’s total by this point — as January’s market turmoil rattled investor nerves.
Dealogic數據顯示，迄今全球範圍的IPO已融資128億美元，僅爲去年截至此時融資額的三分之一，1月份的市場動盪令投資者感到緊張不安。
The New York Stock Exchange has not seen a single listing so far this year — its second longest drought on record after the period following the collapse of Lehman Brothers in September 2008.
今年迄今，紐交所(NYSE)尚未有過一筆IPO，爲2008年9月雷曼兄弟(Lehman Brothers)倒閉以來，沒有一宗IPO的第二漫長的“旱季”。
The Hong Kong Stock Exchange has raised $3.5bn in total so far this year, putting it ahead of London with $1.8bn and Nasdaq with $1.2bn.
今年迄今，港交所(HKEx)的IPO融資總額達到35億美元，超過了倫敦的18億美元和納斯達克(Nasdaq)的12億美元。
But bankers cautioned against reading too much into the 2016 success of Hong Kong. Most of the capital raised has been for Chinese regional bank offerings — a sector that often relies on mainland support more than interest from international investors.
但是，銀行家們不太看好2016年香港會成爲全球融資額最高的上市地點。今年迄今在香港上市融資的大多是中國內地的地區性銀行——相比國際投資者的興趣，此類銀行往往在更大程度上依靠內地的支持。
Rising bad debts have pushed China’s banks to seek capital in recent years. Three regional banks listed in December, raising a combined $2.3bn, and, in addition to the Zheshang offering, Bank of Tianjin this week priced its IPO at $948m.
近年來，壞賬比例提高促使中國的銀行尋求更多資本。去年12月，三家地區性銀行上市，共融資23億美元。除了浙商銀行，天津銀行(Bank of Tianjin)本週也進行了IPO定價，融資9.48億美元。
Both the Zheshang and Tianjin deals priced near the low end of their ranges and both also allotted more than half their total books to so-called cornerstones — investors that accept six-month lock-ups in return for large stakes.
浙商銀行和天津銀行都將發行價定在價格區間的低端，也都把半數以上股票配售給所謂基石投資者——這些投資者接受6個月鎖定期以換取較大股份。
“[Cornerstone] deals are fairly binary and often not distributed widely, since if they’re held tightly, marginal demand can lift the shares after IPO,” said one banker.
“（基石）交易相當具有二元性，而且往往並非廣泛分佈，因爲如果這些股份被緊緊攥牢，在IPO完成後邊際需求就可提升股價，”一位銀行人士稱。
Cornerstones used to be a means of attracting interest by attaching marquee names to a prospectus. More recently, however, many Chinese listings in Hong Kong, particularly state-owned groups, have relied on what bankers have dubbed “friends and family” such as fellow state owned enerprises, to bolster IPO order books.
基石過去是一種吸引投資者興趣的手段：將顯赫的名字放在招股說明書上。然而，近來很多在香港上市的內地企業、特別是國有集團，依賴於被銀行人士稱爲“親朋好友”的其他國有企業來支撐IPO認購賬簿。
Bankers are, however, hopeful that the recent market rally may help stabilise investor appetite, or at least provide the setting for what one Hong Kong specialist called “windows of opportunity” in the coming months.
然而，銀行人士對最近的市場反彈可能有助於穩定投資者興趣抱有希望，或者說至少爲某位香港專家所說的未來數月出現“機會窗口”做好鋪墊。
