中國將修改新股發行規定 改變預付款要求
HONG KONG — Shares started trading in six newly listed companies in China on Wednesday after a five-month hiatus for initial public offerings and just weeks before rules governing investors in new listings are set to change.
香港——首次公開募股暫停五個月後，週三，六家新上市公司在中國開始股票交易。幾周後中國將修改有關新上市公司投資者的規定。
Shares in all the companies surged by their daily limit of 44 percent, a typical increase for listings in China. The Shenzhen and Shanghai stock indexes were both up about 0.6 percent by midday.
全部六家公司的股票都飆升至44%的每天漲停上限，這樣的增長對在中國上市來說十分常見。截止午前，深滬兩市股指均上升了約0.6%。
The companies had filed to go public between February and June, but the Chinese government had banned new share sales in July in an effort to stem a plunge in the markets. The move created a backlog of nearly 700 companies that have been waiting to make their debuts.
這些公司是在二月至六月間提交上市申請的，但是在七月，爲了遏制股市暴跌，中國政府禁止了新股發行。禁令頒佈後，累計約700家公司一直在等待上市。
Public offerings were a popular investment before the ban, with companies often reaching the limit of how much their shares could rise on the first day. That effect was partly because of speculation and partly because of government policies meant to ensure that businesses were not overvalued when they went public.
在新股發行被禁止前，公開募股是熱門的投資方式，公司往往在上市首日便達到股票的漲停上限。這種現象部分是由於投機活動的影響，部分是因爲政府政策希望確保上市時公司的價值不會被高估。
Under current rules, buyers must back their order with cash up front, even though the entire share order is unlikely to be filled. That can temporarily tie up hundreds of billions of dollars that might be invested elsewhere.
根據現行規定，投資者必須在申購前預付現金，即便實際上不太可能足額付款。這能使數千億美元的流動投資資金被暫時凍結。
About 3.978 trillion renminbi, or about $606 billion, was locked up for initial public offerings in June, while 42 billion renminbi was actually raised, according to ANZ Research.
據澳新銀行研究中心(ANZ Research)，六月有3萬9780億人民幣因IPO申購被凍結，其中只有420億人民幣實際用於募股。
But the China Securities Regulatory Commission said the deposit requirement for initial public offerings would be different in 2016. That may make more funds available for investing in new listings, and stocks in general, analysts said.
不過，中國證監會表示，對IPO預付款的要求會在2016年有所改變。分析人士稱，此舉可能會使更多投資新上市公司的基金出現，整體上股票增加。
Changing the rules could make new listings more inviting, said David Qu, a rates strategist at ANZ Research.
澳新銀行研究中心利率策略師曲天石(David Qu)說，改變規定會令新股發行更具吸引力。
The old requirements, however, apply to the companies that started trading on Wednesday and the other 22 expected to list before the end of the year. Nonetheless, Mr. Qu says there is little to worry about.
然而，舊的預付款要求仍然適用於週三開始的股票交易以及其他22家預計在今年年底前上市的公司。但曲天石認爲沒必要太過擔心。
“The P.B.O.C. is definitely going to maintain accommodative liquidity in the market in spite of the I.P.O.s,” he said, referring to the People’s Bank of China. “They will inject liquidity when necessary, so I’m not worried about the I.P.O. tightening this year.”
“就算有IPO，央行也肯定會保持市場的流動性寬鬆，”他說。“他們會在必要時注入流動性，因此我對今年的IPO收緊並不擔心。”
Shanghai’s main share index plunged 5.5 percent at the end of November, after Beijing cracked down on fraud and insider trading in the financial sector. But the resumption of I.P.O.s may also have contributed to sagging shares, as investors cashed out of their holdings to prepare for the new offerings.
十一月底，在中國政府嚴打金融市場的欺詐和內幕交易後，上海的主要股票指數下跌了5.5%。由於投資者將股份套現，以爲新一期募股準備資金，重啓IPO亦可能加劇了股票的下跌。
Herald van der Linde, an equities strategist at HSBC, said the government was working hard to make the process of going public more efficient. He added that it would take a while to see how the market responded to the resumption of public offerings.
匯豐銀行(HSBC)證券策略主管林傳英(Herald van der Linde)表示，政府爲增加上市過程的效率作了許多努力。他還說，市場對重啓公開募股的反響如何，要過一段時間才能看出來。
“Sometimes when equity markets are hot, you see them do phenomenally well,” he said, referring to new listings. “I don’t really expect that at the moment; you get that when there is liquidity. It will be much more muted from what we’ve seen for some of the past.”
“有時候當股市大熱，它們的表現便好得驚人，”他提到新上市公司時說。“我目前對那不抱太大期望；有流動性纔會有那樣。跟以前比起來，現在我們看到的應該會平緩很多。”
Anji Foodstuff, a condiment maker; BanBao, a toy manufacturer; and Bomin Electronics, which makes printed circuit boards, were listed on the Shanghai stock exchange on Wednesday.
週三在上海股市上市的公司包括調味料製造商安記食品股份有限公司、玩具製造商邦寶益智玩具股份有限公司和印刷電路板製造商博敏電子股份有限公司。
The Shenzhen listings were Hubei Kailong Chemical Group, which makes explosives; Zhejiang Zhongjian Technology, which makes gardening machinery; and Beijing Sanfo Outdoor Products, a manufacturer of camping items.
在深圳上市的公司包括爆炸物製造商湖北鼎龍化學股份有限公司、園林機械製造商浙江中堅科技股份有限公司和野營用品製造商北京三夫戶外用品股份有限公司。
