李嘉誠旗下"電能實業"將分拆香港電力業務

Li Ka-shing’s power generation and supply group will set up the first test of Hong Kong’s equity markets for 2014 when it begins marketing the spin-off of its local electricity distribution business to investors today.

李嘉誠(Li Ka-shing)旗下的發電及供電集團將爲香港股市帶來2014年第一場考驗，該集團今日起將就分拆其本地電力業務向投資者進行推介。

The initial public offering could raise up to $5.7bn in fresh cash for Hong Kong-listed Power Assets Holdings. It is the biggest listing in the city since AIA’s $20.5bn sale in 2010 and the largest anywhere in Asia since Japan Airlines’ $8.5bn deal in September 2012, says Dealogic.

對在香港上市的電能實業(Power Assets Holdings)來說，此次首次公開發行(IPO)最高有望籌集57億美元新資金。據Dealogic介紹，這將是2010年友邦保險(AIA) 205億美元上市以來香港最大的上市交易，也是2012年9月日本航空(Japan Airlines) 85億美元上市以來亞洲最大的上市交易。

Power Assets, which is an affiliate of Mr Li’s broader Cheung Kong empire, will use the funds raised to pursue further global deals, according to company statements. It has distribution and generation businesses in the UK, Australia, China, New Zealand, Canada, Thailand and the Netherlands.

電能實業是李嘉誠旗下的商業帝國長江實業(Cheung Kong)的成員公司。該公司公告稱，其將利用分拆上市所得資金在全球進行更多交易。該公司在英國、澳大利亞、中國、新西蘭、加拿大、泰國和荷蘭等地擁有供電及發電業務。

Hong Kong’s IPO market picked up markedly in the final months of last year after enduring a torrid spring, summer and autumn. A wave of mainly Chinese deals met strong investor interest, helping a number of companies to trade up sharply in their first days and weeks.

香港IPO市場在去年經歷了慘淡的春季、夏季和秋季之後，在最後幾個月出現明顯起色。以中國內地企業爲主的一波上市引發投資者強烈興趣，多隻新股在最初幾天或幾周大幅上漲。

However, Chinese banks that took advantage of the activity to raise fresh equity have all struggled in the market, partly due to the large allocation to cornerstone investors.

不過，利用股市活力募集新股本的中資銀行在市場上表現均不佳，這在一定程度上是因爲它們將大量股份安排給基石投資者。

China Everbright Bank, which was the year’s biggest IPO, raising $3bn at the end of December, is down more than 5 per cent so far, while smaller lenders Bank of Chongqing and Huishang Bank fared little better.

中國光大銀行(China Everbright Bank)去年12月底在港上市，籌資30億美元，成爲去年香港最大IPO。該股迄今下跌逾5%，而規模較小的重慶銀行(Bank of Chongqing)和徽商銀行(Huishang Bank)上市後股價表現也不佳。

Despite the muted performance from banks, 2013 marked an improvement from the previous year in terms of overall capital raised in Hong Kong.

儘管銀行類股票表現低迷，但就募資總額而言，香港股市在2013年的成績明顯好於前年。

Analysts are confident that the recovery will continue to gather momentum through 2014.

分析師們相信，此輪復甦的勢頭在2014年期間將越來越強。

PwC expects companies to raise HK$250bn ($32.2bn) from IPOs this year, up from HK$170bn in 2013 and HK$90bn the year before.

普華永道(PwC)預計，今年企業將通過IPO總共募集2500億港元（合322億美元），高於2013年的1700億港元和2012年的900億港元。

The Power Assets spin-off is being sold as a trust that will control only the electricity distribution on Hong Kong island and Lamma island. The rest of Hong Kong – Kowloon, the New Territories and other islands – are served by China Light and Power, which recently chose to buy back full ownership of its business from ExxonMobil.

電能實業將以信託形式將香港島及南丫島的電力業務分拆上市。香港其餘部分（九龍、新界以及其它島嶼）由中電集團(China Light and Power)負責供電，該集團最近決定從埃克森美孚(ExxonMobil)購回自身業務的全部股權。

The listed trust will have a market capitalisation of between HK$48bn and HK$63.4bn ($6.2bn-$8.2bn) and that it would sell at least 50.1 per cent and up to 70 per cent of the trust units.

上市信託的市值將介於480億至634億港元（合62億至82億美元）之間，其將售出至少50.1%、至多70%的信託單位。

Mr Li’s groups have been exploring selling some businesses, which analysts and bankers say is to combat the drop in their share prices to ever-greater discounts to net asset value.

李嘉誠旗下集團近期在探索出售一部分業務，據分析師和銀行家們表示，這是爲了應對集團股價相對於資產淨值折讓越來越大的局面。

Power Assets’ shares have fallen by more than 24 per cent from a recent high of $HK$80 in May to HK$60.60 last week

電能實業的股價上週跌至60.60港元，較去年5月達到的80港元近期高位下跌逾24%。