A cemetery is one place most people would not choose to queue for. Except in Hong Kong, where the resurgent market for new equity listings is prompting some unusual behaviour.

大多数人不会为一块墓地去排队，只有一个地方的人除外——香港。香港新股发行市场正在复苏，由此催生了一些平时很少见的现象。

The $200m deal from Fu Shou Yuan , a mainland-based chain of burial grounds, is attracting fevered early interest from investors keen to tap the spending power of wealthy Chinese, even in the afterlife.

中国内地墓园连锁运营商福寿园(Fu Shou Yuan)两亿美元的招股计划，已引发投资者浓厚的早期兴趣，他们希望从中国内地富人（即便是在身后）的购买力中获利。

In spite of missing out – at least for now – on the blockbuster listing of Alibaba , Hong Kong’s market for initial public offerings has sprung back to life. After a nervous few months, deal flow has picked up, guaranteeing that 2013 will better last year’s moribund haul. So far this year, $12bn has been raised in the city, beating last year’s total of $11.4bn, according to Dealogic.

即便错过了（至少暂时如此）重量级的阿里巴巴(Alibaba)，香港首次公开发行(IPO)市场也已恢复生机。经过了数月吃紧后，新股发行数量逐渐回升，2013年表现势必优于惨淡的2012年。Dealogic数据显示，今年迄今为止，香港IPO筹资额已达120亿美元，超过去年全年的114亿美元。

The deals are stacking up fast. In November alone, 13 companies filed their listing documents to the Hong Kong exchange, together hoping to raise more than $6bn.

目前香港新股发行交易在迅速增加，仅11月份就有13家公司向香港交易所(Hong Kong Exchange)递交上市申请，意愿招股金额总计超过60亿美元。

Bankers in Hong Kong have politicians in Beijing to thank. China’s leadership announced a sweeping package of economic, financial and social reforms last month, which has boosted global sentiment towards Chinese investments. Equity analysts say they have received calls from eager fund managers as far away as Brazil and Spain, many of whom have previously never been interested, let alone invested, in Chinese stocks.

香港的银行家要感谢内地政界。中国领导人上月宣布了一套包含经济、金融和社会的全面改革方案，令全球投资者对中国投资题材信心大增。股票分析师说，许多远在巴西和西班牙的基金经理向他们致电，急切地想要投资中国概念股，而其中不少基金经理此前从未表示过这样的兴趣。

“Most of the global institutional investors have been structurally underweight in China for almost two years now. People started to reverse that underweight at the start of the summer. The plenum has added rocket fuel to that,” says Rupert Mitchell, head of equity capital markets in Asia for Citi.

花旗(Citi)亚洲权益资本市场主管鲁珀特•米切尔(Rupert Mitchell)说：“将近两年来，多数跨国机构投资者对中国概念股的持有比重都明显偏低。今年入夏后，人们开始增持中国概念股，三中全会更为这种举动添了一把火。”

Daily trading volume on Hong Kong’s H-share index of Chinese stocks has risen more than 10 per cent since the reforms were announced, and more than 30 per cent since July. The index has risen by a similar margin.

自中国改革方案发布以来，香港H股的股票日交易量增加了10%以上，从7月算起则增加了30%以上。H股指数本身也有类似的增幅。

Damien Brosnan, head of Asia equity syndicate at UBS, says activity has been picking up since the summer, but that the market reaction to the plenum has boosted investor interest in IPOs, helping to get deals priced and trading well.

瑞银(UBS)亚洲权益辛迪加主管达明•布罗斯南(Damien Brosnan)说，入夏以来交易活动持续增加，而市场对三中全会的反应提升了投资者对IPO的兴趣，得益于此，新股发行在定价和交易方面普遍表现不错。

The best debuts have come from companies in the more popular consumer­related industries. Milk producer Huishan Dairy has seen its shares rise about 15 per cent in the month following its $1.3bn debut, thanks partly to a ­region-wide rush into the sector.

首发表现最佳的要数大众消费品企业。辉山乳业(Huishan Dairy)在IPO中筹资13亿美元，上市后的一个月里股价上涨了约15%，部分得益于目前乳业在整个地区是热门。

Phoenix Healthcare , the first Chinese private hospital operator to list in Hong Kong, attracted about $5bn of orders for just $200m of stock, while bad bank Cinda has received a flood of early orders for its $2.8bn deal, which will price today.

首家在香港上市的内地民营医院运营商——凤凰医疗(Phoenix Healthcare)仅2亿美元的招股计划，却吸引了50亿美元资金认购。而“坏账银行”中国信达资产管理公司(Cinda)28亿美元的招股计划受到投资者踊跃认购，该公司将于今日定价。

The November rally has also brought Sinopec Engineering and Galaxy Securities , which both listed in May, back well above their IPO prices after months underwater.

借上月市场回弹之势，今年5月上市的中石化炼化工程(Sinopec Engineering)和银河证券(Galaxy Securities)股价大涨，如今已远高于发行价。前几月这两只股票一直徘徊在发行价下方。

Bankers have taken heart from the return of an important investor base that had largely been absent from deals earlier in the year: hedge funds. The Cinda IPO has attracted a trio of global funds – Och-Ziff, Farallon Capital Management, and Oaktree – something many hope will become a trend.

作为一个重要的投资者群体，对冲基金今年早些时候一直不太参与新股发行交易，如今这个群体回归市场让银行家信心倍增。信达IPO吸引了3只国际基金：Och-Ziff、Farallon Capital Management和Oaktree。许多人希望这种情况将成为趋势。

“The fact that hedge funds are taking up cornerstone positions is a pretty good sign of their views on the equity market,” says Nathan McMurtray, head of Asia equity-linked origination at Deutsche Bank. “It bodes quite well for equity and equity-linked deals.”

德意志银行(Deutsche Bank)亚洲股票连结债务(ELO)业务主管南森•麦克默特雷(Nathan McMurtray)表示：“对冲基金充当基石投资者反映出他们对股市相当看好。对股权交易和与股权挂钩的交易来说，这是个相当好的兆头。”

Not all the recent listings have done well. Huirong Financial , a small mainland bank, has fallen by almost a quarter since it began trading in October. Bank of Chongqing and Huishang Bank – two regional Chinese lenders – are both still below their listing prices after raising $550m and $1.3bn respectively.

但不是所有新股都表现良好。内地小型银行中国汇融(Huirong Financial)自10月挂牌交易以来股价下跌了近四分之一。两家地方银行——重庆银行(Bank of Chongqing)和徽商银行(Huishang Bank)——在分别筹资5.5亿美元和13亿美元后依然处于发行价下方。

Some have voiced concern that IPO fatigue could set in should too many deals be pushed through in quick succession, while the reopening of China’s market will give mainland companies a viable alternative listing venue.

有些人担心，新股密集上市可能会造成人们对IPO的心理疲劳，而内地IPO市场重启将为内地公司提供另一个可行的上市地点。

But bankers say the current momentum augers well for a number of large deals expected in the first half of next year, such as Watsons , owner of UK pharmacy chain Superdrug, and the spin-off of Hong Kong Electric . Pork producer Shuanghui , which recently completed its $7.5bn takeover of US company Smithfield, has also hired banks for a potential $5bn listing.

然而银行家表示，当前这股势头对明年上半年将出现的多起大规模IPO是好事。屈臣氏(Watsons)有上市计划，其旗下拥有英国连锁药店运营商Superdrug，香港电灯有限公司(Hong Kong Electric)也将分拆上市计划。近期完成75亿美元收购美国史密斯菲尔德(Smithfield)交易的猪肉产品生产商双汇集团(Shuanghui)也聘用了多家银行，计划上市融资50亿美元。

All this fuels growing optimism that the Hong Kong market’s return to form may last. “The market is well bid right now,” says Mr Mitchell. “I think things are gearing up for a pretty busy 2014.”

所有这一切都助长了市场的乐观情绪，人们认为香港市场重振雄风的态势有望持续。米切尔表示：“市场目前的买入势头很好。我想我们将迎来十分繁忙的2014年。”