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发表于 2017-1-11 21:28:47 | 显示全部楼层 |阅读模式
        When Jack Ma criticised Hong Kong last month for having outdated stock market listing practices, the Alibaba founder hit the city where it hurts.
        当阿里巴巴(Alibaba)创始人马云(Jack Ma)最近抨击香港股市上市监管条例过时的时候,他击中了香港的痛处。
        Hong Kong’s rivalry with New York has only heightened since the billionaire chose the US for his ecommerce group’s initial public offering two years ago.
        And next year, the battle between the world’s two largest listing centres will only become more heated, as three Chinese tech stocks face the same choice as Mr Ma.
        This year New York narrowly edged out Hong Kong in the global rankings for IPOs, with $24.6bn on the New York Stock Exchange and Nasdaq combined, while Hong Kong had $24.5bn, according to Dealogic. Shanghai came next with about $16bn.
        Tokyo and Copenhagen rounded out the top five with $9.6bn and $5.9bn of new listings to their credit. London fell to eighth with $5.5bn.
        But these numbers were significantly lower than last year. Globally, new listings total $141bn this year, down a third on 2015 and the weakest level recorded since 2012.
        “Six of the 12 months were effectively closed by macro events — China growth fears, Brexit, the US election — and that is very rare,” explains Phil Drury, head of Citigroup’s capital markets origination team for Europe, the Middle East and Africa. “But this time next year, I think we’ll be looking back on a robust 2017.”
        花旗集团(Citigroup)欧洲、中东和非洲资本市场发起业务团队主管菲尔•德鲁里(Phil Drury)解释称:“在12个月里,IPO市场有6个月时间受宏观事件的影响而实际上关闭——中国增长担忧、英国退欧和美国大选——这种情况非常罕见。但我认为,到2017年年末回首全年时,我们将会发现IPO市场非常强劲。”
        Hopes for improvement rest heavily on the tech sector. Heading the 2017 IPO list is Snap, the messaging app readying for a New York listing as soon as March.
        Bankers will be seeking a repeat of the July debut of Line, the Japanese rival to WhatsApp that braved post-Brexit market turmoil to raise $1.3bn. Its shares surged on debut in Tokyo and New York.
        With a target valuation of between $20bn and $25bn, Snap would be one of the largest IPOs in recent years. A successful float would also potentially encourage other so-called tech unicorns, private companies with valuations of at least $1bn, to consider taking the plunge.
        “2017 is set up to be a rebound year,” says Anthony Kontoleon, global head of the equity capital markets syndicate team at Credit Suisse. He believes the late-year stock market rally in 2016 will provide momentum going into the new year.
        瑞信(Credit Suisse)股票资本市场投资服务团队全球主管安东尼•康托列昂(Anthony Kontoleon)表示:“2017年将是反弹之年。”他认为,2016年年末的股市上涨将为新的一年提供势头。
        “The sectors that seem to have the most strength in terms of backlog are tech, retail/consumer and energy,” he suggests.
        Alongside Snap, there is heightened interest in the potential listings of three Chinese tech groups: Ant Financial, the payments arm of Alibaba; Lufax, the online financial platform set up by insurer Ping An; and Zhongan, the online insurer backed by Ping An, Alibaba and its rival Tencent.
        除了Snap以外,人们对3家中国科技集团可能上市也很有兴趣:阿里巴巴旗下支付公司蚂蚁金服(Ant Financial)、由平安保险公司(Ping An)创建的在线金融平台陆金所(Lufax),以及获得平安、阿里巴巴及其竞争对手腾讯(Tencent)支持的互联网保险公司——众安保险(ZhongAn)。
        All three are considering their financing options, including where they might list. Funding rounds in the past two years valued Ant at about $60bn, Lufax $19bn and Zhongan $8bn.
        Listing in Shanghai or Shenzhen would probably produce higher valuations than Hong Kong, but the Chinese regulator-controlled IPO queue is estimated to be at least 18 months long.
        Hong Kong offers some home advantage while allowing companies to raise funds outside China’s tightening capital controls. However, compared with New York, it has few tech stocks to act as benchmarks and it does not allow companies to offer dual-class shares.
        “They’re all giants in their spaces, they have global appeal and they would be successful in a Hong Kong format,” suggests Nick Johnson, JPMorgan’s head of equity capital markets for Asia-Pacific. “Over time, they want to take China to the rest of the world — and having international access is part of that.”
        摩根大通(JPMorgan)亚太股票资本市场主管尼克•约翰逊(Nick Johnson)表示:“它们都是各自领域的巨头,它们拥有全球吸引力,它们将在香港模式下取得成功。随着时间的推移,他们希望让中国融入世界其他地区——让外资进入是这种努力的一部分。”
        Hong Kong’s capital raising record is not without some tarnished performances, though.
        China’s Postal Savings Bank became the world’s biggest deal of the year, raising $7.4bn in September, but its shares barely traded above their issue price and now sit about a tenth lower.
        中国邮政储蓄银行(Postal Savings Bank of China)成为2016年全球最大的IPO,在去年9月筹得74亿美元,但自上市以来股价几乎从未高于发行价,如今股价比发行价低10%。
        Meitu’s soggy debut in Hong Kong this month also demonstrates a bigger challenge for bankers looking to attract the likes of Ant and Lufax to the city.
        As a Chinese maker of “selfie” photo-enhancing apps, Meitu was able to raise $629m in the city’s biggest tech listing in years, but its shares priced at the bottom of their target range and have since fallen.
        “We were all disappointed — we all hoped for a better performance from Meitu,” admits one equities specialist who was not on the deal.
        But US bankers are optimistic about an uptick in activity, based on the performance of other companies that did brave the choppy markets this year.
        The 2016 vintage of US IPOs are up about 20 per cent on average in the year to date, while 2015’s deals finished the year down more than 6 per cent, according to Dealogic.
        “Not only does this positive performance encourage investors and new IPO issuers to come to market in 2017, it also sets up a positive backdrop for follow-on raises for growth and secondary selldowns,” argues Liz Myers, head of global equity capital markets at JPMorgan.
        摩根大通全球股票资本市场主管利兹•迈尔斯(Liz Myers)辩称:“这种积极表现不仅鼓励投资者和新上市公司在2017年进入市场,而且还为追加募资以实现增长和二级市场减持设定了积极的背景。”
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