港交所IPO排名或將升至全球第二

Hong Kong is gearing up for an end-of-year listings push with two big initial public offerings that could vault the city’s exchange into second place globally this year from fourth.

香港正在全力以赴準備年底的兩起大規模首次公開募股(IPO)。這兩起IPO可能會使香港交易所(HKEx)今年在全球IPO市場上的排名從去年的第四位升至第二位。

The listings would leave Hong Kong trailing New York, but ahead of London and Nasdaq.

儘管這兩起IPO不會改變港交所遠遠落後於紐約證交所(New York Stock Exchange)的現實，卻會使它的排名超過倫敦證交所(London Stock Exchange)和納斯達克(Nasdaq)。

Last week CGN Power, China’s biggest nuclear operator, filed its IPO prospectus in Hong Kong, joining a queue that includes the country’s biggest commercial property developer, Dalian Wanda Commercial Properties.

就在上週，中國最大的核電運營商中廣核電力(CGN Power)在香港提交了IPO招股說明書，加入包括中國最大商業地產開發商大連萬達商業地產股份有限公司(Dalian Wanda Commercial Properties)在內的IPO行列。

CGN is looking to raise up to US$3bn while Wanda is seeking between $3bn and $5bn which, at the top of that range, would make it the city’s biggest offering in three years.

中廣核希望籌資30億美元，而萬達則謀求籌集30億美元到50億美元。若萬達籌得50億美元，將是香港三年來最大規模的上市交易。

Globally, the top 10 exchanges have raised $215bn this year – half as much again as they managed at this point last year. Hong Kong’s late deal surge comes as investor nerves appear to have steadied following the global market turMoil in October.

從全球範圍來說，今年排名前10位的交易所已籌集的資金爲2150億美元，又是去年同期籌得資金的一半。而在香港出現姍姍來遲的交易大增之際，在經歷了今年10月的全球市場動盪之後，投資者情緒似乎已趨於穩定。

Nicholas Johnson, head of Asia-Pacific equity capital markets at JPMorgan, said: “We’ve seen a reasonable recovery in the US, making it easier to believe October was a correction and not something more sinister.”

摩根大通(JPMorgan)亞太股權資本市場主管尼古拉斯•約翰遜(Nicholas Johnson)表示：“我們看到美國股市已出現理性反彈。這更容易讓人認爲，10月只是一次調整，而不是某種更兇險的兆頭。”

Companies have raised $17.7bn in Hong Kong this year, according to Dealogic, while Nasdaq and the London Stock Exchange have attracted $21bn apiece in new listings. All, however, trail the New York Stock Exchange with $65bn to its credit, including the record-breaking $25bn raised by Alibaba, the Chinese ecommerce giant, last month.

根據Dealogic的數據，各家IPO的公司今年在香港已籌集177億美元，與此同時納斯達克和倫敦證交所則分別籌集了210億美元的IPO資金。不過，它們都遠遠遜於紐約證交所650億美元的籌資規模，其中包括9月中國電子商務巨頭阿里巴巴(Alibaba) 250億美元的創紀錄IPO。

Hong Kong market participants believe the biggest deals pencilled in for the next two months can get done if companies are prepared to accept moderate valuations.

香港市場的參與者相信，只要相關公司做好接受適度估值的準備，上述兩項定於未來2個月內進行的大型IPO是很有可能完成的。

Damien Brosnan, head of Asia equity syndicate at UBS, said: “The market isn’t bullish exactly but it is constructive.” Other people suggested that the bigger IPOs stood a better chance of going ahead because their sheer size meant fund managers would have to look carefully at each whereas they can simply shun far smaller offerings.

瑞銀(UBS)亞洲權益辛迪加主管達明•布羅斯南(Damien Brosnan)表示：“目前市場並不是嚴格意義上的牛市，不過形勢頗爲有利。”其他人則暗示，較大規模的IPO成功的可能性更高一些，原因是它們的龐大規模讓基金經理人不得不仔細研究審視，同時會乾脆不去理會規模小得多的IPO。