中國民生銀行擬赴港IPO

China Minsheng Bank will aim to raise up to $4.68bn through Hong Kong's largest initial public offering this year in a move that should solidify China's dominant position in the global IPO market.

中國民生銀行(China Minsheng Bank)計劃通過在香港上市，最多融資46.8億美元，這將是香港今年規(guī)模最大的首次公開發(fā)行(IPO)，此舉將鞏固中國在全球IPO市場的主導(dǎo)地位。

The country's first privately-owned lender will embark today on a long-delayed roadshow in preparation for what will also be the world's fourth-largest IPO of 2009, if the shares are priced at the top end of a range of HK$8.50-HK$9.50.

中國第一家私有銀行今天將啟動一場拖延已久的路演活動，為香港IPO做準備。如果新股發(fā)行價定在8.50港元-9.50港元區(qū)間的高端，這還將成為2009年全球第四大IPO。

If successful, Minsheng's listing will give China five of the top 10 global IPOs this year.

如果發(fā)行成功，民生的上市將使中國在今年全球10大IPO中占據(jù)5個。

The bank plans to sell 3.32bn shares, or 15 per cent of its enlarged share capital, to raise as much as $4.1bn and could sell an additional 498m shares to take the total up to $4.68bn under a “greenshoe” option if the offering is heavily oversubscribed, which is often the case in Hong Kong.

民生銀行計劃發(fā)行33.2億股，即擴大后股本的15%，籌資至多41億美元。此外，如果股票得到超額認購，該行還可以根據(jù)“綠鞋”選擇權(quán)超額配售4.98億股，使得最終籌資額達到46.8億美元，這種做法在香港很常見。

Unlike almost every other Chinese lender, Minsheng was established with investment from private entrepreneurs and virtually no state funding in 1996, but it is still effectively controlled by the government through Communist Party appointments of top executives.

和幾乎其它所有中國銀行不同，民生銀行是在1996年憑借私人企業(yè)家的投資成立的，幾乎沒有任何國有資金投入，但實際上依然受到政府控制，高層管理人員都由共產(chǎn)黨任命。

The bank was listed on the Shanghai stock exchange in 2000 and has suspended previous plans to list in Hong Kong on at least two occasions.

該行于2000年在上海證券交易所上市，此前曾至少兩度暫緩在香港上市的計劃。

People involved in the sale said there was huge interest from institutional investors wanting to buy into the cornerstone tranche of the issue but the final price of the shares will be set in 10 days, depending on the result of the roadshow. Shares are expected to start trading in Hong Kong on November 26.

參與此次發(fā)行的人士表示，機構(gòu)投資者興趣巨大，希望購買此次發(fā)行的基石部分股份，但最終發(fā)行價將在10天后決定，取決于路演結(jié)果。新股預(yù)期將于11月26號在香港上市交易。

IPOs in Hong Kong are open to global investors and allow Chinese companies to raise foreign exchange, while Shanghai listings are only open to domestic investors who cannot freely convert their funds out of renminbi.

香港股市的IPO向全球投資者開放，使中國公司能夠籌集到外匯資金，而滬市上市新股僅面向國內(nèi)投資者，他們無法自由地將人民幣資金轉(zhuǎn)換為其它貨幣。

Minsheng's plans to expand beyond China's borders were dealt a blow on Friday when United Commercial Bank, a large San Francisco-based lender with branches in Hong Kong and Shanghai, became the 120th US bank to fail this year.

民生的海外擴張計劃上周五遭受打擊：總部位于舊金山的一家大型銀行——聯(lián)合銀行(United Commercial Bank)成為今年破產(chǎn)的第120家美國銀行，該行在香港和上海均設(shè)有分行。

Minsheng owns 9.9 per cent of UCBH Holdings, United Commercial's parent company, and had already been forced by the end of September to write down 93 per cent of the $126m it has invested over the last two years.

民生持有該行母公司聯(lián)合銀行控股公司(UCBH) 9.9%的股份，且已在9月底被迫將過去兩年1.26億美元的投資減記93%。