香港今年將把IPO首選地桂冠讓給紐約

Hong Kong is poised to lose its title as the leading global venue for flotations this year, following a drop in the number of local “jumbo” listings and a rising preference among Chinese companies for the US.

香港今年將失去全球領(lǐng)先上市地點(diǎn)的頭銜，原因是本地大型上市減少，而中國內(nèi)地企業(yè)對赴美上市的偏好上升。

The Hong Kong Stock Exchange is on track to lose out to the New York Stock Exchange as the venue of choice for companies undertaking initial public offerings in 2017, after two consecutive years in the top spot.

香港交易所(HKEx)在連續(xù)兩年位居榜首之后，看來2017年將被紐約證交所(NYSE)奪走企業(yè)首次公開發(fā)行(IPO)首選交易所的桂冠。

Data from Dealogic, a data and analytics firm, show that the amount raised by companies listing on NYSE so far this year has exceeded $32.6bn, compared with $14.6bn on the Hong Kong Stock Exchange’s main board* — putting Hong Kong in fourth place at present.

數(shù)據(jù)和分析公司Dealogic的數(shù)據(jù)顯示，今年迄今在紐約證交所上市的公司募資總額超過326億美元，相比之下香港交易所主板的這一數(shù)字是146億美元，這使香港目前排在第四位。

Hong Kong’s fall from the pole position comes after a surge in the number of Chinese companies — nine — that have opted to list on NYSE this year, representing the largest number since 2010.

香港失去上市首選目的地稱號之際，今年以來選擇到紐約證交所上市的中國企業(yè)數(shù)量激增，達(dá)到九家，這是自2010年以來的最大數(shù)目。

Analysts said Snap’s blockbuster $3.4bn initial public offering on NYSE earlier in 2017 came as a major boost to the exchange and paved the way for other fast-growing tech start-ups to follow suit.

分析師們表示，Snap今年早些時候在紐約證交所完成的34億美元大型IPO，對這家證交所起到重大提振作用，為其他快速增長的科技初創(chuàng)企業(yè)“跟風(fēng)”鋪平了道路。

Ken Fong, a research head at Dealogic, said another key reason for Hong Kong’s slide down the table was that fewer financial companies have listed in the city in 2017. He noted that there have been fewer “jumbo” IPOs this year in Hong Kong as a result, with the total value of large listings down from $17bn last year to $7bn this year.

Dealogic研究主管Ken Fong表示，香港在IPO榜單上排名下滑的另一個主要原因是，2017年在這里上市的金融企業(yè)較少。他指出，其結(jié)果是，香港今年的“巨無霸”上市數(shù)量較少，大筆上市交易的總價值從去年的170億美元降至今年的70億美元。

A few companies including China Tower, owner of telecoms towers globally, and Sinopec Marketing, a branch of the petrol refinery, did not list this year despite expectations, which has further affected the value of listings for HKEx’s deal value.

有幾家原本預(yù)期今年會上市的公司，包括在全球擁有電信塔的中國鐵塔(China Tower)以及中石化旗下的中國石化銷售(Sinopec Marketing)，結(jié)果并未上市，進(jìn)一步影響了香港交易所的上市交易募資總額。

Hong Kong has served as the preferred destination for large IPOs by Chinese companies because of its geographical proximity and cultural ties with the mainland. The Hong Kong Exchange hosted the largest listing of a Chinese unicorn in 2017 — ZhongAn Online Property & Casualty Insurance, which raised $1.5bn in September.

近年香港是中國企業(yè)大型IPO的首選目的地，因?yàn)樵撌信c中國內(nèi)地在地理上接近，在文化上相通。2017年最大規(guī)模的中國獨(dú)角獸公司IPO在香港交易所完成，即眾安在線財(cái)產(chǎn)保險股份有限公司(Zhong An Online Property and Casualty Insurance，簡稱眾安保險)在9月的IPO，募資15億美元。

However, the US is proving a popular venue for Chinese tech companies. One of the attractions is that the NYSE allows dual-structure listing, which is heavily used by tech entrepreneurs who want to raise funds without ceding complete voting control to public shareholders. Hong Kong lost Alibaba’s monumental $25bn listing to New York because the tech group wanted a different governance structure.

但是，美國正被證明是中國科技公司趨之若鶩的上市目的地。其中一個誘人之處是紐約證交所允許雙層股權(quán)結(jié)構(gòu);這種安排被科技行業(yè)的企業(yè)家大量利用，因?yàn)樗麄兿胍诓话淹暾耐镀笨刂茩?quán)交給流通股股東的情況下籌集資金。當(dāng)年香港就是因?yàn)椴荒芟虬⒗锇桶?Alibaba)提供其想要的治理結(jié)構(gòu)，而眼睜睜地看著這家科技集團(tuán)轉(zhuǎn)赴紐約進(jìn)行250億美元的巨額上市。

The Hong Kong Stock Exchange has recently explored whether to create a way for companies to issue shares with varying voting rights in the form of dual-structure listings.

香港交易所最近在探討是否要創(chuàng)建一種機(jī)制，讓企業(yè)能夠以雙層股權(quán)結(jié)構(gòu)的形式上市，發(fā)行具有不同表決權(quán)的股票。

Marshall Nicholson, head of equity capital markets for Asia ex-Japan at Nomura, said: “The pipeline looks good for next year: market conditions look constructive globally and there’s upside on a potential big oil listing, or if there’s a move forward to introduce dual share class listings.”

野村證券(Nomura)亞洲(不包括日本)股權(quán)資本市場主管凌瀚燊(Marshall Nicholson)表示：“明年企業(yè)籌備上市情況看起來不錯：全球而言市場狀況看起來具有建設(shè)性，而且有一宗潛在的大型石油公司上市帶來的利好，或者如果在雙層股權(quán)結(jié)構(gòu)方面向前邁出一步的話。”

* This article has been amended to correct the figure for Hong Kong listings 譯者/和風(fēng)