中国证交所今年募资额三倍于美国Chinese listings outpace value of US IPOs

Chinese stock exchanges, including the Hong Kong bourse, have raised almost triple the amount of money secured by initial public offerings across the US in 2010, underscoring China’s rise as a global financial powerhouse.

包括香港交易所在内，中国各证交所2010年通过首次公开发行(IPO)募集的资金额，几乎是美国各证交所的三倍，凸显中国正崛起为一个全球金融强国。

Hong Kong takes the crown as the world’s biggest centre for new listings, raising $52.8bn in IPOs this year, compared with $42bn in the US. Mainland exchanges raised $66.9bn, according to Dealogic.

今年，香港摘得“全球最大IPO中心”的桂冠，IPO募资总额达到528亿美元，而美国的IPO募资金额为420亿美元。Dealogic的数据显示，中国内地各证交所通过IPO融资669亿美元。

The figures highlight the shift in global economic and financial activity from the US and Europe to emerging markets, particularly China – a long-term trend that accelerated in the wake of the global financial crisis.

这些数据凸显全球经济和金融活动正从美欧转向新兴市场，尤其是中国，这种长期趋势在全球金融危机过后有所加速。

“It is really a tale of regions, with European banks seeking capital to repair battered balance sheets while in Asia funds are used solely to fund growth,” said Matthew Koder, head of global capital markets at UBS.

“真的是各地有各地的情况，欧洲各银行正寻求资本以修复受到重创的资产负债表，而亚洲的资金完全用来投入增长，”瑞银(UBS)全球资本市场主管高迪晖(Matthew Koder)表示。

While Hong Kong and Shanghai are well known as big fundraising hubs, this year there has also been an extraordinary boom in IPOs on the Shenzhen Stock Exchange, China’s second-largest bourse.

尽管香港和上海是知名的募资中心，但今年中国内地第二大证交所——深圳证交所也出现了非凡的IPO繁荣景象。

Some 190 companies, mostly small or medium-sized enterprises, have raised a combined $28bn in Shenzhen, with an additional 104 companies raising $12.9bn on ChiNext, China’s nascent board for start-ups.

以中小企业为主的大约190家公司在深圳总共募资280亿美元，还有104家企业在深圳证交所创业板（ChiNext，面向初创企业的新市场）募资129亿美元。

Hong Kong – which became the world’s most active IPO market in 2009, ending more than a decade of dominance by the US – has begun to attract big listings from companies based outside China.

香港2009年成为全球最活跃的IPO市场，结束了10余年来的美国霸主地位。香港已开始吸引中国以外的公司进行大规模上市。

Rusal, the Russian aluminium group, and L’Occitane, the French cosmetics chain, both became the first companies from their countries to list in Hong Kong this year, raising $2.2bn and $700m, respectively.

俄罗斯铝业联合公司(Rusal)和法国化妆品连锁店欧舒丹(L’Occitane)今年分别成为本国首家在香港上市的企业，分别募资22亿美元和7亿美元。

Prada, the Italian luxury goods company, is considering a listing in Hong Kong next year, rather than in London or Milan, as it believes it might obtain a higher valuation there.

意大利奢侈品企业普拉达(Prada)正考虑明年在香港、而非在伦敦或米兰上市，因为该公司认为，自己在香港有望获得更高估值。

Stephen Jennings, chief executive of Russia’s Renaissance Capital, said Hong Kong was in a prime position to benefit from rising flows of capital between emerging markets, which would increasingly bypass the traditional financial centres of London and New York.

俄罗斯投行晋新资本(Renaissance Capital)首席执行官斯蒂芬•詹宁斯(Stephen Jennings)表示，香港处于一种有利地位，能够得益于新兴市场之间不断增加的资本流动，这些资本流动将日趋绕过伦敦和纽约等传统金融中心。

Renaissance opened a Hong Kong office this year and plans to help African and Russian companies float in the city.

晋新资本今年在香港设立了一个办事处，计划协助非洲和俄罗斯企业在香港上市。

However, there are some concerns that China’s capital markets are become too hot. Smaller companies listed in Shenzhen trade at extremely high valuations, many at price-to-earnings multiples above 70.

不过，也有一些人担心中国的资本市场正变得过热。在深圳上市的一些小型公司的估值达到了极高水平，其中许多公司的市盈率高于70倍。

In Hong Kong, the Securities and Futures Commission is investigating whether some companies, and the investment banks that advised them, misled investors ahead of their IPOs.

在香港，证监会(SFC)正在调查某些公司和为其提供咨询的投行，是否曾在IPO之前误导投资者。