香港IPO市场失之阿里收之万达

香港IPO市场失之阿里收之万达

HONG KONG — Hong Kong’s market for large new stock offerings is showing signs of a December rebound after what has been a difficult year.

香港——在步履维艰的一年接近尾声之际，香港市场的大型新股发行交易在12月正显示出反弹的迹象。

The city lost out on the world’s biggest initial public offering on record in September, when Alibaba Group, the Chinese e-commerce giant, chose instead to sell shares in New York, raising $25 billion. Before that deal, the two biggest I.P.O.s in Hong Kong this year had both struggled, raising less than they had initially hoped.

今年9月，中国电商巨头阿里巴巴集团(Alibaba Group)与香港擦肩而过，转而选择在纽约上市，募集250亿美元(约合1540亿元人民币)的资金。在此之前，香港今年最大的两宗首次公开募股(IPO)业务都举步维艰，未能募集到最初期待的资金数额。

Now, things appear to be picking up. On Monday, Dalian Wanda Commercial Properties, a developer of shopping centers in China controlled by the billionaire Wang Jianlin, began marketing shares to investors in an attempt to raise as much as $3.8 billion. Also Monday, BAIC Motor Corporation, a Chinese state-owned automaker, began marketing in an attempt to raise up to $1.6 billion.

如今，情况似乎有所好转。周一，亿万富豪王健林执掌的购物中心开发商大连万达商业地产股份有限公司(Dalian Wanda Commercial Properties)开始向投资者发行股票，希望募集38亿美元的资金。同一天，中国国有汽车制造商北京汽车股份有限公司(BAIC Motor Corporation)开始销售股票，旨在募集16亿美元的资金。

In a deal that would rank as the biggest I.P.O. in Asia this year, Dalian Wanda is offering shares in a price range of 41.80 Hong Kong dollars to 49.60 dollars apiece as it attempts to raise $3.24 billion to $3.84 billion, according to a copy of a term sheet for the offering.Already, the company has received $2 billion worth of purchase commitments from cornerstone investors, who promise to buy a fixed number of shares and hold them for a minimum of six months. Those 11 investors have pledged to purchase as much as 62 percent of the I.P.O., according to the term sheet. They include China Life Insurance, Kuwait Investment Authority, Ping An Insurance and the American hedge fund Och-Ziff Capital Management.

根据一份IPO合约细则，大连万达的股票发行价指导区间为每股41.8港元到49.6港元，共募集32.4亿美元到38.4亿美元的资金，这可能是亚洲今年规模最大的IPO交易。基石投资者已经认购了该公司价值20亿美元的股份。这类投资者一般承诺购买一定数量的股票，并且在至少六个月的时间内持股。合约细则中显示，11名基石投资者已经认购了本次IPO中62%的股票，其中包括中国人寿、科威特政府投资局(Kuwait Investment Authority)、平安保险，以及美国对冲基金奥氏资本管理公司(Och-Ziff Capital Management)。

Dalian Wanda, whose parent company also controls the American cinema chain AMC Entertainment, is expected to price its offering on Dec. 16 and to begin trading in Hong Kong on Dec. 23.

大连万达的母公司还控制着美国电影院线AMC娱乐(AMC Entertainment)。万达预计将在12月16日为股票定价，12月23日开始在香港交易。

BAIC, which is the joint venture partner of Hyundai and Mercedes-Benz in China, attracted 10 cornerstone investors who pledged to buy $786 million worth of shares, or as much as 65 percent of the I.P.O., according to a term sheet. The deal is expected to price on Dec. 12, and the shares would begin trading on Dec. 19.

北京汽车与现代集团(Hyundai)和梅赛德斯-奔驰(Mercedes-Benz)在中国开设了合资公司。一份合约细则显示，已经有10位基石投资者认购了该公司价值7.86亿美元的股份，占IPO规模的65%。该交易预计将于12月12日进行定价，股票将从12月19日开始交易。

The planned offerings of Dalian Wanda and BAIC signal a spike in large year-end deals in Hong Kong, coming just days after CGN Power, China’s biggest nuclear electricity producer, successfully raised $3.2 billion in its I.P.O.

大连万达和北京汽车的股票发行意味着，香港股市年底的大型IPO交易正在增长。就在几天前，中国最大的核电设备制造商中国广核电力股份有限公司(CGN Power)通过IPO成功地募集了32亿美元的资金。

CGN last Wednesday raised a total of 24.5 billion Hong Kong dollars, selling 8.8 billion shares at 2.78 Hong Kong dollars apiece after pricing the deal at the top of the marketed range, which was 2.43 dollars to 2.78 dollars per share, according to a copy of the term sheet for the deal.

一份合约细则的副本显示，上周三，中广核在2.43港元至2.78港元的定价区间中，以上限价格售出88亿股股票，募集资金共计245亿港元。

The company plans to use about half the proceeds to acquire a controlling stake from its state-owned parent company in the Taishan nuclear power station, a large plant under construction in the southern province of Guangdong. CGN has stakes in 11 nuclear power generation units with a total capacity of 11.6 gigawatts — or 64 percent of China’s total installed nuclear generating capacity.

该公司计划用这些资金中的大约一半，从其国有的母公司手中购入台山核电站的控股权，这座在建的大型电站位于广东省。中广核持有11台发电机组的股份，其发电量总计达116兆千瓦，占中国核电站总装机容量的64%。

Before CGN began selling its shares to the public, 18 cornerstone investors had agreed to invest $1.3 billion in the I.P.O. They included Singapore’s sovereign investment firm, GIC; Och-Ziff; and several power generators, electricity grid operators and investment companies controlled by the Chinese government. Shares in CGN are expected to begin trading on Dec. 10.

在中广核开始公开发售股票之前，已有18家基石投资者同意在该公司的IPO中投资13亿美元。它们包括新加坡的主权投资公司政府投资公司(GIC)、奥氏资本，以及中国政府控制的其他几家发电站、电网运营商和投资公司。中广核的股票预计将于12月10日开始交易。

The only regional deal this year to surpass the CGN or Dalian Wanda I.P.O.s was the listing last month of Medibank Private, a state-owned Australian health insurer that was partly privatized in a Sydney listing, raising 5.7 billion Australian dollars, or $4.8 billion.

今年，该地区唯一会超过中广核或大连万达IPO规模的上市交易，是上月在悉尼上市的澳大利亚国有健康保险公司Medibank Private。为其募集到57亿澳元，约合48亿美元的上市交易，使得该公司在一定程度上被私有化了。

Not including CGN, 92 companies raised $17.1 billion in Hong Kong listings this year, an increase of nearly 14 percent by value from the same period in 2013, according to Bloomberg data.

彭博社(Bloomberg)的数据显示，不包括中广核在内，今年有92家公司通过在港上市，募集到了171亿美元，与去年同期相比增加了近14%。