香港IPO市場創三年來最佳紀錄
Asia’s capital-raisers are finishing the year with a flourish. Just this week, Hong Kong priced the world’s biggest property initial public offering while in Seoul, the Samsung group’s de facto holding company yesterday doubled on its debut.
The deals have helped Hong Kong’s IPO market record its strongest performance in three years and South Korea its best in four, according to Dealogic. “The Momentum feels like it is building a positive backdrop for 2015,” says Nicholas Johnson, head of Asia Pacific equity capital markets at JPMorgan.
Dealogic數據顯示，這些融資交易推動香港IPO市場創出3年來最強業績、韓國創出4年來最強業績。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：“我們認爲這股勢頭爲2015打下了積極的基調。”Australia too has outperformed, enjoying its best year in two decades with $16bn to its account. Sydney has been its brightest market. Last month Medibank Private, the country’s largest health insurer, raised $4.9bn. In July, banks raised $2.1bn for Healthscope, a private hospital operator.
澳大利亞也創出了罕有的亮眼業績，IPO融資額達到160億美元，是20年來最好的一年。其中悉尼股市表現最爲突出。澳大利亞最大的健康保險公司Medibank Private上月集資49億美元。7月，幾家銀行爲私人醫院運營商Healthscope籌得21億美元。
Elsewhere, IPOs have swung in and out of favour — exemplified by Hong Kong. It suffered a slow start to the year when its first big deal — Li Ka-shing’s spin-off of HK Electric in January — raised $3.1bn, far short of the $5bn first mooted.
在其他地區，投資者對IPO的態度忽冷忽熱——香港就是一例。香港市場今年開局不利，其首樁大交易——李嘉誠(Li Ka-shing)於1月剝離香港電燈(HK Electric)——僅籌得31億美元，遠低於最初50億美元的目標。In March, bankers were dismayed after Mr Li sold a quarter-stake in Watsons, his pharmacy and food chain, instead of risking another spin-off. This came less than a week after Alibaba confirmed it had chosen New York for its record listing.
3月，李嘉誠發售他旗下藥品及食品連鎖企業屈臣氏(Watsons)四分之一的股份，而沒有整體剝離，讓銀行業人士感到失望。此前幾天，阿里巴巴證實已選擇赴紐約上市，後來創下有史以來最大IPO紀錄。Global pork producer WH Group dealt another blow in April. It was forced to pull its much-hyped $6bn offering — even after halving the size — when investors balked at its valuation and its rush to market.
跨國豬肉生產商萬洲國際(WH Group)在4月也給香港IPO市場造成一次打擊。這起被熱炒的IPO交易最初計劃融資60億美元，但投資者對這一估值以及萬洲操之過急的做法感到猶豫。即便在它將募資規模砍掉一半之後，此次交易還是被迫取消。The failure left its 29 bookrunners — a global record — blaming each other amid suggestions the only groups to have made a cent on the deal were the Four Seasons hotel chain and Cathay Pacific, the airline.
IPO失敗使得萬洲聘請的29家承銷商（數量在全世界創下紀錄）相互指責，而據說除了四季酒店(Four Seasons)和國泰航空(Cathay Pacific)，所有公司在這筆交易中都分文未賺。As markets steadied so the mood improved in Hong Kong. A humbled WH Group returned in August, using two bookrunners to raise $2bn.
隨着市場企穩，香港IPO也人氣上升。8月，萬洲國際以謙卑的姿態重回IPO市場，聘請兩家承銷商，融資20億美元。From September the pipeline grew rapidly, culminating in the $3.2bn raised by CGN Power, China’s leading nuclear generator and the $3.7bn Dalian Wanda Commercial Properties managed this week.
從9月開始，籌備赴港上市的企業數量迅速增多。本週，中國主要核電企業——中廣核電力(CGN Power)籌得32億美元，大連萬達商業地產(Dalian Wanda Commercial Properties)籌得37億美元。The only market to have enjoyed similar opening-day pops was Shanghai. Its rally — up a quarter since the beginning of November — has encouraged subscriptions. Bankers are watching with interest. While its IPOs are the preserve of mostly local operators efforts to reform the listing process could help move it towards more international practices.
上海股市自11月初以來上漲了四分之一，這輪市場回彈鼓舞投資者踊躍認購新股，引發銀行業人士的關注。儘管滬市IPO基本上是中國本土投行的專屬領地，但上市流程的改革可能有助於推動滬市與國際慣例接軌。
