香港IPO市場失之阿里收之萬達

香港IPO市場失之阿里收之萬達

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——在步履維艱的一年接近尾聲之際，香港市場的大型新股發(fā)行交易在12月正顯示出反彈的跡象。

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，中國電商巨頭阿里巴巴集團(Alibaba Group)與香港擦肩而過，轉而選擇在紐約上市，募集250億美元(約合1540億元人民幣)的資金。在此之前，香港今年最大的兩宗首次公開募股(IPO)業(yè)務都舉步維艱，未能募集到最初期待的資金數(shù)額。

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，情況似乎有所好轉。周一，億萬富豪王健林執(zhí)掌的購物中心開發(fā)商大連萬達商業(yè)地產(chǎn)股份有限公司(Dalian Wanda Commercial Properties)開始向投資者發(fā)行股票，希望募集38億美元的資金。同一天，中國國有汽車制造商北京汽車股份有限公司(BAIC Motor Corporation)開始銷售股票，旨在募集16億美元的資金。

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.

根據(jù)一份IPO合約細則，大連萬達的股票發(fā)行價指導區(qū)間為每股41.8港元到49.6港元，共募集32.4億美元到38.4億美元的資金，這可能是亞洲今年規(guī)模最大的IPO交易?；顿Y者已經(jīng)認購了該公司價值20億美元的股份。這類投資者一般承諾購買一定數(shù)量的股票，并且在至少六個月的時間內持股。合約細則中顯示，11名基石投資者已經(jīng)認購了本次IPO中62%的股票，其中包括中國人壽、科威特政府投資局(Kuwait Investment Authority)、平安保險，以及美國對沖基金奧氏資本管理公司(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.

大連萬達的母公司還控制著美國電影院線AMC娛樂(AMC Entertainment)。萬達預計將在12月16日為股票定價，12月23日開始在香港交易。

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.

北京汽車與現(xiàn)代集團(Hyundai)和梅賽德斯-奔馳(Mercedes-Benz)在中國開設了合資公司。一份合約細則顯示，已經(jīng)有10位基石投資者認購了該公司價值7.86億美元的股份，占IPO規(guī)模的65%。該交易預計將于12月12日進行定價，股票將從12月19日開始交易。

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.

大連萬達和北京汽車的股票發(fā)行意味著，香港股市年底的大型IPO交易正在增長。就在幾天前，中國最大的核電設備制造商中國廣核電力股份有限公司(CGN Power)通過IPO成功地募集了32億美元的資金。

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.

一份合約細則的副本顯示，上周三，中廣核在2.43港元至2.78港元的定價區(qū)間中，以上限價格售出88億股股票，募集資金共計245億港元。

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.

該公司計劃用這些資金中的大約一半，從其國有的母公司手中購入臺山核電站的控股權，這座在建的大型電站位于廣東省。中廣核持有11臺發(fā)電機組的股份，其發(fā)電量總計達116兆千瓦，占中國核電站總裝機容量的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.

在中廣核開始公開發(fā)售股票之前，已有18家基石投資者同意在該公司的IPO中投資13億美元。它們包括新加坡的主權投資公司政府投資公司(GIC)、奧氏資本，以及中國政府控制的其他幾家發(fā)電站、電網(wǎng)運營商和投資公司。中廣核的股票預計將于12月10日開始交易。

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，該地區(qū)唯一會超過中廣核或大連萬達IPO規(guī)模的上市交易，是上月在悉尼上市的澳大利亞國有健康保險公司Medibank Private。為其募集到57億澳元，約合48億美元的上市交易，使得該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)的數(shù)據(jù)顯示，不包括中廣核在內，今年有92家公司通過在港上市，募集到了171億美元，與去年同期相比增加了近14%。