2017年中國IPO數(shù)量創(chuàng)新高
隨著中國股市準(zhǔn)備在未來6個月向海外投資者打開閘門，今年在中國內(nèi)地上市的公司數(shù)量創(chuàng)出歷史新高。
More than 400 companies floated in 2017 on the Shenzhen and Shanghai stock exchanges to reach the milestone, according to data from EY.
安永(EY)的數(shù)據(jù)顯示，2017年有400多家公司在深圳和上海的證券交易所上市，達(dá)到一個里程碑。
A flurry of small and medium-sized enterprises have listed in mainland China this year, assisted by a streamlined process as exchanges have attempted to work through a backlog of applications, EY said.
安永稱，隨著交易所積極處理積壓的上市申請，精簡后的流程令眾多中小企業(yè)今年得以在中國內(nèi)地上市。
However, the absence of large flotations or “mega deals” of more than Rmb5bn ($762m) means that IPO volumes only amount to half of the money raised in 2010.
然而，由于缺乏大規(guī)模上市，即超過50億元人民幣(合7.62億美元)的“巨額交易”，首次公開發(fā)行(IPO)總規(guī)模僅相當(dāng)于2010年募資規(guī)模的一半。
Analysts believe that IPOs in China will be boosted next year by the decision to include Chinese A-shares — companies listed on the Chinese mainland exchanges — in the flagship MSCI emerging markets index from June 2018.
分析師們認(rèn)為，2018年6月，在中國內(nèi)地交易所上市的A股將被納入MSCI新興市場指數(shù)(MSCI Emerging Markets index)，受這一決定的影響，2018年中國的IPO將得到提振。
Ringo Choi, Asia Pacific IPO leader at EY, said: “This move will have a positive impact on the A-share IPO market. It was expected that in the short run, quality enterprises listed on A-share market are capable [of attracting] more foreign funds.”
安永亞太區(qū)IPO主管蔡偉榮(Ringo Choi)稱：“此舉將對A股IPO市場產(chǎn)生積極影響。預(yù)計短期內(nèi)在A股上市的高質(zhì)量企業(yè)有能力(吸引)更多的境外基金。”
He said inclusion in the index would “further RMB internationalisation and normalisation of [the] A-share market”.
他表示，納入MSCI的旗艦新興市場指數(shù)將“進(jìn)一步促進(jìn)人民幣國際化和A股市場正?；?rdquo;。
The development will mark a watershed moment because it will force a swath of investors in the index, ranging from retail investment funds to sovereign wealth funds, to buy the A-shares selected for inclusion.
這一發(fā)展將成為一個分水嶺，因?yàn)樗鼘⑵仁棺粉櫾撝笖?shù)的眾多投資者——從面向散戶的投資基金到主權(quán)財富基金——買入被選中納入指數(shù)的A股。
It follows the recent advent of Stock Connect, which links Hong Kong’s exchange with the Shanghai and Shenzhen exchanges to give overseas investors more efficient access to A-shares. Previously, investors have been subjected to capital restrictions buying shares on the mainland using renminbi.
此前還有滬港通和深港通機(jī)制，將香港交易所(HKEx)與上海和深圳證交所對接，給予海外投資者更高效率的投資A股渠道。此前，投資者要在境內(nèi)以人民幣購買股票，從而受到資本管制。
Although Greater China’s two stock exchanges ranked first and second in terms of the number of deals this year, New York took the top spot for the amount raised — removing the Hong Kong Stock Exchange of its crown.
盡管大中華區(qū)的兩個證券交易所在上市交易數(shù)量排名中分列第一、二位，但紐約證券交易所(NYSE)在募資所得排行榜上位居榜首，奪走了原本屬于香港交易所的桂冠。
About 25 Chinese companies opted to list in the US this year, raising a total of $4bn, representing an 83 per cent increase year on year, according to EY.
根據(jù)安永的數(shù)據(jù)，今年有大約25家中國企業(yè)選擇赴美上市，這些企業(yè)共募得40億美元，同比增長83%。
Some more technology-focused and fintech companies have been attracted to New York. NYSE allows for dual share classes, unlike HKEX, which might appeal to entrepreneurs seeking to retain greater control over their company.
紐約吸引了一些側(cè)重于科技和金融科技的企業(yè)。與港交所不同的是，紐交所允許雙層股權(quán)結(jié)構(gòu)，這可能會吸引希望保留對其公司更大控制權(quán)的企業(yè)家。
HKEX moved a step closer to allowing dual share classes this month when it proposed that companies from “emerging and innovative” sectors could list on the exchange using this structure, subject to certain limitations.
本月，港交所距離允許雙層股權(quán)結(jié)構(gòu)更近一步，提出“新興和創(chuàng)新”行業(yè)的企業(yè)可以使用這種結(jié)構(gòu)在港交所上市，但要受到一定的限制。
The proposal comes after Chinese tech giant Alibaba floated on NYSE in 2014, following an intense battle between exchanges.
這個提議是在中國科技巨頭阿里巴巴(Alibaba) 2014年轉(zhuǎn)赴紐交所上市后提出的。此前阿里巴巴考慮在香港上市。
However, investors have aired concerns about the implications for good corporate governance, because the structure gives founders greater power over their companies even if they only have a small stake.
然而，投資者表達(dá)了對雙層股權(quán)結(jié)構(gòu)可能影響良好公司治理的擔(dān)憂。因?yàn)樵谶@種結(jié)構(gòu)下，盡管創(chuàng)始人只擁有小部分股權(quán)，也能對他們的公司行使大權(quán)。
