徽商銀行香港上市首日漲2%
Shares in Huishang Bank recorded a modest rise yesterday, as trading began in the biggest Chinese banking initial public offering for three years.
昨日，徽商銀行(Huishang Bank)股價小幅上漲。三年來最大的中資銀行首次公開發行(IPO)開始交易。Huishang rose 2 per cent, while the Hang Seng index closed down 0.7 per cent.
徽商銀行收漲2%，香港大盤恆生指數(Hang Seng index)則收跌0.7%。The Huishang debut is the third Chinese bank IPO in Hong Kong in the past month, following Huirong Financial’s $200m listing, and Bank of Chongqing, which raised $600m.
徽商銀行IPO是過去一個月裏第三宗中資銀行IPO。此前，中國匯融金融控股有限公司(China Huirong Financial)和重慶銀行(Bank of Chongqing)先後上市，融資額分別達2億美元和6億美元。
At $1.3bn, the Huishang deal is the largest by a Chinese lender since Chongqing Rural Commercial Bank listed in the city in 2010.
徽商銀行融資額達到13億美元，是自重慶農村商業銀行(Chongqing Rural Commercial Bank)2010年在香港上市以來中資銀行最大的一宗IPO。Huirong and Bank of Chongqing have struggled to top their issue prices since listing. Huirong has endured volatile trading in its two weeks as a listed company, dropping about 9 per cent in that time. Bank of Chongqing, which started trading last week, has lost about 0.5 per cent.
自上市以來，匯融與重慶銀行的股價一直低於發行價。匯融上市兩週以來，股價出現了大幅波動，跌幅約爲9%。重慶銀行上週開始上市交易，股價跌幅約爲0.5%。The performances of Huishang and of the other financial listings are being closely watched ahead of the planned $2bn IPO of Chinese “bad bank” Cinda, which is due to file its prospectus on November 22.
徽商銀行和其他金融上市企業的表現正受到市場的密切關注。不久之後，中國一家“壞銀行”——中國信達資產管理公司(Cinda)將於11月22日發佈招股說明書，計劃通過IPO融資20億美元。Huishang’s first trading session was expected to be muted because of the heavy involvement of cornerstone investors, who are subject to a lock-up period during which they cannot sell shares.
由於基石投資者的大舉介入，徽商銀行在首個交易日的表現本來就預計將波瀾不興。基石投資者需要經歷一段鎖定期，在此期間不能出售所持股票。Ahead of the trading debut, Huishang secured support from five such cornerstones, who together bought more than half the shares being sold, leading some to describe it as a “friends and family” deal.
首日交易之前，徽商銀行已獲得了5家基石投資者的認購，這些投資者總共購入半數以上發行的股票，導致有些人將這次IPO稱爲一次“家人與朋友佔主角的”交易。Property developer China Vanke alone took up almost 40 per cent of the deal, according to a person familiar with the listing.
據一位瞭解徽商銀行IPO的人士表示，僅房地產開發商萬科(China Vanke)就購入了徽商銀行所發行股票的近40%。Huishang also hired 19 bookrunners to help get its listing over the line, an increasingly common feature of Hong Kong’s fragile market for financial IPOs.
徽商銀行在IPO中聘用了19家賬簿管理人。在金融企業IPO銷路不暢的香港市場，多聘賬簿管理人的現象已變得越來越普遍。Investors have voiced some frustration at the number of Chinese lenders choosing to list in Hong Kong, which has been reflected by the relatively small involvement of institutional investors and large global fund managers in the recent deals.
投資者對赴香港上市的中資銀行數量之多表示了失望。最近幾宗上市交易中，機構投資者和大型全球性基金公司參與力度相對較低，就反映了這一心態。In contrast, Boyaa – a Chinese online gaming company – also began trading yesterday, and saw its shares rise almost 14 per cent, the latest sign of strong appetite for technology stocks in Hong Kong.
相比之下，中國在線遊戲公司博雅互動(Boyaa)昨日也開始上市交易，其股價漲幅接近14%，這是表明香港市場強烈看好科技股的最新跡象。Chinese bank shares have been on a rollercoaster ride this year, falling to record low valuations in June when a credit crunch on the mainland raised concerns about the stability of the financial system. Although share prices have staged something of a recovery since then, many investors remain wary about the long-term health of a sector heavily exposed to China’s rampant credit growth.
今年以來，中資銀行股一直在上演“過山車”行情。今年6月，中國內地信貸緊縮引發市場擔憂中國金融體系穩定，銀行股跌至歷史最低點。雖然此後銀行股收復了部分失地，但許多投資者仍對中國銀行業的長期健康狀況感到擔心——信貸瘋狂增長給中國銀行業留下巨大的風險敞口。
