華融IPO獲基石投資者鉅額認購
China’s largest “bad bank” has allocated some 70 per cent of its initial public offering to a diverse band of cornerstone investors ranging from the state grid to the auspiciously named Fabulous Treasure Investments.
中國最大“壞賬銀行”中國華融資產管理公司(China Huarong Asset Management)已將其在香港首次公開發行(IPO)約70%的股份配給多家基石投資者——從國家電網(State Grid)到名字頗爲吉利的巨寶投資(Fabulous Treasure Investments)。However, the reliance on cornerstone investors, including state-backed entities, means only a small slice will be more widely offered — suggesting shaky investor sentiment that bodes ill for future new listings in Hong Kong.
然而，這種對包括國有實體在內的基石投資者的倚重意味着，只有一小部分股票將面向公衆發行。這表明，投資者情緒仍然低落，預示着未來香港IPO市場前景不佳。The $1.62bn secured by China Huarong Asset Management’s Hong Kong IPO represents 67.7 per cent of the total base offer size and could result in a new record. The 10 cornerstone investors receive their requested allocation in full in return for accepting a lock-up period, typically six months.
華融此次香港上市已落實16.2億美元認購資金，佔總發行量的67.7%，可能會創下新的記錄。10家基石投資者獲得了它們認購的全部股份，作爲交換條件，它們將接受通常爲6個月的禁售期。
Huarong, one of four asset managers set up in the 1990s to take on the bad loans of China’s biggest banks, is offering 5.8bn shares, or 15 per cent of the company’s shares post-IPO, at a range between HK$3.03 and HK$3.39.
華融是上世紀90年代中國爲解決大銀行壞賬問題而組建的4家資產管理公司之一，此次上市將發行58億股股票，佔該公司上市後股本的15%，招股價格區間爲每股3.03港元至每股3.39港元。The offer size is up to $2.53bn, or $2.9bn if a greenshoe issuance of additional shares is exercises. Books open today and are expected to close October 22.
此次發行的規模最高可達25.3億美元，如果承銷商行使超額配售權（即“綠鞋”機制），最高可達29億美元。新股預定今日開始，預計將在10月22日結束。Depending on how it pans out, cornerstone investors will end up with between 63.8 per cent and 71.4 per cent of the allotment.
基石投資者最終將購得此次IPO股份的63.8%至71.4%，具體數字取決於此次IPO有多成功。
