香港成中國企業IPO回報最差市場

Hong Kong has been the worst place to invest in Chinese initial public offerings this year, with deals in the city recording lower average returns and a higher chance of losses than those in Shanghai and New York.

今年，香港已成爲投資中國企業首次公開發行(IPO)的最差場所。比起上海和紐約，香港的IPO交易錄得平均回報更低、虧損的可能性更大。

Of the 35 mainland companies to go public in Hong Kong since January, only 18 have registered share price gains since trading started, according to Dealogic. On average, Chinese IPOs in the territory have returned only 11 per cent.

根據Dealogic的數據，1月份以來在港上市的35家中國內地企業中，只有18家的股價在上市後呈現累計上漲。平均而言，中國企業在港的IPO只錄得11

%的回報。

However, Chinese listings completed in the US or in domestic markets have fared much better. Of the 12 US deals – most from the tech sector – only one has failed to rise, while the average share price of new Chinese listings in New York is up a third.

相比之下，中國企業在美國或中國內地市場完成的IPO，回報要好得多。12宗在美完成的上市交易（多數來自科技板塊）中，只有一宗未能出現股價累計上漲。在紐約新上市的中國企業，股價平均累計上漲了三分之一。

Flotations in Shanghai and Shenzhen have been more lucrative for investors, with most deals more than doubling after listing. China’s capital markets reopened to IPOs in January, having been shut for more than a year by regulators. Of the 30 biggest deals since then only two have seen share prices drop.

對投資者來說，在滬市和深市上市的回報更爲豐厚，就今年的多數交易而言，股價在上市後累計上漲了不止一倍。今年1月中國資本市場重啓IPO，此前監管機構曾將IPO關閉一年以上。重啓IPO以來的30宗最大規模交易中，只有兩宗的股價出現了累計下跌。

Neil Kell, head of Asia ex-Japan equity capital markets at Deutsche Bank, said that China’s key retail investor base was “starved” of deals in 2013, making them keen to buy into the current crop of IPOs.

德意志銀行(Deutsche Bank)亞洲（不含日本）股權資本市場主管尼爾•凱爾(Neil Kell)表示，中國重要的散戶羣體在2013年遭遇IPO交易“荒”，因此他們非常渴望買入當前一輪IPO的股票。

Almost 200 Chinese companies have gone public this year, raising $52.5bn. Almost half of that came from the September listing of ecommerce group Alibaba that made the NYSE the top location by volume of new cash raised.

今年進行了IPO的中國企業有將近200家，籌資規模達525億美元，其中將近一半來自9月份電子商務集團阿里巴巴(Alibaba)的上市。該公司的上市令紐約證交所(NYSE)成爲IPO籌資額最多的交易所。

Alibaba broke the record for the largest IPO to date and its shares have since gained 63 per cent, giving it a market capitalisation of about $270bn. Other US deals have done well, with rival etailer rising a quarter and appmaker Cheetah Mobile up 40 per cent.

阿里巴巴的上市打破了迄今最大規模IPO的紀錄，其股價自上市以來已累計上漲63%，其市值因此達到約2700億美元。其他在美上市交易也表現不錯。阿里巴巴的對手、零售商京東()的股價在上市後累計上漲了四分之一，應用開發商獵豹移動(Cheetah Mobile)的股價在上市後累計上漲了40%。

In Shanghai, Shaanxi Coal is up 50 per cent since it raised $658m in January, while pig farmer Muyuan Foodstuff has soared 130 per cent.

在上海，陝西煤業(Shaanxi Coal)在今年1月上市籌得6.58億美元后，股價累計上漲了50%。生豬養殖企業牧原食品(Muyuan Foodstuff)的股價在上市後累計飆升了130%。

Yet Hong Kong IPOs have faltered. Pork producer WH Group has lost 16 per cent since its bumpy August listing, after reporting worse than expected earnings. Tianhe Chemicals is off 22 per cent after it was challenged by short sellers over the reliability of its accounts.

相比之下，香港的IPO交易卻步履蹣跚。豬肉生產商萬洲國際(WH Group)今年8月的在港上市一波三折，在報出遜於預期的盈利後，其股價在上市後累計下跌了16%。天合化工(Tianhe Chemicals)則在賬目可靠性問題上遭遇空頭詰難，股價在上市後累計下跌了22%。