2017年全球IPO交易數(shù)量創(chuàng)金融危機后高點

Global exchanges attracted the largest number of listings since the financial crisis this year, with a resurgence of activity in the US and a record number of Chinese deals belying concerns that companies are cooling to the idea of public ownership.

今年，全球各地的交易所吸引了自金融危機以來最多的上市交易，美國的上市交易活動復(fù)蘇，中國的上市交易數(shù)量創(chuàng)下紀(jì)錄，這證明人們無需擔(dān)憂企業(yè)對上市的熱情正在減退。

Almost 1,700 companies floated in 2017, an increase of 44 per cent over 2016 and the most initial public offerings since 2007, according to Dealogic. Proceeds rose 44 per cent to $196bn, the largest amount since 2014, which had been boosted by Alibaba’s $25bn listing.

根據(jù)Dealogic的數(shù)據(jù)，2017年有近1700家公司上市，比2016年增長44%，是自2007年以來首次公開發(fā)行(IPO)交易最多的一年。IPO募資額增長44%，至1960億美元，這是自2014年以來的最高金額。2014年阿里巴巴(Alibaba)募資250億美元的上市推動了當(dāng)年的募資額。

In the US companies raised $49bn — double the $24bn of listings in 2016, which was the worst year for IPOs in more than a decade. European listings rose more than 40 per cent and China marked a record number of deals, which helped to boost the global deal count. More than 400 companies floated in 2017 on the mainland markets, comprising the Shenzhen and Shanghai stock exchanges, according to EY.

在美國，2017年企業(yè)上市交易共募得490億美元，比2016年(10多年來最糟糕的一年)募得的240億美元翻了一倍。歐洲的上市交易數(shù)量增長了逾40%，中國2017年的上市交易數(shù)量創(chuàng)下紀(jì)錄，拉高了全球上市交易的數(shù)量。根據(jù)安永(EY)的數(shù)據(jù)，在2017年，有逾400家公司在由深交所和上交所組成的中國內(nèi)地市場上市。

In Asia themes included an insurance boom in India while China’s shift from manufacturing to a services-based economy was reflected in the listing market.

在亞洲，2017年的IPO主題包括印度保險公司的上市熱潮，而IPO市場也反映出中國的經(jīng)濟基礎(chǔ)從制造業(yè)轉(zhuǎn)向服務(wù)業(yè)的趨勢。

However, the performance of some of the year’s biggest deals tempered enthusiasm among some investors about the year ahead.

然而，2017年規(guī)模最大的一些上市交易的表現(xiàn)讓一些投資者對2018年的熱情有所消退。

The average gain of 23 per cent for IPOs in 2017 in the US did not significantly outperform the 20 per cent rise in the S&P 500 index, according to Renaissance Capital, which runs IPO-focused funds.

據(jù)旗下管理著專注于IPO的基金的晉新資本(Renaissance Capital)介紹，平均而言，2017年美國新上市股票的股價漲幅為23%，并未顯著超過標(biāo)準(zhǔn)普爾500指數(shù)(S&P 500) 20%的漲幅。

Hong Kong lost out to the New York Stock Exchange as the leading venue for IPOs based on proceeds, a title that the Asian exchange held in 2016 and 2015. NYSE jumped from third and Hong Kong slipped to fourth behind Shanghai and Nasdaq. The London Stock Exchange ranked sixth. London weathered a spate of pulled deals in an otherwise positive year for Europe.

香港交易所(HKEx)在2015年和2016年連續(xù)兩年成為募資額最高IPO交易所，但在2017年被紐約證交所(NYSE)奪走這一桂冠。紐交所從第3位上升至首位，而港交所下滑至第4位，落后于上交所和納斯達(dá)克(Nasdaq)。倫敦證交所(London Stock Exchange)排在第6位。倫敦挺過了一系列的上市交易取消，除此之外今年歐洲的IPO市場表現(xiàn)積極。

Hong Kong has taken measures to lure more companies with plans to permit dual share classes, a structure of particular interest to tech entrepreneurs seeking to retain greater control.

香港已經(jīng)采取措施吸引更多企業(yè)，計劃允許雙層股權(quán)結(jié)構(gòu)。這種股權(quán)結(jié)構(gòu)對于尋求保留更大控制權(quán)的科技創(chuàng)業(yè)家格外有吸引力。

Bruce Wu, co-head of greater China equity capital markets at Citi, said that “having these new chapters should help Hong Kong to become a more viable avenue for companies with these attributes”.

花旗(Citi)大中華區(qū)股權(quán)資本市場聯(lián)席主管Bruce Wu說，“打開這些新的篇章應(yīng)該有助于香港成為有這些特質(zhì)的企業(yè)的一個更可行的上市場所”。

He added that there have been a lot of “new economy” companies, such as fintech and biotech, listing this year in Asia. “The attractive pricing and healthy after-market performance of several of these IPOs could be interpreted as the institutional investors in this region are now better disposed to valuing and embracing these stories with a valuation lens comparable to that of US institutional investors.”

他補充稱，今年亞洲有很多“新經(jīng)濟”企業(yè)上市，比如金融科技企業(yè)和生物科技企業(yè)。“幾宗這類IPO的有吸引力的定價和良好的上市后表現(xiàn)可以解釋為，現(xiàn)在本地區(qū)的機構(gòu)投資者更樂意以一種與美國機構(gòu)投資者相當(dāng)?shù)墓乐笛酃饨邮苓@些企業(yè)和為其估值了。”

“Blank cheque companies”, which list and then find companies to buy, also staged their first big comeback since the 2008 financial crisis.

上市后再尋找企業(yè)收購的“空頭支票公司”也在2008年的金融危機后首次大規(guī)模復(fù)出。