【英语中国】时隔一年多中国恢复新股发行

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所属分类:双语中国

2014-1-4 09:21

小艾摘要: Chinese regulators have given the green light to 11 companies to pursue new listings in what will be the first fresh share sales to domestic investors for more than a year.Shaanxi Coal and Chemical In ...
Chinese regulators have given the green light to 11 companies to pursue new listings in what will be the first fresh share sales to domestic investors for more than a year.

Shaanxi Coal and Chemical Industry Group is the largest potential initial public offering of the bunch and could look to raise almost $3bn, which would be the biggest Chinese share sale since Agricultural Bank of China in 2011.

The China Securities Regulatory Commission gave the nod to six companies yesterday, said state media, which followed approval for five others on Tuesday.

Most of the companies given the go-ahead to date are small groups pursuing listings of only a few tens of millions of dollars, and will seek to list on the ChiNext or SME boards on the Shenzhen stock exchange.

Before 2013, China was one of the most important venues for initial public offerings, second only to the US. In the first 11 months of 2012, the Shanghai and Shenzhen stock exchanges raised a combined $16.4bn from new listings, according to Ernst & Young.

However, the mainland market has been on lockdown since November 2012 due to concerns that new equity raisings would sap liquidity and damp sentiment in a market struggling to reward investors.

At one point, almost 900 companies queued to raise funds. Authorities responded with an IPO freeze, fresh checks on accounts, and encouraged some to target Hong Kong.

Yet none of those moves has helped to cheer investors. Over the past five years, the Shanghai Composite has been the worst performing major index. In 2013, the Shanghai market fell 5 per cent while the S&P 500 rose nearly a third.

Some analysts say the pool of domestic money is deep enough to absorb fresh equity. International investors have also lamented the shutdown, due to the lack of new trading opportunities. The CSRC signalled at the end of November the IPO market was to be reopened in the new year.

Global sentiment towards China has lifted in the past two months, after China’s rulers revealed a package of reforms aimed at shifting the economy to a more sustainable growth model.

Due in part to the restrictions on cross-border investment, sovereign wealth funds and other institutional investors have used the revival in the Hong Kong market to ramp up exposure to the country.

A successful listing for Shaanxi Coal would represent an early win for Cinda, the former bad bank that listed in Hong Kong in December. Cinda owns a 2 per cent stake in a Shaanxi subsidiary, while the coal group owns a nearly 10 per cent stake in insurer Happy Life, controlled by Cinda.

中国监管机构已批准11家公司的上市申请,这将是一年多来中国首批面向国内投资者的新股发行。

陕西煤业(Shaanxi Coal and Chemical Industry Group)是这批潜在首次公开发行(IPO)中规模最大的公司,寻求募集近30亿美元资金,这将是自2011年中国农业银行(Agricultural Bank of China)上市以来最大的A股发行。

中国官方媒体表示,中国证监会(CSRC)昨日批准6家公司上市,此前在本周二已批准了其他5家公司的上市申请。

迄今获批的公司大多是谋求募资数千万美元的小公司,它们寻求在深圳证券交易所的创业板(ChiNext)或中小板(SME)上市。

2013年之前,中国是全球最重要的IPO平台之一,仅次于美国。安永(Ernst & Young)表示,在2012年的前11个月里,上海证券交易所和深圳证券交易所的IPO募资总额达到164亿美元。

然而,中国内地市场自2012年11月暂停新股发行,原因是监管机构担心,在一个投资者很难获得回报的市场发行新股将会吸走流动性和打击投资者情绪。

中国内地市场一度有近900家公司排队等候上市融资。中国有关部门采取的应对措施是暂停IPO,重新审核申请上市公司的账目,并鼓励一些公司去香港上市。

然而,这些举措没有让投资者感到振奋。过去5年期间,上证综指(Shanghai Composite)是表现最差的主要股指。2013年,上证综指下跌5%,而标普500指数(S&P 500)上涨近三分之一。

一些分析师表示,内地资金池的深度已经足够大,能够吸纳新股发行。国际投资者也对暂停IPO导致他们失去新的交易机会感到遗憾。中国证监会在去年11月末暗示,IPO市场将在2014年重新开放。

在中国政府披露一揽子旨在转变经济增长模式、实现更可持续发展的改革措施之后,全球投资者对中国的情绪在过去两个月有所提振。

主权财富基金和其他机构投资者利用香港市场的复苏来增加在中国市场的投资,这在一定程度上归因于中国对跨境投资的限制。

若陕西煤业成功上市,将代表着中国信达资产管理公司(Cinda)取得初步成功,后者是一家前“坏账银行”,于去年12月在香港上市。信达持有陕西煤业一家子公司2%的股份,同时这家煤炭集团持有信达控股的幸福人寿保险公司(Happy Life)近10%股份。

译者/邹策

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