Chinese groups rush to list in US despiteescalating trade tension

2018年有33家中国公司在美国IPO，数量远远超过2017年的17家，也是自2010年的39家以来最多的一次

The US this year recorded the most initial public offerings for Chinese companies since 2010 in spite of a trade war between the two countries that threatened the cross-border flow of goods and upset financial markets.

中美贸易战威胁到了两国间的商品流动，并扰乱了金融市场，但是今年在美国完成IPO（首次公开募股）的中国公司数量却创下了自2010年来的最高纪录。

Some 33 Chinese companies listed on the New York Stock Exchange and Nasdaq, including Tencent Music Entertainment, video platform iQiyi and electric car markert Nio.

有33家中国公司在纽约证券交易所和纳斯达克上市，包括腾讯音乐娱乐，视频平台爱奇艺和电动汽车制造商蔚来。

Proceeds from the listings topped $9bn, but fell far short of 2014’s $29bn, a figure boosted by the $25bn IPO from Chinese ecommerce Alibaba.

这些上市公司的总募资规模超过90亿美元，但远低于2014年的290亿美元，这主要是因为当年上市的中国电子商务企业阿里巴巴一家的募资规模就达到了250亿美元。

The number of US IPOs by Chinese companies was well ahead of 17 in 2017 and the most since 39 listings in 2010.

今年在美国首次公开发行的中国公司数量远远超过2017年的17家，也是自2010年的39家以来最多的一次。

“The level of new issuance of Chinese companies in the US is unusual given the escalating trade tensions and weakness in the Chinese markets,” said Daniel, manager director at CIBC Private Wealth Management.

CIBC私人财富管理公司经理丹尼尔·德拉尼表示：“鉴于贸易紧张局势的不断升级以及中国市场疲软的态势，这么多中国公司到美国上市让人意想不到。”

“That said, longer term, Chinese companies have benefited from US listings, with the validation of more institutional shareholders and higher valuations.”

“也就是说，从长远来看，随着更多的机构股东的认可和估值的提升，中国公司已经从在美国上市中获益。”

Vibrant deal flow this year did not translate into strong performance, how-ever. Investors who bought US-listed Chinese IPOs at the offer price were on average nursing losses of about 16per cent. That compares with the CSI 300 index of Shenzhen and Shanghai-listed companies, which is down more than 20 per cent for the year to date, and Hong Kong’s Hang Seng, off about 14 per cent.

然而，今年活跃的交易量并没有转化为出色的业绩表现。以发行价收购在美上市的中国首次公开发行股票的投资者平均损失约为16％。相比之下，深圳和上海上市公司的沪深300指数比去年同期下降了超过20％，香港恒生指数下跌约14％。

“The US listings of Chinese companies have not performed well in 2018. The biggest single reason is, simply, the weakness in the Chinese markets,” Mr Delany said.

德拉尼表示，“美国上市的中国公司在2018年表现不佳，最大单一原因就是中国市场的疲软。”

“Additionally, many of these stocks have limited free float and newer share holders, both of which can exacerbate the selling pressure,” he said.

“此外，其中许多股票对自由流通和新股份持有者数量都有限制，这两者都会加剧抛售压力，”他说。

Equities worldwide have had a punishing end to 2018 as concerns about the US-china trade war and global growth slowdown have prompted selling.

由于对中美贸易战和全球经济增长放缓的担忧促进了抛售，全球股市在2018年末遭受了沉重的打击。

In mid-December, Chinese data pointing to a slowdown fuelled fears about a darkening outlook for the global economy. Retail sales in China grew at the slowest pace in 15 years in November, while factory output was the weakest in nearly three years.

12月中旬，来自中国的数据显示经济增长正在放缓，引发了对全球经济前景黯淡的担忧。11月份中国零售额增长速度为15年来的最低水平，工业产值的增长速度也达到了近三年来的最低点。

Competition for Chinese deals is heating up. The Hong Kong stock exchange in 2018 changed listing standards to allow dual-class shares and opened the doors to biotech businesses that have yet to generate revenue.

各地股票交易所对中国上市公司的争抢正在加剧。2018年香港证券交易所改变了上市标准，允许同股不同权，并为尚未产生收入的生物技术公司敞开了大门。

The Hong Kong stock exchange played host to more Chinese listings, at 76-a record number that includes China Tower, the largest Chinese deal of 2018 by amount raised. Proceeds were about $31bn, the most from Chinese companies on the Hong Kong exchange since 2010. Chinese mainland listings fell to 94 from 411 the previous year and proceeds dropped to $18bn, the weakest year since 2014.

香港证券交易所2018年迎来了76家新上市的中国公司，其中包括创下2018年最大募资额的中国铁塔。这76家中国公司的总募资额为310亿美元，是港交所自2010年以来最高的一年。在中国内地上市的公司数量则从去年的411家降至94家，募资额降至180亿美元，这也是自2014年以来最疲软的一年。