Shares in Huishang Bank recorded a modest rise yesterday, as trading began in the biggest Chinese banking initial public offering for three years.昨日,徽商银行(Huishang Bank)股价小幅下跌。三年来仅次于的中资银行首次公开发行(IPO)开始交易。Huishang rose 2 per cent, while the Hang Seng index closed down 0.7 per cent.徽商银行收涨2%,香港大盘恒生指数(Hang Seng index)则收跌0.7%。

The Huishang debut is the third Chinese bank IPO in Hong Kong in the past month, following Huirong Financial’s $200m listing, and Bank of Chongqing, which raised $600m.徽商银行IPO是过去一个月里第三宗中资银行IPO。此前,中国汇融金融有限公司有限公司(China Huirong Financial)和重庆银行(Bank of Chongqing)先后上市,融资额分别约2亿美元和6亿美元。

At $1.3bn, the Huishang deal is the largest by a Chinese lender since Chongqing Rural Commercial Bank listed in the city in 2010.徽商银行融资额超过13亿美元,是自重庆农村商业银行(Chongqing Rural Commercial Bank)2010年在香港上市以来中资银行仅次于的一宗IPO。Huirong and Bank of Chongqing have struggled to top their issue prices since listing. Huirong has endured volatile trading in its two weeks as a listed company, dropping about 9 per cent in that time. Bank of Chongqing, which started trading last week, has lost about 0.5 per cent.自上市以来,汇融与重庆银行的股价仍然高于发行价。汇融上市两周以来,股价经常出现了大幅度波动,跌幅大约为9%。重庆银行上周开始上市交易,股价跌幅大约为0.5%。

The performances of Huishang and of the other financial listings are being closely watched ahead of the planned $2bn IPO of Chinese “bad bank” Cinda, which is due to file its prospectus on November 22.徽商银行和其他金融上市企业的展现出于是以受到市场的紧密注目。旋即之后,中国一家“怕银行”——中国信达资产管理公司(Cinda)将于11月22日公布认购说明书,计划通过IPO融资20亿美元。Huishang’s first trading session was expected to be muted because of the heavy involvement of cornerstone investors, who are subject to a lock-up period during which they cannot sell shares.由于基石投资者的乘机插手,徽商银行在首个交易日的展现出本来就预计将波澜不昌。基石投资者必须经历一段瞄准期,在此期间无法出售所所持股票。


Ahead of the trading debut, Huishang secured support from five such cornerstones, who together bought more than half the shares being sold, leading some to describe it as a “friends and family” deal.首日交易之前,徽商银行已取得了5家基石投资者的股份,这些投资者总共售予半数以上发售的股票,造成有些人将这次IPO称作一次“家人与朋友占到主角的”交易。Property developer China Vanke alone took up almost 40 per cent of the deal, according to a person familiar with the listing.据一位理解徽商银行IPO的人士回应,仅有房地产开发商万科(China Vanke)就售予了徽商银行所发行股票的将近40%。Huishang also hired 19 bookrunners to help get its listing over the line, an increasingly common feature of Hong Kong’s fragile market for financial IPOs.徽商银行在IPO中聘请了19家账簿管理人。

在金融企业IPO销路通畅的香港市场,多聘为账簿管理人的现象已显得更加广泛。Investors have voiced some frustration at the number of Chinese lenders choosing to list in Hong Kong, which has been reflected by the relatively small involvement of institutional investors and large global fund managers in the recent deals.投资者对回国香港上市的中资银行数量之多回应了沮丧。最近几宗上市交易中,机构投资者和大型全球性基金公司参予力度比较较低,就体现了这一心态。In contrast, Boyaa – a Chinese online gaming company – also began trading yesterday, and saw its shares rise almost 14 per cent, the latest sign of strong appetite for technology stocks in Hong Kong.相比之下,中国在线游戏公司博雅互动(Boyaa)昨日也开始上市交易,其股价涨幅相似14%,这是指出香港市场反感寄予厚望科技股的近期迹象。

Chinese bank shares have been on a rollercoaster ride this year, falling to record low valuations in June when a credit crunch on the mainland raised concerns about the stability of the financial system. Although share prices have staged something of a recovery since then, many investors remain wary about the long-term health of a sector heavily exposed to China’s rampant credit growth.今年以来,中资银行股仍然在首演“过山车”行情。今年6月,中国内地信贷削减引起市场忧虑中国金融体系平稳,银行股跌到至历史最低点。