中国科技企业开启IPO“超级周期”
从腾讯(Tencent)分拆出来的在线阅读平台阅文集团(China Literature)正启动IPO，预计募集不超过11亿美元。目前中国科技行业正要迎来首次公开发行(IPO)的繁忙季度。
“The primary market has started to shake loose several companies,” said one banker. “This is a sign of the early waves coming in from the supercycle of tech and tech-related IPOs we are going to see over the next couple of years.”
“一级市场已经开始打动数家公司，”一名银行家表示。“这是科技及科技相关领域IPO超级周期涌现早期波浪的一个迹象，我们将在未来两三年看到这个超级周期。”
This comes amid a big year for IPOs from the country: Chinese companies have raised $38.6bn through IPOs in the year to date, according to Dealogic.
今年是中国企业IPO交易的丰收年。根据Dealogic的数据，今年迄今中国企业通过IPO募集了386亿美元。
China Literature, which combines a vast library, self-publishing and a Kindle-type service, has set its indicative price range of HK$48-HK$55 for its Hong Kong listing amid a flurry of filings for other deals.
阅文集团拥有一个庞大图书馆、自主出版服务与一款类似Kindle的服务，该公司将在香港上市，并已将IPO的指示性价格区间定为48港元至55港元。目前还有很多交易在筹备中。
Issuers in financial services — which, like education and leisure is at the confluence of the hot segments of consumer services and tech — include Ppdai , which is raising $350m in New York, Yixin, Lexin and Jianpu Technology.
金融服务业的发行人包括正在纽约募集3.5亿美元的拍拍贷(Ppdai)，以及易鑫(Yixin)、乐信(Lexin)和简普科技(Jianpu Technology)。与教育、休闲等行业一样，金融服务业正处于热门消费服务领域与科技行业的交汇点。
Yixin illustrates another trend: many of those coming to market are backed by China’s tech royalty including Tencent, Alibaba, Baidu and JD.com. Car financier Yixin, backed by the latter trio, is expected to raise about $200m.
易鑫展示了另一个趋势：许多正待上市的公司都有中国的科技巨擘撑腰，包括腾讯、阿里巴巴(Alibaba)、百度(Baidu)和京东(JD.com)。得到后三者支持的易鑫是一家购车贷款企业，预期将募集约2亿美元。
Like Qudian, which listed last week, fellow online lender Lexin is heading to the US and is expected to raise about $600m, say bankers. Jianpu Technology, a financial-comparison site akin to Lending Tree in the US or Moneysupermarket in the UK, filed for its IPO last Friday.
银行家们表示，就像上周上市的趣店(Qudian)那样，在线贷款机构乐信将在美国上市，预计募集约6亿美元。简普科技运行一个金融比较网址，类似于美国的Lending Tree 或者英国的Moneysupermarket，该公司上周五申请进行IPO。
While smaller in size, there are also a clutch of education IPOs in the wings.
还有一批教育行业的IPO在酝酿中，虽然规模较小。
Rise Education, backed by buyout group Bain, has filed for a $100m IPO and is set to be followed by Four Seasons Education. China’s much-touted love of education has led to a wealth of online tutoring and other courses springing up, attracting investment from the likes of Sequoia Capital and Tencent.
由收购集团贝恩(Bain)支持的瑞思学科英语(Rise Education)，已经申请进行1亿美元IPO。四季教育(Four Seasons Education)将紧随其后。中国人对教育的注重是出名的，这催生了大量在线培训和其他课程，吸引了红杉资本(Sequoia Capital)和腾讯等大牌企业的投资。
Razer, a gaming hardware maker backed by Hong Kong tycoon Li Ka-shing, is bucking the trend to list on the Hong Kong Stock Exchange.
由香港大亨李嘉诚(Li Ka-shing)支持的游戏硬件制造商雷蛇(Razer)逆趋势而行，拟在香港交易所(HKEx)上市。
Ming-Liang Tan, founder and chief executive of Razer, attributes this to Hong Kong’s longstanding reputation as the crossroads between the US and China capital markets.
雷蛇创始人和CEO陈民亮(Ming-Liang Tan)将此归因于香港长久以来作为美国和中国资本市场交叉路口的声誉。
While bankers riding the boom see no sign of a halt, they expect more breadth next year.
借着此轮繁荣获利的银行家们看不到这轮趋势的停步迹象，他们预计明年将呈现更大的广度。
“For the unicorn group as a whole, with markets being so strong, some of them are pulling forward plans,” says one banker.
“独角兽集团作为一个整体而言，考虑到市场如此强劲，其中一些正将计划提前，”一位银行家表示。
“They’re thinking, if they were planning on 2019 why don’t we get ready now and look at 2018?”
“他们在想，如果我们本来就计划在2019年上市，那为什么我们不能现在就开始准备，争取在2018年行动?”
