2017年全球IPO交易数量创金融危机后高点
今年，全球各地的交易所吸引了自金融危机以来最多的上市交易，美国的上市交易活动复苏，中国的上市交易数量创下纪录，这证明人们无需担忧企业对上市的热情正在减退。
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.
根据Dealogic的数据，2017年有近1700家公司上市，比2016年增长44%，是自2007年以来首次公开发行(IPO)交易最多的一年。IPO募资额增长44%，至1960亿美元，这是自2014年以来的最高金额。2014年阿里巴巴(Alibaba)募资250亿美元的上市推动了当年的募资额。
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.
在美国，2017年企业上市交易共募得490亿美元，比2016年(10多年来最糟糕的一年)募得的240亿美元翻了一倍。欧洲的上市交易数量增长了逾40%，中国2017年的上市交易数量创下纪录，拉高了全球上市交易的数量。根据安永(EY)的数据，在2017年，有逾400家公司在由深交所和上交所组成的中国内地市场上市。
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.
在亚洲，2017年的IPO主题包括印度保险公司的上市热潮，而IPO市场也反映出中国的经济基础从制造业转向服务业的趋势。
However, the performance of some of the year’s biggest deals tempered enthusiasm among some investors about the year ahead.
然而，2017年规模最大的一些上市交易的表现让一些投资者对2018年的热情有所消退。
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.
据旗下管理着专注于IPO的基金的晋新资本(Renaissance Capital)介绍，平均而言，2017年美国新上市股票的股价涨幅为23%，并未显著超过标准普尔500指数(S&P 500) 20%的涨幅。
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年连续两年成为募资额最高IPO交易所，但在2017年被纽约证交所(NYSE)夺走这一桂冠。纽交所从第3位上升至首位，而港交所下滑至第4位，落后于上交所和纳斯达克(Nasdaq)。伦敦证交所(London Stock Exchange)排在第6位。伦敦挺过了一系列的上市交易取消，除此之外今年欧洲的IPO市场表现积极。
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.
香港已经采取措施吸引更多企业，计划允许双层股权结构。这种股权结构对于寻求保留更大控制权的科技创业家格外有吸引力。
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)大中华区股权资本市场联席主管Bruce Wu说，“打开这些新的篇章应该有助于香港成为有这些特质的企业的一个更可行的上市场所”。
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.”
他补充称，今年亚洲有很多“新经济”企业上市，比如金融科技企业和生物科技企业。“几宗这类IPO的有吸引力的定价和良好的上市后表现可以解释为，现在本地区的机构投资者更乐意以一种与美国机构投资者相当的估值眼光接受这些企业和为其估值了。”
“Blank cheque companies”, which list and then find companies to buy, also staged their first big comeback since the 2008 financial crisis.
上市后再寻找企业收购的“空头支票公司”也在2008年的金融危机后首次大规模复出。
