2017年中国IPO数量创新高
随着中国股市准备在未来6个月向海外投资者打开闸门，今年在中国内地上市的公司数量创出历史新高。
More than 400 companies floated in 2017 on the Shenzhen and Shanghai stock exchanges to reach the milestone, according to data from EY.
安永(EY)的数据显示，2017年有400多家公司在深圳和上海的证券交易所上市，达到一个里程碑。
A flurry of small and medium-sized enterprises have listed in mainland China this year, assisted by a streamlined process as exchanges have attempted to work through a backlog of applications, EY said.
安永称，随着交易所积极处理积压的上市申请，精简后的流程令众多中小企业今年得以在中国内地上市。
However, the absence of large flotations or “mega deals” of more than Rmb5bn ($762m) means that IPO volumes only amount to half of the money raised in 2010.
然而，由于缺乏大规模上市，即超过50亿元人民币(合7.62亿美元)的“巨额交易”，首次公开发行(IPO)总规模仅相当于2010年募资规模的一半。
Analysts believe that IPOs in China will be boosted next year by the decision to include Chinese A-shares — companies listed on the Chinese mainland exchanges — in the flagship MSCI emerging markets index from June 2018.
分析师们认为，2018年6月，在中国内地交易所上市的A股将被纳入MSCI新兴市场指数(MSCI Emerging Markets index)，受这一决定的影响，2018年中国的IPO将得到提振。
Ringo Choi, Asia Pacific IPO leader at EY, said: “This move will have a positive impact on the A-share IPO market. It was expected that in the short run, quality enterprises listed on A-share market are capable [of attracting] more foreign funds.”
安永亚太区IPO主管蔡伟荣(Ringo Choi)称：“此举将对A股IPO市场产生积极影响。预计短期内在A股上市的高质量企业有能力(吸引)更多的境外基金。”
He said inclusion in the index would “further RMB internationalisation and normalisation of [the] A-share market”.
他表示，纳入MSCI的旗舰新兴市场指数将“进一步促进人民币国际化和A股市场正常化”。
The development will mark a watershed moment because it will force a swath of investors in the index, ranging from retail investment funds to sovereign wealth funds, to buy the A-shares selected for inclusion.
这一发展将成为一个分水岭，因为它将迫使追踪该指数的众多投资者——从面向散户的投资基金到主权财富基金——买入被选中纳入指数的A股。
It follows the recent advent of Stock Connect, which links Hong Kong’s exchange with the Shanghai and Shenzhen exchanges to give overseas investors more efficient access to A-shares. Previously, investors have been subjected to capital restrictions buying shares on the mainland using renminbi.
此前还有沪港通和深港通机制，将香港交易所(HKEx)与上海和深圳证交所对接，给予海外投资者更高效率的投资A股渠道。此前，投资者要在境内以人民币购买股票，从而受到资本管制。
Although Greater China’s two stock exchanges ranked first and second in terms of the number of deals this year, New York took the top spot for the amount raised — removing the Hong Kong Stock Exchange of its crown.
尽管大中华区的两个证券交易所在上市交易数量排名中分列第一、二位，但纽约证券交易所(NYSE)在募资所得排行榜上位居榜首，夺走了原本属于香港交易所的桂冠。
About 25 Chinese companies opted to list in the US this year, raising a total of $4bn, representing an 83 per cent increase year on year, according to EY.
根据安永的数据，今年有大约25家中国企业选择赴美上市，这些企业共募得40亿美元，同比增长83%。
Some more technology-focused and fintech companies have been attracted to New York. NYSE allows for dual share classes, unlike HKEX, which might appeal to entrepreneurs seeking to retain greater control over their company.
纽约吸引了一些侧重于科技和金融科技的企业。与港交所不同的是，纽交所允许双层股权结构，这可能会吸引希望保留对其公司更大控制权的企业家。
HKEX moved a step closer to allowing dual share classes this month when it proposed that companies from “emerging and innovative” sectors could list on the exchange using this structure, subject to certain limitations.
本月，港交所距离允许双层股权结构更近一步，提出“新兴和创新”行业的企业可以使用这种结构在港交所上市，但要受到一定的限制。
The proposal comes after Chinese tech giant Alibaba floated on NYSE in 2014, following an intense battle between exchanges.
这个提议是在中国科技巨头阿里巴巴(Alibaba) 2014年转赴纽交所上市后提出的。此前阿里巴巴考虑在香港上市。
However, investors have aired concerns about the implications for good corporate governance, because the structure gives founders greater power over their companies even if they only have a small stake.
然而，投资者表达了对双层股权结构可能影响良好公司治理的担忧。因为在这种结构下，尽管创始人只拥有小部分股权，也能对他们的公司行使大权。
