Hong Kong passes NYC in attracting IPOs

时间：2006-12-25 02:52:40

（单词翻译:单击）


Hong Kong's amazing success was due to several factors, analysts1 say. Being next door to mainland China's booming economy was a huge help.
 
Dec. 25 - Hong Kong surged past New York this year and became the world's second most popular place — after London — for companies to float new stock listings.

 

The city's amazing success was due to several factors, analysts say. Being next door to mainland China's booming economy was a huge help. Tough new U.S. accounting2 rules have discouraged many companies from listing in America.

 

Perhaps most importantly, Hong Kong benefited from a new trend that involves the rise of regional markets, diminishing the importance of places like New York. With the help of powerful computers and increasing liquidity3, capital can easily zoom4 around the world, scouting5 for the best investments.

 

But Hong Kong is keenly aware the competition for global investors6 is fierce. Already, there's much discussion about how long the good times can last. Some are worrying about other upstart markets — especially the Shanghai Stock Exchange — which might soon be able to elbow their way into the big leagues.

 

Hong Kong's big advantage now is that it has a solid legal and financial system that can handle big initial public offerings, or IPOs. Shanghai isn't close to being able to match this city, and that's why a parade of China's biggest banks decided7 to launch record-breaking IPOs in Hong Kong this year.

 

One of them was the world's biggest ever: the $21.9 billion offering in October by Industrial & Commercial Bank of China, the mainland's largest lender.

 

With two weeks left in the year, Hong Kong has raked in HK$307.7 billion, or US$39.57 billion, in IPOs — nearly twice as much as the HK$165.7 billion raised last year, according to Hong Kong Exchanges & Clearing Ltd., the listed firm that operates the stock exchange.

 

London was the world leader for IPO equity8 raised, with $48.92 billion raised, according to the World Federation9 of Exchanges. Hong Kong was second and the New York Stock Exchange lagged back in third with $33.61 billion, according to the most recent WFE figures, which included the January-November period.

 

That may be partly because some American companies are holding back from listing in the U.S. due to the strict rules under the Sarbanes-Oxley anti-fraud law, opting10 instead to stay private.

 

But few of them have turned to Hong Kong. The growth in IPO issuance here has been driven almost entirely11 by Chinese companies eager to tap international capital markets.

 

Beating out New York for the No. 2 spot has inspired much chest-thumping by Hong Kong leaders. Frederick Ma, secretary for financial services and the treasury12, has argued that the IPO success confirms Hong Kong's status as an international financial center. And he contends that it will continue to grow because of its strong link to China.

 

"If China becomes a large economy rivaling the U.S., then Hong Kong will grow to the extent of New York and London," he said in a speech to the Foreign Correspondents' Club.

 

Ma said Hong Kong was already benefiting from a new clustering of businesses drawn13 to the city because of its success in finance. The world's top 70 banks are operating there, he said. In 1995, the city only had 200 chartered financial analysts, but now it has 3,000 — ranking it No. 4 in the world behind the U.S., Canada and Britain, he said.

 

But some say the back patting is premature14 and that Hong Kong is nothing more than a regional finance center.

 

Jake van der Kamp, a finance columnist15 for Hong Kong's South China Morning Post and a former investment banker, said a true global finance capital should be like a long dining table with several legs. He noted16 that Hong Kong doesn't offer much in the way of bond, foreign exchange and commodities trading.

 

When the giant Industrial & Commercial Bank of China launched its IPO in October, it decided to do a historic dual17 listing in Hong Kong and Shanghai.

 

Shanghai is still a minnow compared to Hong Kong, which has average daily turnover18 of $4.21 billion — 12 times the volume of Shanghai. But this will likely change.

 

"China's domestic markets are growing up, developing their own importance, and it will be a challenge going forward to other markets in the world," said Hans Schuettler, managing director and chief executive officer in Asia for Morgan Stanley & Co.

 

But Schuettler said that a regional market would grow up in Asia. "This is what we've seen in Europe. This is what I definitely expect to happen in a more pronounced version here," he said.

 

One thing Hong Kong needs to be more aggressive about doing is attracting IPOs by companies that have operations in China but are owned by firms in the U.S., Canada, Germany and other places, said Ronald Arculli, chairman of Hong Kong Exchanges & Clearing.

 

Arculli was also confident that economic growth in Asia — particularly in India and China — will send plenty of business Hong Kong's way. He agreed that, like Europe, the region will have room for more than one big stock market.

 

"What's the problem with Asia having Hong Kong, Shanghai, Tokyo and India?" he said. "We are two-thirds of the world's population, with two of the biggest economic powerhouses in the next 20 to 30 years to come. There's plenty for everyone."

 

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1 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
2 accounting nzSzsY     
n.会计，会计学，借贷对照表
参考例句：
  • A job fell vacant in the accounting department.财会部出现了一个空缺。
  • There's an accounting error in this entry.这笔账目里有差错。
3 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
4 zoom VenzWT     
n.急速上升；v.突然扩大，急速上升
参考例句：
  • The airplane's zoom carried it above the clouds.飞机的陡直上升使它飞到云层之上。
  • I live near an airport and the zoom of passing planes can be heard night and day.我住在一个飞机场附近，昼夜都能听到飞机飞过的嗡嗡声。
5 scouting 8b7324e25eaaa6b714e9a16b4d65d5e8     
守候活动，童子军的活动
参考例句：
  • I have people scouting the hills already. 我已经让人搜过那些山了。
  • Perhaps also from the Gospel it passed into the tradition of scouting. 也许又从《福音书》传入守望的传统。 来自演讲部分
6 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
7 decided lvqzZd     
adj.决定了的，坚决的；明显的，明确的
参考例句：
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
8 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。
9 federation htCzMS     
n.同盟，联邦，联合，联盟，联合会
参考例句：
  • It is a federation of 10 regional unions.它是由十个地方工会结合成的联合会。
  • Mr.Putin was inaugurated as the President of the Russian Federation.普京正式就任俄罗斯联邦总统。
10 opting e6a09ce5b5c8079c1654586c4e1dc5b3     
v.选择，挑选( opt的现在分词 )
参考例句：
  • What courses are most students opting for? 多数学生选什么课程？ 来自《简明英汉词典》
  • Wells doesn't rule out opting out and then re-signing with Houston. 威尔斯没有排除跳出合同再与火箭重签的可能。 来自互联网
11 entirely entirely     
ad.全部地，完整地；完全地，彻底地
参考例句：
  • The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
  • His life was entirely given up to the educational work. 他的一生统统献给了教育工作。
12 treasury 7GeyP     
n.宝库；国库，金库；文库
参考例句：
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
13 drawn MuXzIi     
v.拖，拉，拔出；adj.憔悴的，紧张的
参考例句：
  • All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
  • Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。
14 premature FPfxV     
adj.比预期时间早的；不成熟的，仓促的
参考例句：
  • It is yet premature to predict the possible outcome of the dialogue.预言这次对话可能有什么结果为时尚早。
  • The premature baby is doing well.那个早产的婴儿很健康。
15 columnist XwwzUQ     
n.专栏作家
参考例句：
  • The host was interviewing a local columnist.节目主持人正在同一位当地的专栏作家交谈。
  • She's a columnist for USA Today.她是《今日美国报》的专栏作家。
16 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
17 dual QrAxe     
adj.双的；二重的，二元的
参考例句：
  • The people's Republic of China does not recognize dual nationality for any Chinese national.中华人民共和国不承认中国公民具有双重国籍。
  • He has dual role as composer and conductor.他兼作曲家及指挥的双重身分。
18 turnover nfkzmg     
n.人员流动率，人事变动率；营业额，成交量
参考例句：
  • The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
  • Our turnover actually increased last year.去年我们的营业额竟然增加了。

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