瑞銀集團(UBS)在中國內地市場的首單股票承銷業(yè)務昨日精彩登場。西部礦業(yè)(Western Mining)規(guī)模8.16億美元的首次公開發(fā)行(IPO)在首日交易中大漲144％。這只股票的承銷商是這家瑞士銀行新成立的中國合資公司。
UBS's first Chinese listing got off to a cracking start on Thursday. Western Mining's $816m initial public offering, brought to market by the Swiss bank's freshly-minted Chinese joint venture, soared 144 per cent on its debut.
即便以中國超常的標準衡量，這一單日漲幅也頗為不俗：在過去7年的上市首日交易漲幅中排名第5。數(shù)據(jù)供應商Dealogic的統(tǒng)計顯示，這一漲幅是今年迄今A股上市首日交易平均漲幅的兩倍。因此，瑞銀集團成功地將自己籠罩在光環(huán)之下--由于定價部分上由監(jiān)管機構決定--而沒有使自己面對將IPO價格定得過低的指責。
Even by China's super-size standards, that is a healthy one-day pop: the market's fifth biggest in the past seven years. It is also double the average first-day gain chalked up on the local-currency A-share market so far this year, according to Dealogic. As a result, UBS gets to cover itself in glory without - since pricing is partly dictated by regulators - opening itself to accusations of leaving too much on the table.
令人不那么高興的是，西部礦業(yè)的上市還突顯出A股和香港H股之間令人瞠目的價差。目前，大約有40家內地企業(yè)同時在上海和香港兩地上市，其A股股價較H股股價平均有100％的溢價。不過，A股股東現(xiàn)在開始擔心決策機構和其它方面采取措施來消除這一價差還為時過早。目前，已經(jīng)有幾項措施在醞釀之中。在北京方面，這些措施包括提高外資機構投資A股市場的額度，以及為國內投資者購買國外股票提供便利。
Less happily, Western Mining also highlights the yawning gap between A-shares and hard-currency H-shares listed in Hong Kong. There are some 40 Chinese enterprises that boast dual listings, and the simple average premium on the former is close to 100 per cent. It is far too early, however, for A-share holders to start fretting about moves by policy makers and others to close the gap. Several measures are on the table. On Beijing's side, these include increasing the quota for foreign investment into A-shares and facilitating ownership of overseas equities by domestic investors.
此外，有關方面還計劃增加兩地上市的企業(yè)數(shù)量。市值的紅籌股--即在香港注冊的中國內地公司--中國移動(China Mobile)，計劃回歸上海證交所上市。更進一步的是，兩地官員正在研究滬港證交所聯(lián)合交易的可能性，并推出一個追蹤A股和H股價差的指數(shù)。然而，只要中國的資本管制措施和對做空行為的限制依然存在，利用這些舉措在兩地套利就仍然十分困難。就目前而言，A股的溢價似乎仍然安全--就像承銷大獲全勝的IPO一樣。
There are also plans to increase the number of dual-listed companies. China Mobile, the biggest red chip, or Hong Kong-incorporated mainland company, plans to supplement its listing in the territory with a Shanghai offering. Going further still, officials on both sides of the border are mulling the possibility of joint trading on both exchanges, while a new index will track the differential between A and H-shares. Morphing these initiatives into an ability to arbitrage away the differential, however, is still tricky, so long as capital controls persist and short-selling is curbed. For now, the China premium looks safe - as does the ability to underwrite trophy IPOs.
UBS's first Chinese listing got off to a cracking start on Thursday. Western Mining's $816m initial public offering, brought to market by the Swiss bank's freshly-minted Chinese joint venture, soared 144 per cent on its debut.
即便以中國超常的標準衡量，這一單日漲幅也頗為不俗：在過去7年的上市首日交易漲幅中排名第5。數(shù)據(jù)供應商Dealogic的統(tǒng)計顯示，這一漲幅是今年迄今A股上市首日交易平均漲幅的兩倍。因此，瑞銀集團成功地將自己籠罩在光環(huán)之下--由于定價部分上由監(jiān)管機構決定--而沒有使自己面對將IPO價格定得過低的指責。
Even by China's super-size standards, that is a healthy one-day pop: the market's fifth biggest in the past seven years. It is also double the average first-day gain chalked up on the local-currency A-share market so far this year, according to Dealogic. As a result, UBS gets to cover itself in glory without - since pricing is partly dictated by regulators - opening itself to accusations of leaving too much on the table.
令人不那么高興的是，西部礦業(yè)的上市還突顯出A股和香港H股之間令人瞠目的價差。目前，大約有40家內地企業(yè)同時在上海和香港兩地上市，其A股股價較H股股價平均有100％的溢價。不過，A股股東現(xiàn)在開始擔心決策機構和其它方面采取措施來消除這一價差還為時過早。目前，已經(jīng)有幾項措施在醞釀之中。在北京方面，這些措施包括提高外資機構投資A股市場的額度，以及為國內投資者購買國外股票提供便利。
Less happily, Western Mining also highlights the yawning gap between A-shares and hard-currency H-shares listed in Hong Kong. There are some 40 Chinese enterprises that boast dual listings, and the simple average premium on the former is close to 100 per cent. It is far too early, however, for A-share holders to start fretting about moves by policy makers and others to close the gap. Several measures are on the table. On Beijing's side, these include increasing the quota for foreign investment into A-shares and facilitating ownership of overseas equities by domestic investors.
此外，有關方面還計劃增加兩地上市的企業(yè)數(shù)量。市值的紅籌股--即在香港注冊的中國內地公司--中國移動(China Mobile)，計劃回歸上海證交所上市。更進一步的是，兩地官員正在研究滬港證交所聯(lián)合交易的可能性，并推出一個追蹤A股和H股價差的指數(shù)。然而，只要中國的資本管制措施和對做空行為的限制依然存在，利用這些舉措在兩地套利就仍然十分困難。就目前而言，A股的溢價似乎仍然安全--就像承銷大獲全勝的IPO一樣。
There are also plans to increase the number of dual-listed companies. China Mobile, the biggest red chip, or Hong Kong-incorporated mainland company, plans to supplement its listing in the territory with a Shanghai offering. Going further still, officials on both sides of the border are mulling the possibility of joint trading on both exchanges, while a new index will track the differential between A and H-shares. Morphing these initiatives into an ability to arbitrage away the differential, however, is still tricky, so long as capital controls persist and short-selling is curbed. For now, the China premium looks safe - as does the ability to underwrite trophy IPOs.