Hong Kong set for cornerstone record with CDB Leasing IPO
国银租赁IPO九成股票或配置给基石投资者
广州投资股票翻译公司：疲软需求令银行家借助少数大型投资者支撑买盘，大规模投资并接受六个月锁定期的基石投资者在香港IPO交易中比重越来越大。
China Development Bank’s leasing arm is on course to set a new Hong Kong record for locked-up shares, with an initial public offering that aims to raise up to $1.1bn but that potentially allotts as much as 90 per cent of the float to cornerstone investors.
中国国家开发银行(China Development Bank)租赁部门的首次公开招股(IPO)将创下锁定股票的香港新纪录。这一IPO交易打算筹集最高11亿美元，不过可能会有高达90%的上市股票被配置给基石投资者。广州投资股票翻译公司。
Cornerstones, who invest in size and accept a six-month lock-up, have taken an increasing share of Hong Kong’s IPOs as lacklustre demand has led bankers to bolster order books with a handful of large investors, particularly for Chinese state-backed groups.
疲软的需求令银行家借助少数大型投资者支撑买盘——尤其是在中国国有集团的招股过程中。大规模投资并接受六个月锁定期的基石投资者在香港IPO交易中所占的比重越来越大。广州投资股票翻译公司。
Hong Kong raised $34bn for IPOs last year — the most of any exchange — but also set a record with 41 per cent of all equity offered going to cornerstones, according to Dealogic.
根据Dealogic的数据，去年香港通过IPO筹集了340亿美元，是所有交易所中最高的。不过，41%的股权落到了基石投资者手中，这一比例也创下了纪录。广州投资股票翻译公司。
CDB Leasing launched its IPO on Tuesday with the aim of raising between $759m and $1.1bn. Cornerstone investors have subscribed for $680m — or 90 per cent of the float if it prices at the low end of the range, putting it above the 70 per cent record set by China Huarong Asset Management last October.
周二，国银租赁(CDB Leasing)启动了IPO，筹资目标在7.59亿到11亿美元之间。基石投资者已认购了6.8亿美元，如果发行价落在发行价区间的低端，这一规模将相当于发行股份的90%，超过去年10月中国华融资产管理公司(China Huarong Asset Management)创下的70%的纪录。
If demand and first-day trading is strong enough that bankers can add in the full overallotment of 15 per cent more shares, the deal would raise $1.1bn, cutting cornerstones’ investment to 60 per cent.
如果需求和首日交易足够强劲，银行家可以行使超额配股权，多发行15%的股份，使交易规模达到11亿美元，从而把基石投资者的投资比例降至60%。
However, of Hong Kong’s three other IPOs of comparable size in the year to date, two — China Zheshang Bank and Bank of Tianjin — priced close to the bottom of their ranges. The other, BOC Aviation, also a leasing group, offered a rare fixed price in an effort to shore up demand.
不过，在香港今年迄今的其他三宗类似规模的IPO交易中，中国浙商银行(China Zheshang Bank)和天津银行(Bank of Tianjin)这两家的发行价接近其发行价区间的底部。另外一家——中银航空租赁(BOC Aviation)同样是一家租赁公司，该公司为提振对其股票的需求而开出了罕见的固定发行价。
All three deals are also trading below their issue prices — and are the only IPOs of the 11 this year worth at least $700m, worldwide, not to be showing gains.
上述三宗IPO目前都跌破了发行价，在全球今年11宗7亿美元以上的IPO中，是仅有的几宗没有出现涨价的。
