Cornerstones help Orient IPO weather storm
东方证券在香港IPO
广州证券翻译公司：是自去年A股市场暴跌以来首家上市的中国券商，11.6亿美元募资所得大部分将用来扩张经纪及保证金融资业务。
A Chinese initial public offering that braved Brexit turmoil to pitch to investors in London last Friday has priced, raising $1.16bn for Orient Securities, listing in Hong Kong.
东方证券(Orient Securities)的香港首次公开发行(IPO)已进行了定价，筹得11.6亿美元。上周五该公司冒着英国退欧风暴，在伦敦向投资者展开推介。广州证券翻译公司。
The day of
英国路演日期是在脱欧公投之前排定的，这家券商还在香港、新加坡举行路演，最终于周一在纽约结束路演。广州证券翻译公司。
Some investors cancelled meetings and Europeans in general did not feature heavily in the final order book, according to deal advisers.
据交易顾问表示，部分投资者取消了路演会议，总的来说，欧洲人在最终认购中占比不大。
“Europe as a source of demand was very distracted,” said one banker involved in the deal who was in London last week. “Their house was on fire; it was understandable.”
一位上周在伦敦参与交易的银行家表示：“欧洲作为需求来源之一严重分心。这可以理解，他们自顾不暇。”广州证券翻译公司。
Hong Kong retail investors were easier to convince than
香港散户投资者比英国基金经理更容易说服，共出资7000万美元，虽然周一结束的要约期间经历了市场因退欧引发的第二轮抛售。
Orient, which has an investment banking joint venture in
东方证券是自2015年中期A股市场暴跌以来首家上市的中国券商。该公司与花旗集团(Citigroup)在中国有一家投资银行合资企业。广州证券翻译公司。
The broker priced its shares at HK$8.15 each on Thursday — towards the bottom end of its HK$7.85 to HK$9.35 range. Had it priced at the top end of its range, the listing would have raised $1.3bn.
东方证券将发行价定在8.15港元，接近7.85港元至9.35港元区间的低端。如果定价在该区间的最高值，其上市将筹得13亿美元。广州证券翻译公司。
One banker involved in the deal described demand for the shares as “respectable”.
参与交易的一位银行家形容，对这只股票的需求“还不错”。
Two of Hong Kong’s other sizeable IPOs this year — China Zheshang Bank and Bank of Tianjin — have priced close to the bottom of their ranges, while the third, BOC Aviation, offered an unusual fixed-price deal to stabilise demand.
中国的浙商银行(Zheshang Bank)和天津银行(Bank of Tianjin)今年也在香港完成了大型IPO，两家银行发行价都接近区间底部。第三家在香港进行IPO的中银航空租赁(BOC Aviation)提供了罕见的固定发行价以稳定需求。广州证券翻译公司。
Some 90 per cent of the equity raised by Orient represents fresh funds for investment. The bulk of the proceeds will go towards expanding its brokerage and margin financing business, as well as strengthening its overseas presence.
东方证券筹集的约90%的股本代表了新的投资资金。大部分募资所得将用来扩张其经纪及保证金融资业务，以及加强海外业务。
Just under half of the deal was pre-sold to 10 so-called cornerstone investors, most of them mainland investors and companies, before the roadshow got under way.
在东方证券举行路演前，近半数股份预售给了10家所谓的基石投资者，多数是内地投资者和企业。广州证券翻译公司。
Cornerstones, which invest in size and accept six-month lock-ups, are causing concern among some investors because they limit the pricing power of other IPO investors and create an overhang on the stock.
进行可观投资、且接受6个月锁定期的基石投资者的投资比例之大，引起了部分投资者担忧，因为他们限制了其他IPO投资者的定价能力，并造成股票比重失调。
On average such investments have taken 40 per cent of Hong Kong IPOs this year, according to Dealogic — just shy of last year’s record 41 per cent.
根据Dealogic的数据，基石投资者的投资平均占了香港今年IPO的40%，略低于去年41%的纪录。广州证券翻译公司。
Another Chinese financial company, CDB Leasing, which is due to price its deal today, could set a record 90 per cent allotment to cornerstones if it prices at the low end of the range, which would raise $759m.
另一家中国金融公司——国银租赁(CDB Leasing)应于今日定价，如果发行价定在价格区间的低端，可能会创下基石投资者占90%股份的纪录，该公司将筹得7.59亿美元。
Citi, Goldman Sachs and Nomura led the Orient deal.
东方证券的保荐人为花旗(Citi)、高盛(Goldman Sachs)和野村证券(Nomura)。
The shares, which are listing in Hong Kong under the name DFQZ, will begin trading on July 8.
东方证券的港股名称为“DFQZ”，将于7月8日起开始交易。
