浙商銀行和天津銀行赴港IPO反應平平

The biggest public float this year has made an unimpressive debut in Hong Kong, underlining investor caution towards initial public offerings even though global equity markets have recovered from early-year plunges.

今年以來規模最大的公開上市在香港迎來反應平平的首日交易，突顯投資者對首次公開發行(IPO)態度謹慎——即便全球股市已從年初的大跌復甦。

China Zheshang Bank closed unchanged at HK$3.96 yesterday, having dropped as much as 0.8 per cent to HK$3.94. The regional lender raised $1.7bn last week after pricing at the lower end of the marketed range.

中國的浙商銀行(Zheshang Bank)昨日以3.96港元報收，當日持平，盤中一度下跌0.8%，至3.94港元。這家地方銀行上週將發行價定在區間底端後，籌資17億美元。

Bank of Tianjin, another mainland regional bank, also debuted, and finished the day flat at HK$7.3, after raising $948m — at the lower end of its range.

另一家內地的地方銀行天津銀行(Bank of Tianjin)昨日也投入首日交易，以7.3港元報收，當日持平。該行也將發行價定在區間底端，籌得9.48億美元。

The listings are rare successes in the slowest start for listings worldwide since the aftermath of the financial crisis in 2009. So far in 2016 just $13.4bn has been raised globally, according to Dealogic — a third of the amount raised by this time last year.

這兩宗上市還算是難得的成功。今年世界各地遭遇金融危機爆發後的2009年以來最緩慢的IPO開局；Dealogic的數據顯示，2016年迄今全球IPO籌資總額只有134億美元，只有去年截至此時籌資總額的三分之一。

Markets globally suffered their weakest start to a year as the low oil price and worries about China’s slowing economy boosted haven assets, including the Japanese yen and gold, and sent riskier investments, such as stocks, plunging.

今年全球市場遭遇史上最慘淡的開局，低油價和市場對中國經濟放緩的擔憂提振了避險資產，包括日元和黃金，同時導致股票等風險較高的投資暴跌。

The S&P 500 stands 0.5 per cent higher for the year, having regained all of the 11 per cent it fell in January.

目前標普500(S&P 500)比年初水平高出0.5%，收復了1月份下滑11%的全部失地。

European and Chinese bourses are taking longer to recover, however. The blue-chip FTSE Eurofirst 300 is down 8 per cent for the year, though well off early-year losses of 18 per cent.

然而，歐洲和中國股市恢復元氣的速度更慢。由歐洲藍籌股組成的富時Eurofirst 300(FTSE Eurofirst 300)股指今年迄今下跌8%，儘管相比今年早些時候18%的跌幅已經好了不少。

The Hang Seng China Enterprises index, a closely followed grouping of Hong Kong-listed mainland stocks, initially fell 22 per cent but has recovered to stand 8 per cent lower. However, its level yesterday of 8,895 leaves it short of the 10,000 mark bankers use as a rule of thumb for the return of risk appetite.

由一組在港上市的內地股票組成的受到密切關注的恆生中國企業指數(Hang Seng China Enterprises index)今年曾下跌22%，但已經恢復到今年迄今下跌8%。然而，其昨日所處的8895點水平，仍低於被銀行家們視爲風險偏好迴歸經驗門檻的10000點。

Hong Kong leads the global IPO rankings with $3.5bn in the year to date, but it has suffered a pulled listing — its first in almost two years.

今年香港領銜全球IPO榜單，迄今的籌資總額達到35億美元，但香港交易所也遭遇了一宗上市取消，這對該交易所是近兩年來的頭一回。

London is second, having raised $1.8bn, and Nasdaq third with $1.3bn. The main board of the New York Stock Exchange has not had a listing this year — its longest drought since the period after the collapse of Lehman Brothers in September 2008.

倫敦名列第二，共籌集18億美元，納斯達克(Nasdaq)名列第三，共籌集13億美元。紐約證交所(NYSE)主板今年尚未有過一筆IPO，爲2008年9月雷曼兄弟(Lehman Brothers)倒閉後那段時間以來第二漫長的“旱季”。

Bankers cautioned against expecting much of a pick-up after the two Hong Kong listings. Both banks allotted more than half their offerings to cornerstone investors, which accept six-month lock-ups in return for large allocations.

銀行家們告誡稱，在香港上市兩隻股票後，不要指望局面有太大起色。這兩家銀行都把一半以上的IPO發行股票配售給基石投資者，這些投資者接受6個月鎖定期以換取更大比例的配售。

The sector also tends to rely on mainland investment.

地方銀行這個板塊還傾向於依賴內地投資。