为什么即便是在现在这种情况,中国公司依然蜂拥到美国上市?Why companies from China still flock to Wall Street——译自经济学人

Chinese firms get a frosty reception in america these days . President Donald Trump is a relentless China-basher. His administration has tried to crush Huawei, a telecoms giant, ban TikTok and WeChat, two popular Chinese-owned apps, and expel Chinese companies listed on American stock exchanges. No wonder that some have steered clear of late. Ant Group, a fintech star that may once have followed Alibaba, the tech titan with which it is affiliated, onto the New York Stock Exchange (nyse), is about to float in Hong Kong and Shanghai instead. Last month Sina, the Nasdaq-listed owner of Weibo, China’s answer to Twitter, said it would go private in a $2.6bn deal. A day later Tencent, another Chinese online colossus, said it would buy out Sogou, a nyse-traded search company, for $3.5bn.

最近,中国公司在美国正在遭受不公正的对待。美国总统特朗普是一个冷酷的中国攻击者。他领导的政府正在试图打压通讯巨头华为,禁止抖音和微信这两款流行的中国应用,以及驱逐在美国证交所上市的中国公司。难怪最近有些公司明显避开了在美上市。中国金融科技明星蚂蚁金服(科技巨头阿里巴巴的附属公司),本可能会跟随阿里巴巴在美国上市,现在即将在香港和上海上市。上个月,新浪(拥有在纳斯达克上市的微博——中国版的推特)宣布,它将以26亿美元进行私有化交易。一天后,中国另外一家网络巨头腾讯表示,将以35亿美元收购在纽约证交所上市的搜索公司——搜狗。

Many Chinese firms that might once have flocked to New York are eyeing their home stockmarkets. According to consultants at Deloitte, from January to September new listings in Hong Kong raised some $28bn, two-thirds more than in the same period last year. The money raised by newcomers to the biggest mainland exchanges, in Shanghai and Shenzhen, has reached 355bn yuan ($53bn), 2.5 times the comparable figure in 2019.

许多曾经蜂拥至纽约股市的中国公司,正在将目光转向国内的股票市场。根据咨询师 Deloitte 所说,今年1-9月份在香港新发行的股票筹集了280亿美元,比去年同期多了 三分之二。在中国内地最大的两个交易市场上海和深圳,新股筹集的资金已经达到了3550亿人民币(530亿美元),是2019年的2.5倍。

Look closer, though, and plenty of Chinese startups continue to covet American listings. In August ke Holdings, an online property firm backed by Japan’s SoftBank Group, raised $2.1bn; xPeng, an electric-car maker, picked up $1.5bn. Lufax, a fintech firm which this month filed to go public on the nyse, may raise $3bn. All told, Chinese firms have raised nearly $9bn in American initial public offerings (ipos) since January, and another $8bn in secondary share sales. Goldman Sachs, an investment bank, reckons that the money raised from Chinese ipos on the nyse and Nasdaq has held up during Mr Trump’s presidency (see chart). The market value of Chinese listings in America now exceeds $1.6trn, of which American investors hold nearly a third. Goldman Sachs forecasts a record number of Chinese listings in New York this year.

不过,仔细观察的话,会发现仍然有大量的中国初创企业期望在美国上市。今年八月,由日本软银集团支持的在线房产公司贝壳找房筹集了21亿美元,电动汽车制造商小鹏汽车筹集了15亿美元。金融科技公司陆金所,在本月申请了在纽约交易所上市,可能会筹资30亿美元。今年1月以来,中国公司在美的首次公开上市中已经筹集了将近90亿美元,在增发中又筹集了80亿美元。投资银行高盛估计,中国在纽交所和纳斯达克上市筹集资金,将在特朗普任期内保持坚挺。中国在美上市的企业市值现在已经超过1.6万亿美元,其中美国投资者占了将近三分之一。高盛预测,今年赴美上市的中国企业数量将创造新的记录。

Why would Chinese companies flock to America given the apparently toxic environment? For one thing, as Adam Lysenko of Rhodium Group, a research firm, points out, it is often easier to list on American exchanges than in China, with its more restrictive regulatory regime. Ant’s blockbuster stockmarket debut hit a last-minute snag this week when China’s top securities regulator unexpectedly delayed approval for the Hong Kong leg of its dual listing.

为什么在这么恶劣的环境下,中国公司涌向美国上市呢?其中一点,正如研究公司 Rhodium Group 的 Adam Lysenko 指出的那样,由于监管制度更加严格,在美上市要比在中国上市更加简单。蚂蚁金服轰动股市的登场,仍在本周的最后一刻遭遇挫折,中国最高证券监管机构让人意外的推迟批准了该公司在两地上市的香港部分。

An overseas listing also allows mainland companies to get round China’s strict currency controls. Gary Rieschel of Qiming Ventures, a venture-capital firm, says that going public in New York, the world’s preeminent financial centre, makes sense for Chinese firms like Lufax keen on global expansion. For rising technology startups in particular Wall Street also represents an imprimatur from the world’s most sophisticated investors, and access to its deepest and most liquid capital markets.

在海外上市,还可以让内地公司绕开中国严格的货币监管机制。风投公司启明创投的 Gary Rieschel 说道,对像陆金所这样想向全球扩张的中国公司来说,在全球最著名的金融中心纽约上市是由意义的。特别是对于正在崛起的科技初创企业来说,华尔街还代表着世界上最老练的投资者的认可,以及进入最深、流动性最强的资本市场的渠道。

Shareholders, for their part, get a slice of its perkiest stocks. Total returns for an index of Chinese firms listed in America tracked by bny Mellon, a bank, have risen by nearly half in the past 12 months, twice the rate for the s&p 500 index of big American firms. Mr Lysenko calculates that from 2017 to 2019 Chinese firms listed on American exchanges traded at higher valuations relative to earnings than companies in the s&p 500, on the Nasdaq, or indeed those whose shares changed hands on the Shenzhen and Hong Kong stockmarkets. These “red” stocks are simply too tasty for American investors, red as they already are in tooth and claw, to forgo.

对于股东来说,他们可以分到一些最具活跃性的股票。纽约梅隆银行追踪的在美上市中国公司指数的总回报率,在12个月内几乎上升了一半儿,是美国大型公司标普500指数的两倍。Lysenko 先生统计到,从2017到2019年,中国赴美上市的公司的市盈率比美国纳斯达克标普500指数,甚至比深圳和香港股票市场转手的都要高。对美国投资者来说,这些红色股票实在爽了,因为他们从里到外都是红色的,放弃是不可能放弃的。

以上译自经济学人,仅供个人英语学习,如有侵权请联系删除。

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