复星医药香港交易首日表现堪忧

Shares in Shanghai Fosun Pharmaceutical tumbled as much as 12 per cent on their Hong Kong market debut on Tuesday, suggesting a rough ride ahead for Zhengzhou Coal Mining Machinery, the People’s Insurance Company of China and other Chinese groups still hoping to raise money this year.

复星医药(Fosun Pharmaceutical)周二在香港股市交易首日，盘中股价一度下跌12%。这预示着，包括郑州煤矿机械集团(Zhengzhou Coal Mining Machinery)、中国人保(PICC)等数家仍希望于年内在香港融资的中资集团将面临不平坦的上市之路。

Shanghai-listed Fosun raised $512m when it priced its Hong Kong initial public offering last week, at the low end of its expected range and with only just enough institutional and regional interest to fill its order books.

先前已在上海上市的复星医药上周以招股价下限为其香港IPO定价，筹得资金5.12亿美元，机构和本地散户投资者没有超额认购。

Nevertheless, others are expected to press ahead with planned Hong Kong listings. Zhengzhou Coal Mining Machinery is due to proceed with the roadshow next week for its hoped-for $500m equity raising, although one banker with knowledge of that deal said “don’t hold your breath.

然而，预计其他公司将继续推进香港上市计划。郑州煤矿机械集团将于下周举行路演。这家公司希望筹资5亿美元，不过一位知情银行家表示，“对此不要抱太大希望。

PICC hopes to launch the roadshow for at least the Hong Kong end of its proposed $6bn dual listing in Shanghai and Hong Kong around the end of November, according to two bankers with knowledge of its plans.

中国人保计划通过在上海和香港两地上市，融资60亿美元。两位了解这家公司上市计划的银行家表示，它希望在11月底为香港上市部分展开路演。

One banker not involved in the Fosun deal was surprised the company had pushed ahead with the capital raising given the limited support from institutional investors.

一位没有参与复星医药IPO事宜的银行家表示，尽管未能获得机构投资者全力支持，但复星仍然选择上市，这让他感到意外。

However, another banker close to the deal said some institutions that initially backed the deal were also buying during Tuesday’s debut as the price slipped. “It’s actually a good thing that we have got an IPO done, the banker said. “It’s not pretty, but we’re a step closer to getting institutional engagement with new issues.

然而，另一位接近这次上市的银行家表示，有些最初就支持复星医药上市的机构在周二复星股价下跌时，买入了该公司股票。这位银行家表示：“我们能完成一个IPO就是一个成功。它并不完美，但我们朝着鼓励机构参与新股发行的方向，又迈出了一步。

Fosun is the largest listing in Hong Kong since Inner Mongolia Yitai Coal’s $900m deal in July. The $1.8bn listing in April of Haitong Securities, China’s second-biggest broker by assets, was the only other significant deal this year.

复星医药上市，是自内蒙古伊泰煤矿(Inner Mongolia Yitai Coal)今年7月在港融资9亿美元以来，香港最大规模的IPO。除这两家公司以外，今年香港的大型IPO只有4月份融资18亿美元的海通证券(Haitong Securities)。按资产规模计算，海通证券是中国第二大证券公司。

Fosun’s IPO was priced at HK$11.80 per share, amounting to a 9.9 per cent discount to the 20-day average of its Shanghai stock price. Beijing prohibits Chinese companies from pricing Hong Kong deals at more than a 10 per cent discount.

复星医药IPO每股定价11.80港元，与其A股最近20个交易日平均股价相比折让9.9%。中国政府规定，中国内地公司在香港IPO定价的折让上限为10%。

The shares fell as low as HK$10.38 in early trading on Tuesday before recovering to close at HK$10.84, still 8 per cent below their listing price.

复星医药股价周二早盘最低跌至10.38港元，收盘反弹至10.84港元，但仍较招股价下跌8%。

The listing, which was run by China International Capital Corp, Deutsche Bank, JPMorgan, UBS, Agricultural Bank of Chinaand Haitong Securities, initially looked promising. The company sold a roughly 15 per cent stake to two cornerstone investors, who pledge money ahead of the formal listing process. Prudential Financialof the US pledged $50m and the IFC, the financing arm of the World Bank, pledged $25m.

操作此次IPO的是中金公司(CICC)、德意志银行(Deutsche Bank)、摩根大通(JPMorgan)、瑞银(UBS)、中国农业银行(Agricultural Bank of China)和海通证券。这次IPO最初看起来很有希望——复星医药向两名基石投资者出售了大约15%的股份，后者在上市过程正式启动之前就承诺认购股份。美国保德信金融(Prudential Financial)认购了5000万美元，世界银行(World Bank)旗下的国际金融公司(IFC)认购了2500万美元。

However, during bookbuilding last week, the limited institutional demand prompted the banks running the deal to cut the share of the offering allocated to large investors from 90 per cent to 80 per cent, doubling the amount that would go to retail investors.

然而，在上周询价期间，由于机构投资者需求有限，上述操作此次IPO的银行将分配给大型投资者的股份比例从90%降至80%，将分配给散户投资者的股份翻倍。