茶餐厅连锁翠华控股香港上市首日股价飙升

Busy Hong Kongers like their meals quick and easy. The same seems to be true for their investments, if restaurant operator Tsui Wah Holdings Ltd.'s debut on Monday is anything to go by.

忙碌的香港人喜欢快捷而简单的用餐过程。如今，从餐饮集团翠华控股有限公司(Tsui Wah Holdings Ltd.)周一上市首日的表现来看，香港人对投资的态度也是如此。

The operator of a chain of cha chaan tengs in Hong Kong described as Hong Kong-style casual diners -- made its trading debut after raising $98 million in an initial public offering, priced at the top of its indicative range at HK$2.27. On Monday morning the stock jumped sharply by over 10%, with buy orders outweighing asks.

这家香港连锁茶餐厅运营商的首次公开募股(IPO)筹集了9,800万美元，发行价格定于招股区间的上限2.27美元，周一挂牌交易首日的上午，这只股票的价格飙升了10%以上，买单数超过卖单数。

The stock later was up by as much 16% after lunch, at which point sell orders started to outnumber bids as investors moved quickly to lock in profits classic sign of a small, retail-oriented IPOs much-loved by Hong Kong's army of retail investors. Tsui Wah closed the session up 13% at HK$2.56.

翠华的股票午后又上涨16%，此时投资者急于锁定利润，卖单开始多于买单，这是以零售业为主的小型新股的典型表现，这些新股颇受香港散户投资者大军的喜爱。翠华股价当日收于2.56港元，上涨13%。

Tsui Wah's debut is in marked contrast to other recent IPOs that have underperformed, and is reminiscent of another well-known local retail brand Milan Station Holdings Ltd. 1150.HK +2.00%, a company that sells second-hand luxury handbags, raised $40 million in May 2011 and saw its share price jump 66% on the first day of trading. However, the stock has plummeted since and is off 79% from its IPO price.

翠华上市首日的表现与最近一些表现欠佳的其他新股形成了鲜明对比，也让人联想起另一家知名的香港零售品牌、销售二手奢侈手袋的米兰站控股有限公司(Milan Station Holdings Ltd., 简称：米兰站)，该公司2011年5月募集了4,000万美元，其股价在上市首日飙升了66%，此后却迅速下跌，目前较发行价下跌了79%。

But it's hard to deny that with its IPO price at around 29 times historical price to earnings, Tsui Wah is much pricier than the fishball noodles and French toast that it's dishing out to customers in Hong Kong, Macau and China. In contrast, another operator of fast food restaurants in Hong Kong, Café de Coral Holdings Ltd., trades at around 25 times forward price to earnings, and Fairwood Holdings Ltd. 0052.HK +1.51%at around 16.1 times trailing earnings.

但是，难以否认的是，以招股价计算，翠华的历史市盈率高达29倍，其股票可比它在香港、澳门和中国内地卖给顾客的鱼丸和法式吐司贵多了。相比之下，香港另一家快餐运营商大家乐集团(Cafe de Coral)的预期市盈率是25倍，大快活集团有限公司(Fairwood Holdings Ltd.）的往绩市盈率大约为16.1倍。

In its prospectus, Tsui Wah said it hopes to use the proceeds to expand, particularly in China. But KGI, a brokerage, says investors should be concerned over things such as rising food prices, and particularly for Hong Kong, retail rental rates.

翠华在招股说明书中说，该公司希望使用利用这些资金进行扩张，尤其是在中国内地。但是经纪公司凯基证券(KGI)说，投资者应该关注食品价格和商铺租金不断上涨等问题，尤其是香港的商铺租金上涨。