中国公司本周或将现身美国IPO市场

Chinese social-media platform YY Inc. this week may become the first Chinese company to debut in the U.S. in seven months, as the market for initial public offerings struggles to right itself.

随着首次公开募股(IPO)市场艰难恢复，中国社交媒体平台多玩(YY Inc.)可能将在本周成为七个月来首家在美上市的中国公司。

The IPO scorecard has been spotty since superstorm Sandy hit the U.S. East Coast late last month. Restoration Hardware Holdings Inc. rose 30% on its Nov. 2 debut, but since then, two companies have halted capital-raising plans and three more postponed offerings. On Friday, Ruckus Wireless Inc. fell in its first day of trading.

自上月下旬飓风“桑迪(Sandy)席卷美国东海岸以来，IPO市场的表现并不稳定。Restoration Hardware Holdings Inc.在11月2日上市，首日上涨30%，但此后有两家公司暂停融资，另三家推迟上市。上周五，Ruckus Wireless Inc.上市首日股价下跌。

Given the market's shakiness, the an offering of up to $97.5 million from YY, a company that boasts more than 400 million registered users on its online platform, is liable to face keen investor scrutiny.

鉴于市场的疲态，多玩规模最高或达9,750万美元的上市交易可能将面临投资者的严格审视。该公司的在线平台注册用户超过4亿。

This year is shaping up to be the slowest for IPOs from Chinese companies since 2010, according to data from Ipreo, a market-intelligence firm. Just two China-based IPOs have hit the U.S. market this year: e-retailer Vipshop Holdings Ltd., VIPS -4.76%in March, and Acquity Group Ltd., a provider of digital marketing and e-commerce services, in April. Four Chinese IPOs have been delayed or withdrawn this year, exceeding the total that have made it to market in the U.S.

市场情报公司Ipreo的数据显示，今年有可能成为2010年以来中国公司赴美上市步伐最缓慢的一年。今年以来登陆美国IPO市场的中国公司只有两家，分别是3月份上市的电子零售商唯品会(Vipshop Holdings Ltd.)和4月份上市的数字营销及电子商务服务提供商Acquity Group Ltd.。今年以来已有四家中国公司推迟或取消IPO，超过完成在美上市的中国公司总数。

IPOs from Chinese firms were commonplace a few years ago. As recently as 2010, some 36 Chinese IPOs were listed in the U.S., representing nearly a quarter of all new offers that year.

几年前中国公司在美上市还是稀松平常的事。甚至在2010年，仍有约36家中国公司在美进行IPO，接近当年美国IPO总数的四分之一。

The flow dried up after a handful of companies were hit by accounting scandals that curbed investor demand for Chinese listings. The incidents raised corporate-governance questions about Chinese companies and triggered heavy selling in their shares.

之后，一些中国公司曝出会计丑闻，投资者对中国新股的需求减弱，因此赴美上市的中国公司越来越少。丑闻引发了投资者对中国公司治理状况的质疑，并造成这些公司的股票被大量抛售。

The average China-based IPO, since 2010, in the U.S. has slumped 40% from its offer price, according to analysis of Ipreo's data. These deals 'totally destroyed the interest of institutional investors in Chinese IPOs,' said Josef Schuster, president of IPOX Schuster, an IPO research-and-investment firm.

分析Ipreo的数据发现，从2010年以来，赴美上市中国公司的平均股价较发行价大跌40%。IPO研究及投资公司IPOX Schuster的总裁舒斯特(Josef Schuster)说，这些上市交易彻底毁掉了机构投资者对中国公司IPO的兴趣。

But so far, the year's two Chinese IPOs have stayed above water. Vipshop shares have nearly doubled, while Acquity is up more than 10%.

但到目前为止，今年在美进行IPO的两家中国公司的股价一直高于发行价。唯品会股价接近翻番，Acquity上涨超过10%。

In particular, Vipshop has 'delivered its earnings estimates, priced reasonably and has substantially outperformed,' Mr. Schuster said. 'It's traded very differently than other IPOs in the past.'

舒斯特说，尤其是唯品会达到了盈利预期，价位合理，表现远好于大盘，非常不同于过去的其他IPO。

YY will look to follow suit. The company's free online platform draws in users who participate in karaoke and tutoring through audio, text and video services. It makes money through advertising and by selling virtual items.

多玩将寻求跟随唯品会的脚步。这家公司提供了一个免费的网络平台，吸引用户通过音频、文字和视频服务唱卡拉OK和上培训班等。它通过广告和虚拟物品销售取得收入。

In 2011, YY's total revenue rose to 319.6 million Chinese yuan ($50.8 million), more than doubling the 2010 total. The company has never booked a profit for a full year. but recorded net income of 55.9 million yuan in the first nine months of this year, according to the filing.

2011年，多玩总收入达到人民币3.196亿元（合5,080万美元），是2010年总收入的两倍还多。该公司从未实现全年盈利，但监管备案材料显示今年头九个月实现净利润人民币5,590万元，

Its American depositary shares are expected to list Wednesday on the Nasdaq Stock Market under the ticker 'YY.'

多玩的美国存托股份预计将于周三登陆纳斯达克(Nasdaq Stock Market)，代码为“YY。

One other deal is expected this week. Alon USA Partners LP is the latest energy master-limited partnership scheduled to hit the market. Alon USA Partners, formed by Alon USA Energy Inc., owns crude-oil refining assets. Its units are expected to begin trading Tuesday on the New York Stock Exchange under 'ALDW.'

预计本周还有另外一笔IPO。Alon USA Partners LP是最新一家准备上市的业主有限合伙制(MLP)能源企业。Alon USA Partners由Alon USA Energy Inc.组建，持有原油炼化资产。其股权单位预计将于周二开始在纽约证券交易所(New York Stock Exchange)交易，代码为“ALDW。