【英语国际】美国投资者追捧中国企业IPO

双语秀   2016-05-17 04:08   79   0  

2010-10-6 02:30

小艾摘要: After riding out a bumpier stretch this year, Chinese IPOs are beginning to feel the love again from U.S. investors.After the 95% pop from Internet-services company ChinaCache International Holdings L ...
After riding out a bumpier stretch this year, Chinese IPOs are beginning to feel the love again from U.S. investors.

After the 95% pop from Internet-services company ChinaCache International Holdings Ltd. on Friday -- the best-performing initial public offering of stock in the U.S. since Athenahealth Inc.'s 97% gain in September 2007 -- it is clear that more new stocks from China will be landing on American shores in the weeks ahead.

Already lined up for this week are polysilicon manufacturer Daqo New Energy Corp. and foreign-language training school Global Education & Technology Group Ltd., which want to raise $100 million and $67 million, respectively.

Daqo, which is listing on the New York Stock Exchange under the symbol DQ, first tried to launch its offering in January and postponed it after cutting its price. In its second attempt this week, it is sticking to a lower price range, but offering eight million shares instead of 6.5 million.

It is the first attempt for Global Education, which is listing on Nasdaq under the symbol GEDU.

In both cases, the companies are rapidly expanding and have been increasing revenue. Daqo, which began in 2008, is moving into the polysilicon wafer and solar-module business, while Global Education has opened more than 460 learning centers since it was formed in 2001.

'Investors are still very enamored by what they see in China, but there is still a flight to quality even there. Companies coming now tend to not be as early stage as they were three years ago. They are now much further along in terms of their corporate life cycle and experience,' says Dan Cummings, global head of equity capital markets at Bank of America Merrill Lynch.

Mr. Cummings didn't comment specifically on Daqo or Global Education; his firm is an underwriter on Global Education's deal.

It has been a while since Chinese IPOs were embraced by U.S. investors. While they generally did well in 2007, the last time the U.S. IPO market was functioning at full steam, the first eight months of this year produced a mixed bag of modest gains, flat opening days, and outright flops for such stocks.

That all changed in September, as broader markets rose, and suddenly Chinese offerings were in demand again. Beijing real-estate website SouFun Holdings Ltd. opened the month with a 73% gain, Country Style Cooking Restaurant Chain Co. rose 47% on its first day of trading last week. On Friday, the first day of the fourth quarter, ChinaCache nearly doubled.

Those kind of first-day pops inevitably bring to mind frothiness. SouFun has given back some of its first-day gains, while Country Style has continued to rise. Solar-product manufacturer JinkoSolar Holding Co. has nearly tripled in price since it opened flat in May, which can only help Daqo's debut this week.
But froth is usually characterized by investors bidding up every deal in sight. Since the U.S. IPO market reopened after its normal late summer hiatus last month, there have been a couple of deals that made only single-digit percentage gains.

The one IPO that fell on its first day also debuted Friday, and it was Chinese: wind-turbine maker China Ming Yang Wind Power Group Ltd., which fell 5.4%.

'That was almost a relief that it also didn't take off, in that might portend frothiness,' says Scott Sweet, managing director of research firm IPOBoutique.com, of China Ming Yang. 'Part of the problem was its size. It was 25 million shares, which is quite large for a Chinese IPO. But I'm also not convinced that U.S. buyers are totally on board with wind-power companies.'
经过2010年一段时间更加跌宕起伏的价格波动,中国企业的首次公开募股(IPO)再次受到美国投资者的青睐。

10月1日,互联网服务企业蓝汛通信(ChinaCache International Holdings Ltd.)的股票首日涨幅高达95%──成为自2007年9月医疗门诊计费及记录软件开发商Athenahealth Inc.首日涨幅97%后美国股市IPO的最佳表现。可以想见,未来数周还会有更多的中国企业IPO登陆美国股市。

排队等待在本周上市的有多晶硅生产商大全新能源公司(Daqo New Energy Corp.)和外语培训学校环球天下教育科技集团(Global Education & Technology Group Ltd.),两者分别计划筹资1亿美元和6700万美元。

大全在纽约证券交易所(New York Stock Exchange)挂牌,股票代码DQ。公司本来计划在2010年1月上市,但后来降低了发行价并延期发行。在本周的第二次上市尝试中,公司维持原来较低的价格区间,但发行规模从原先的650万股增加到800万股。

环球天下是首次尝试上市,在纳斯达克(Nasdaq)挂牌,股票代码为GEDU。

这两家企业都处于快速扩张期,营业收入持续增长。2008年创立的大全公司正在进入多晶硅片和太阳能电池组件领域,而环球天下自2001年成立以来已开设了460个培训中心。

投资者仍对中国的迅猛发展十分着迷,但即使如此,企业品质依然是其关注的重点。一般来说,现在在美上市的中国企业要比三年前上市的更成熟,处于企业生命周期和商业实践的更高阶段,美国银行美林公司(Bank of America Merrill Lynch)权益资本市场全球主管卡明斯(Dan Cummings)说道。

卡明斯没有对大全和环球天下做出专门评价,其所在的美国银行美林公司是环球天下IPO的的承销商。

美国投资者接受中国企业IPO已经有一段时间了。虽然这些企业在美国IPO市场处于巅峰时期的2007年表现大多不错,但在2010年的头八个月,其股票表现参差不齐,有略微上涨的,有平淡无奇的,也有高台跳水的。

随着2010年9月美国股市出现普涨,这一切也在发生变化,中国企业IPO再次获得投资者青睐。北京房地产网站搜房控股(SouFun Holdings Ltd.)上市首月的涨幅为73%,中式快餐连锁餐厅乡村基(Country Style Cooking Restaurant Chain Co.)第一个交易日股价上涨47%,蓝汛通信的首日涨幅将近翻番。

这些首日大涨的IPO势必让人感觉到泡沫的存在。搜房的股价已经回吐了部分首日涨幅,而乡村基的股价仍在上涨。

太阳能产品制造商晶科能源控股有限公司(JinkoSolar Holding Co.)2010年5月的IPO一开始波澜不惊,但现在价格已将近翻了三番,这种涨势只会令大全公司本周的IPO更加火爆。

然而,IPO市场存在泡沫通常有一个特点,即投资者追捧每一个IPO交易,推动价格上涨。2010年9月是美国IPO市场的夏末交易清淡期,进入10月以来,仍有一些IPO的涨幅仅有几个百分点。

唯一一个首日跌破发行价的IPO也是在一个周五登台亮相的,即中国风电机组制造商明阳风电产业集团有限公司(China Ming Yang Wind Power Group Ltd.),跌幅为5.4%。

“明阳风电的股价未能上涨,几乎可以说让人松了一口气,否则真的可能意味着市场存在泡沫。”市场研究机构IPOBoutique.com的董事总经理斯维特(Scott Sweet)在谈到明阳风电时说,“原因之一在于其发行规模,共发行2500万股,对中国企业IPO来说算是大的。此外,我觉得美国投资者还没有完全认同风能企业的发展前景。”
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