双语阅读：光大银行拟重启赴港上市计划

2012-06-21 00:00:00来源：可可英语

　　Everbright Bank, a Chinese state lender that focuses on small businesses and consumers, is determined to buck a market trend of failed initial public offerings and list in Hong Kong before the end of this year, according to a senior executive.
　　据一名高管表示，专注于小企业和消费者的中国国有控股银行光大银行(Everbright Bank)决心在近期一连串首次公开发行(IPO)流产的市场趋势下逆流而上，在今年底之前在香港上市。
　　After its own abortive attempt at a Hong Kong IPO last year, Everbright is taking no chances this time, putting pressure on its underwriters to line up guaranteed investors and cutting the amount that it hopes to raise, two other bankers involved in the deal told the Financial Times.
　　另有两名参与交易的银行家告诉英国《金融时报》，曾在去年搁置香港IPO计划的光大银行，这一次不敢草率行事。该行正向承销商施压，要求它们安排基石投资者，同时该行也降低了其希望募集的金额。
　　Everbright, which last year targeted a $6bn offering, has lowered its sights and will content itself with selling fewer shares, potentially bringing in just about $2bn. However, that would still rank as Hong Kong"s biggest IPO of what has been a difficult year so far.
　　去年曾希望通过赴港上市募资60亿美元的光大银行，已放低眼光，并满足于发售较少的股票，募资额可能仅为20亿美元。不过，那仍将是香港今年最大的IPO，今年迄今香港股市形势艰难。
　　Everbright declined to say how much it hoped to raise with the
　　IPO.光大银行不愿表明其希望通过IPO募集多少资金。
　　"If there is a good market window, we plan to complete the IPO this year," Lin Li, Everbright Bank vice-president in charge of the listing plan, told the Financial Times. "Despite the current market conditions and the fact that bank shares are undervalued, we think that from a broader financial perspective, it would be better to list than not to list."
　　"如果有一个有利的市场机会，我们计划在今年完成IPO，"负责上市计划的光大银行副行长林立对英国《金融时报》表示。"尽管面临目前的市场状况，而且银行类股票受到低估，但我们认为从整体财务视角看，上市比不上市更好。
　　"Everbright received approval to list in Hong Kong in a stock exchange hearing this month and is now trying to secure commitments from investors before announcing a resumption of its IPO plan, a banker said. Underwriters are seeking both anchor orders and cornerstone investors – investors who receive a guaranteed allotment of shares but must agree to hold them for a defined "lock-up" period.
　　据一名银行家介绍，光大银行本月在一个证交所听证会上获得了在港上市的批准，目前正试图获得投资者的承诺，然后才宣布重启IPO计划。各家承销商正在物色锚定订单和基石投资者（这些投资者将保证得到认购的股票，但必须同意在规定的"锁定"期内一直持有这些股票）。
　　Everbright Bank listed in Shanghai two years ago, but, like other big Chinese banks, views a Hong Kong listing as a crucial part of its development strategy. Along with adding to its capital base, a presence in the Hong Kong market will help Everbright expand its international business, Mr Lin said.
　　光大银行于两年前在上海上市，但该行与中国其它大型银行一样，视赴港上市为其发展战略的一个关键环节。林立表示，除了扩充其资本基础外，在香港市场占据一席之地还将有助于光大银行扩张国际业务。
　　Everbright's core capital adequacy ratio was 8.11 per cent at the end of the first quarter, up from 2011 but below the 8.5 per cent threshold that the Chinese banking regulator wants banks to achieve in coming years.
　　截至第一季度末，光大银行的核心资本充足率为8.11%，高于2011年水平，但不到中国银监会要求各银行在未来几年达到的8.5%这一门槛。
　　As the first Chinese lender to list in Hong Kong since Agricultural Bank of China's blockbuster debut in 2010, an Everbright IPO would be an important test of how international investors view Chinese banks.
　　光大银行将成为自中国农业银行(AgBank) 2010年大规模上市以来，首家在香港IPO的中资银行，这起IPO将成为国际投资者如何看待中资银行的重要测试。
　　Share prices of Chinese banks listed in Hong Kong have fallen about 25 per cent over the past year, weighed down by concerns over bad loans and the slowing economy.
　　过去一年期间，受市场对坏债和经济放缓的担忧的拖累，在香港上市的中资银行的股价下跌了25%左右。
　　Last year when Everbright pulled its IPO, it was looking at a price-to-book ratio of about 1.5, a valuation that Chinese officials believed set too low a benchmark for the country's banking sector, hence making the listing politically unacceptable, according to a banker. Everbright would be hard pressed to come close to such a multiple now, so officials will either have to be more tolerant of low valuations or there is a risk that the listing will again be called off.
　　去年光大银行放弃IPO时，其预期市净率约为1.5；据一名银行家表示，中国官员们认为，这样的估价为中国银行业设定的基准过低，这意味着上市计划在政治上不可接受。如今，光大银行即使要达到这样的市净率也并非易事，因此，要么这一次官员们对低估价更加宽容，要么上市有可能再一次被叫停。