中国国企改革未必是投行佣金富矿

2014-09-25 14:45:23来源：可可英语

　　“Will reform keep banks busy? For sure. Will it produce a rush of fees? That’s less clear,” saysone senior equity banker.

　　一位资深股权银行家表示：“中国的改革会让银行业务增多么?当然会。会为银行带来更多佣金么?这就没那么明显了。”

　　The size of the investment banking fee pool in Asia has tended to lag banker hopes even as theregion’s fast-growing emerging markets, including China, have tempted dealmakers east.

　　在亚洲，尽管包括中国在内的新兴市场因成长迅速，使得许多交易商东来，但投行业务佣金总规模却往往落后于银行家的期望。

　　Even when Asian investment banking revenue reached record levels in 2010 and 2011 asChinese mega-listings made Hong Kong the world’s biggest IPO market, Asia accounted for, atbest, 17 per cent of the global fee pool, according to Dealogic. On average over the pastdecade, it has produced 12 per cent of the pie.

　　2010年和2011年，中国大量上市活动曾令香港变成全球最大首次公开招股(IPO)市场，当时亚洲投行业务营收曾达到创纪录水平。根据Dealogic的数据，即使在当时，亚洲佣金总规模占全球佣金总额的比例最多也只有17%。过去10年来，亚洲所占份额平均只有12%。

　　Citic and Sinopec offer two different approaches to reform. The first was in effect a reverselisting, while Sinopec was a partial spin-off. Bankers expect these will roughly bookend theformats adopted.

　　中信和中石化提供了两种不同的国企改革方式。前者其实是一种反向上市，而中石化则是一种部分分拆操作。银行业人士预计，这两种操作大致包括了准许采用的改制模式。

　　“There are some SOEs with listed subsidiaries and then there are those where the main entityis already listed, but with subsidiaries that may offer untapped value,” says Mille Cheng, co-head of Asia Pacific equity capital markets at Morgan Stanley, who expects that the processwill take a while to evolve. “A lot of them are now exploring what they might want to do.”

　　摩根士丹利(Morgan Stanley)亚太股权资本市场部门共同主管Mille Cheng表示：“部分国企的情况是子公司已经上市，部分国企是母公司已经上市。不过，子公司上市的情况下，改制可能会有利可图。”目前，MilleCheng预计国企的改制过程需要过一阵才会发展起来。“许多国企都在探索他们想要怎么做。”

　　Fees for the Sinopec deal are still being finalised. The oil major was advised by Bank of AmericaMerrill Lynch, CICC, Citic Securities and Deutsche Bank.

　　中石化交易的佣金仍未最终敲定。为这家石油巨头提供咨询服务的包括美银美林(Bank of America MerrillLynch)、中金公司(CICC)、中信证券(Citic Securities)以及德意志银行(Deutsche Bank)。

　　None of the four would comment on the deal. However, China’s SOEs are known for using theirsize and importance to push back hard on fees. Banks will also typically accept lower fees ondeals like this in the hope they will win a leading place on any IPO – as expected will happen inthe Sinopec deal – down the line.

　　这四家银行都不愿置评这一交易。不过，众所周知中国国有企业很善于利用它们的规模及重要地位，大力压低佣金规模。而对于这样的交易，银行往往也会接受较低的佣金，希望能在所有IPO过程中都赢得领导地位。中石化的交易中预计也会出现这种局面。

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