Li Ka-shing’s power generation and supply group will set up the first test of Hong Kong’s equity markets for 2014 when it begins marketing the spin-off of its local electricity distribution business to investors today.
李嘉诚(Li Ka-shing)旗下的发电及供电集团将为香港股市带来2014年第一场考验，该集团今日起将就分拆其本地电力业务向投资者进行推介。
The initial public offering could raise up to $5.7bn in fresh cash for Hong Kong-listed Power Assets Holdings. It is the biggest listing in the city since AIA’s $20.5bn sale in 2010 and the largest anywhere in Asia since Japan Airlines’ $8.5bn deal in September 2012, says Dealogic.
对在香港上市的电能实业(Power Assets Holdings)来说，此次首次公开发行(IPO)最高有望筹集57亿美元新资金。据Dealogic介绍，这将是2010年友邦保险(AIA) 205亿美元上市以来香港最大的上市交易，也是2012年9月日本航空(Japan Airlines) 85亿美元上市以来亚洲最大的上市交易。
Power Assets, which is an affiliate of Mr Li’s broader Cheung Kong empire, will use the funds raised to pursue further global deals, according to company statements. It has distribution and generation businesses in the UK, Australia, China, New Zealand, Canada, Thailand and the Netherlands.
电能实业是李嘉诚旗下的商业帝国长江实业(Cheung Kong)的成员公司。该公司公告称，其将利用分拆上市所得资金在全球进行更多交易。该公司在英国、澳大利亚、中国、新西兰、加拿大、泰国和荷兰等地拥有供电及发电业务。
Hong Kong’s IPO market picked up markedly in the final months of last year after enduring a torrid spring, summer and autumn. A wave of mainly Chinese deals met strong investor interest, helping a number of companies to trade up sharply in their first days and weeks.
香港IPO市场在去年经历了惨淡的春季、夏季和秋季之后，在最后几个月出现明显起色。以中国内地企业为主的一波上市引发投资者强烈兴趣，多只新股在最初几天或几周大幅上涨。
However, Chinese banks that took advantage of the activity to raise fresh equity have all struggled in the market, partly due to the large allocation to cornerstone investors.
不过，利用股市活力募集新股本的中资银行在市场上表现均不佳，这在一定程度上是因为它们将大量股份安排给基石投资者。
China Everbright Bank, which was the year’s biggest IPO, raising $3bn at the end of December, is down more than 5 per cent so far, while smaller lenders Bank of Chongqing and Huishang Bank fared little better.
中国光大银行(China Everbright Bank)去年12月底在港上市，筹资30亿美元，成为去年香港最大IPO。该股迄今下跌逾5%，而规模较小的重庆银行(Bank of Chongqing)和徽商银行(Huishang Bank)上市后股价表现也不佳。
Despite the muted performance from banks, 2013 marked an improvement from the previous year in terms of overall capital raised in Hong Kong.
尽管银行类股票表现低迷，但就募资总额而言，香港股市在2013年的成绩明显好于前年。
Analysts are confident that the recovery will continue to gather momentum through 2014.
分析师们相信，此轮复苏的势头在2014年期间将越来越强。
PwC expects companies to raise HK$250bn ($32.2bn) from IPOs this year, up from HK$170bn in 2013 and HK$90bn the year before.
普华永道(PwC)预计，今年企业将通过IPO总共募集2500亿港元（合322亿美元），高于2013年的1700亿港元和2012年的900亿港元。
The Power Assets spin-off is being sold as a trust that will control only the electricity distribution on Hong Kong island and Lamma island. The rest of Hong Kong – Kowloon, the New Territories and other islands – are served by China Light and Power, which recently chose to buy back full ownership of its business from ExxonMobil.
电能实业将以信托形式将香港岛及南丫岛的电力业务分拆上市。香港其余部分（九龙、新界以及其它岛屿）由中电集团(China Light and Power)负责供电，该集团最近决定从埃克森美孚(ExxonMobil)购回自身业务的全部股权。
The listed trust will have a market capitalisation of between HK$48bn and HK$63.4bn ($6.2bn-$8.2bn) and that it would sell at least 50.1 per cent and up to 70 per cent of the trust units.
上市信托的市值将介于480亿至634亿港元（合62亿至82亿美元）之间，其将售出至少50.1%、至多70%的信托单位。
Mr Li’s groups have been exploring selling some businesses, which analysts and bankers say is to combat the drop in their share prices to ever-greater discounts to net asset value.
李嘉诚旗下集团近期在探索出售一部分业务，据分析师和银行家们表示，这是为了应对集团股价相对于资产净值折让越来越大的局面。
Power Assets’ shares have fallen by more than 24 per cent from a recent high of $HK$80 in May to HK$60.60 last week
电能实业的股价上周跌至60.60港元，较去年5月达到的80港元近期高位下跌逾24%。