Hong Kong has been the worst place to invest in Chinese initial public offerings this year, with deals in the city recording lower average returns and a higher chance of losses than those in Shanghai and New York.
今年，香港已成为投资中国企业首次公开发行(IPO)的最差场所。比起上海和纽约，香港的IPO交易录得平均回报更低、亏损的可能性更大。
Of the 35 mainland companies to go public in Hong Kong since January, only 18 have registered share price gains since trading started, according to Dealogic. On average, Chinese IPOs in the territory have returned only 11 per cent.
根据Dealogic的数据，1月份以来在港上市的35家中国内地企业中，只有18家的股价在上市后呈现累计上涨。平均而言，中国企业在港的IPO只录得11

%的回报。

However, Chinese listings completed in the US or in domestic markets have fared much better. Of the 12 US deals – most from the tech sector – only one has failed to rise, while the average share price of new Chinese listings in New York is up a third.
相比之下，中国企业在美国或中国内地市场完成的IPO，回报要好得多。12宗在美完成的上市交易（多数来自科技板块）中，只有一宗未能出现股价累计上涨。在纽约新上市的中国企业，股价平均累计上涨了三分之一。
Flotations in Shanghai and Shenzhen have been more lucrative for investors, with most deals more than doubling after listing. China’s capital markets reopened to IPOs in January, having been shut for more than a year by regulators. Of the 30 biggest deals since then only two have seen share prices drop.
对投资者来说，在沪市和深市上市的回报更为丰厚，就今年的多数交易而言，股价在上市后累计上涨了不止一倍。今年1月中国资本市场重启IPO，此前监管机构曾将IPO关闭一年以上。重启IPO以来的30宗最大规模交易中，只有两宗的股价出现了累计下跌。
Neil Kell, head of Asia ex-Japan equity capital markets at Deutsche Bank, said that China’s key retail investor base was “starved” of deals in 2013, making them keen to buy into the current crop of IPOs.
德意志银行(Deutsche Bank)亚洲（不含日本）股权资本市场主管尼尔•凯尔(Neil Kell)表示，中国重要的散户群体在2013年遭遇IPO交易“荒”，因此他们非常渴望买入当前一轮IPO的股票。
Almost 200 Chinese companies have gone public this year, raising $52.5bn. Almost half of that came from the September listing of ecommerce group Alibaba that made the NYSE the top location by volume of new cash raised.
今年进行了IPO的中国企业有将近200家，筹资规模达525亿美元，其中将近一半来自9月份电子商务集团阿里巴巴(Alibaba)的上市。该公司的上市令纽约证交所(NYSE)成为IPO筹资额最多的交易所。
Alibaba broke the record for the largest IPO to date and its shares have since gained 63 per cent, giving it a market capitalisation of about $270bn. Other US deals have done well, with rival etailer JD.com rising a quarter and appmaker Cheetah Mobile up 40 per cent.
阿里巴巴的上市打破了迄今最大规模IPO的纪录，其股价自上市以来已累计上涨63%，其市值因此达到约2700亿美元。其他在美上市交易也表现不错。阿里巴巴的对手、零售商京东(JD.com)的股价在上市后累计上涨了四分之一，应用开发商猎豹移动(Cheetah Mobile)的股价在上市后累计上涨了40%。
In Shanghai, Shaanxi Coal is up 50 per cent since it raised $658m in January, while pig farmer Muyuan Foodstuff has soared 130 per cent.
在上海，陕西煤业(Shaanxi Coal)在今年1月上市筹得6.58亿美元后，股价累计上涨了50%。生猪养殖企业牧原食品(Muyuan Foodstuff)的股价在上市后累计飙升了130%。
Yet Hong Kong IPOs have faltered. Pork producer WH Group has lost 16 per cent since its bumpy August listing, after reporting worse than expected earnings. Tianhe Chemicals is off 22 per cent after it was challenged by short sellers over the reliability of its accounts.
相比之下，香港的IPO交易却步履蹒跚。猪肉生产商万洲国际(WH Group)今年8月的在港上市一波三折，在报出逊于预期的盈利后，其股价在上市后累计下跌了16%。天合化工(Tianhe Chemicals)则在账目可靠性问题上遭遇空头诘难，股价在上市后累计下跌了22%。