CGN Power, China’s top nuclear power producer, has opened the books on the largest Hong Kong listing of 2014, part of a rush of mainland companies looking to raise cash before the year end.
中国头号核电生产商中广核电力(CGN Power)在香港启动了询价圈购。该集团的上市将是2014年香港最大规模的上市交易。这也是中国内地企业年底前筹资潮的一部分。
CGN is planning to sell shares worth up to $3.2bn, according to a termsheet seen by the Financial Times, which would make it the biggest initial public offering in the city since Everbright Bank raised a similar amount last December.
根据英国《金融时报》看到的框架协议，中广核计划销售总价值为32亿美元的股票，这将令此次上市成为自光大银行(Everbright Bank)上市以来，香港最大规模的首次公开招股(IPO)。去年12月，光大银行曾在香港筹集类似规模的资金。

Hong Kong’s IPO market has been dogged by poorly performing deals this year. WH Group, which at one point was looking to raise more than $6bn, was forced to postpone its debut in April, even after cutting the size of the deal. The pork producer later revived a smaller, cheaper stake sale, only to see the share price slide still lower.
今年，香港IPO市场一直表现不佳。今年4月，曾一度打算筹集逾60亿美元的万洲国际(WH Group)曾被迫推迟上市——尽管该集团此前已降低了筹资规模。这家猪肉生产商后来再次启动了规模较小，定价较低的股票上市交易，没想到股价还是出现了下滑。
Tianhe Chemicals has also dropped significantly since raising $650m in June. Though the stock performed well initially, Tianhe’s shares fell one-fifth after attracting the attentions of short-sellers unconvinced by the company’s financial accounts. Of all the new listings in Hong Kong this year, only half have risen from their offer price.
今年6月在香港筹集6.5亿美元资金后，天合化工(Tianhe Chemicals)的股价也曾大幅下挫。起初该集团股票表现良好，然而在空头因公司财务账目而关注这家企业之后，该集团股价下跌了五分之一。今年在香港所有新上市企业中，只有一半企业的股价相对发行价累计上涨。
Bankers hope that a late flurry of large deals, of which CGN is the first, will help lift Hong Kong’s IPO market above London in the global rankings. Early meetings with investors are said to have gone well, with strong initial interest in CGN.
银行家们希望，以中广核为首的、姗姗来迟的大规模上市交易潮将有助于将香港IPO市场的全球排名推升至伦敦之上。据说，中广核与投资者的早期见面会进展顺利，投资者初步对中广核显示了强烈的兴趣。
Founded in 1979, CGN generates 55 per cent of China’s nuclear energy output from 11 plants, according to its prospectus. Most of that supplies the grid in the southern provinces of Guangdong and Fujian, as well as to Hong Kong itself. It recorded profit attributable to shareholders of Rmb4.2bn ($685m) in 2013, roughly flat from the year before.
根据中广核的招股说明书，该集团成立于1979年，以11座发电厂供应着中国55%的核能发电量。这些发电厂所发的电多数用于向华南省份广东和福建、以及香港自身的电网供应电力。2013年，该集团录得42亿元人民币（合6.85亿美元）可向股东分配利润，与前一年大致持平。
The company plans to use the new capital to help finance the purchase of additional shares in Taishan Nuclear Power, which operates two power stations. CGN signed an agreement last month to increase its holding in Taishan from 41 per cent to 51 per cent.
该公司计划将新的资金用于买入台山核电(Taishan Nuclear Power)更多股份。目前，台山核电旗下运营着两座发电厂。上个月，中广核曾签署一份协议，要将对台山核电的持股比例从41%扩大到51%。
Some of the proceeds will also be put towards new plant construction, research and development, debt servicing, and an expansion overseas. At the end of September, CGN had Rmb81.5bn in interest-bearing debt, according to its listing documents.
此外，部分收益还将用于建造新发电厂、企业研发、支付债务利息、以及海外扩张。根据其上市文件的说法，今年9月底，中广核有息债务的规模为815亿元人民币。
CGN hopes to benefit from Beijing’s campaign to battle air pollution, which should see more power generation shift away from coal towards cleaner types of fuel, including nuclear. The company plans to price its shares on December 3, and begin trading a week later.
中广核希望能从中国政府对抗环境污染的运动中受益。在这场运动中，更多电力将从煤炭转向包括核能在内的较干净燃料。该公司计划在12月3日确定发行价，并于一周后开始交易。
The final month of the year is gearing up to be a busy one for Hong Kong’s equity market bankers, much as it has been in previous years. Sinopharm also announced on Monday that it will raise HK$5.6bn ($716m) from a share placement, while Wanda Commercial Properties is planning a $3bn-$5bn listing.
对香港股市的银行家来说，和此前几年一样，今年最后一个月将会是繁忙的一个月。中国医药集团总公司(Sinopharm)也在周一宣布，将通过配股筹集56亿港元（合7.16亿美元），而万达商业地产(Dalian Wanda Commercial Properties)则计划通过上市筹集30亿到50亿美元。