Asia’s capital-raisers are finishing the year with a flourish. Just this week, Hong Kong priced the world’s biggest property initial public offering while in Seoul, the Samsung group’s de facto holding company yesterday doubled on its debut.
临近年底，在亚洲资本市场上融资的企业满载而归。就在本周，世界最大宗房地产IPO（大连万达）在香港定价，而在首尔，三星集团(Samsung)实际控股公司周四在上市首日，开盘价比招股价翻了一番。
The deals have helped Hong Kong’s IPO market record its strongest performance in three years and South Korea its best in four, according to Dealogic. “The momentum feels like it is building a positive backdrop for 2015,” says Nicholas Johnson, head of Asia Pacific equity capital markets at JPMorgan.
Dealogic数据显示，这些融资交易推动香港IPO市场创出3年来最强业绩、韩国创出4年来最强业绩。摩根大通(JPMorgan)亚太股权资本市场主管尼古拉斯•约翰逊(Nicholas Johnson)表示：“我们认为这股势头为2015打下了积极的基调。”
Australia too has outperformed, enjoying its best year in two decades with $16bn to its account. Sydney has been its brightest market. Last month Medibank Private, the country’s largest health insurer, raised $4.9bn. In July, banks raised $2.1bn for Healthscope, a private hospital operator.
澳大利亚也创出了罕有的亮眼业绩，IPO融资额达到160亿美元，是20年来最好的一年。其中悉尼股市表现最为突出。澳大利亚最大的健康保险公司Medibank Private上月集资49亿美元。7月，几家银行为私人医院运营商Healthscope筹得21亿美元。
Elsewhere, IPOs have swung in and out of favour — exemplified by Hong Kong. It suffered a slow start to the year when its first big deal — Li Ka-shing’s spin-off of HK Electric in January — raised $3.1bn, far short of the $5bn first mooted.
在其他地区，投资者对IPO的态度忽冷忽热——香港就是一例。香港市场今年开局不利，其首桩大交易——李嘉诚(Li Ka-shing)于1月剥离香港电灯(HK Electric)——仅筹得31亿美元，远低于最初50亿美元的目标。
In March, bankers were dismayed after Mr Li sold a quarter-stake in Watsons, his pharmacy and food chain, instead of risking another spin-off. This came less than a week after Alibaba confirmed it had chosen New York for its record listing.
3月，李嘉诚发售他旗下药品及食品连锁企业屈臣氏(Watsons)四分之一的股份，而没有整体剥离，让银行业人士感到失望。此前几天，阿里巴巴证实已选择赴纽约上市，后来创下有史以来最大IPO纪录。
Global pork producer WH Group dealt another blow in April. It was forced to pull its much-hyped $6bn offering — even after halving the size — when investors balked at its valuation and its rush to market.
跨国猪肉生产商万洲国际(WH Group)在4月也给香港IPO市场造成一次打击。这起被热炒的IPO交易最初计划融资60亿美元，但投资者对这一估值以及万洲操之过急的做法感到犹豫。即便在它将募资规模砍掉一半之后，此次交易还是被迫取消。
The failure left its 29 bookrunners — a global record — blaming each other amid suggestions the only groups to have made a cent on the deal were the Four Seasons hotel chain and Cathay Pacific, the airline.
IPO失败使得万洲聘请的29家承销商（数量在全世界创下纪录）相互指责，而据说除了四季酒店(Four Seasons)和国泰航空(Cathay Pacific)，所有公司在这笔交易中都分文未赚。
As markets steadied so the mood improved in Hong Kong. A humbled WH Group returned in August, using two bookrunners to raise $2bn.
随着市场企稳，香港IPO也人气上升。8月，万洲国际以谦卑的姿态重回IPO市场，聘请两家承销商，融资20亿美元。
From September the pipeline grew rapidly, culminating in the $3.2bn raised by CGN Power, China’s leading nuclear generator and the $3.7bn Dalian Wanda Commercial Properties managed this week.
从9月开始，筹备赴港上市的企业数量迅速增多。本周，中国主要核电企业——中广核电力(CGN Power)筹得32亿美元，大连万达商业地产(Dalian Wanda Commercial Properties)筹得37亿美元。
The only market to have enjoyed similar opening-day pops was Shanghai. Its rally — up a quarter since the beginning of November — has encouraged subscriptions. Bankers are watching with interest. While its IPOs are the preserve of mostly local operators efforts to reform the listing process could help move it towards more international practices.
上海股市自11月初以来上涨了四分之一，这轮市场回弹鼓舞投资者踊跃认购新股，引发银行业人士的关注。尽管沪市IPO基本上是中国本土投行的专属领地，但上市流程的改革可能有助于推动沪市与国际惯例接轨。