The biggest public float this year has made an unimpressive debut in Hong Kong, underlining investor caution towards initial public offerings even though global equity markets have recovered from early-year plunges.

今年以来规模最大的公开上市在香港迎来反应平平的首日交易，突显投资者对首次公开发行(IPO)态度谨慎——即便全球股市已从年初的大跌复苏。

China Zheshang Bank closed unchanged at HK$3.96 yesterday, having dropped as much as 0.8 per cent to HK$3.94. The regional lender raised $1.7bn last week after pricing at the lower end of the marketed range.

中国的浙商银行(Zheshang Bank)昨日以3.96港元报收，当日持平，盘中一度下跌0.8%，至3.94港元。这家地方银行上周将发行价定在区间底端后，筹资17亿美元。

Bank of Tianjin, another mainland regional bank, also debuted, and finished the day flat at HK$7.3, after raising $948m — at the lower end of its range.

另一家内地的地方银行天津银行(Bank of Tianjin)昨日也投入首日交易，以7.3港元报收，当日持平。该行也将发行价定在区间底端，筹得9.48亿美元。

The listings are rare successes in the slowest start for listings worldwide since the aftermath of the financial crisis in 2009. So far in 2016 just $13.4bn has been raised globally, according to Dealogic — a third of the amount raised by this time last year.

这两宗上市还算是难得的成功。今年世界各地遭遇金融危机爆发后的2009年以来最缓慢的IPO开局；Dealogic的数据显示，2016年迄今全球IPO筹资总额只有134亿美元，只有去年截至此时筹资总额的三分之一。

Markets globally suffered their weakest start to a year as the low oil price and worries about China’s slowing economy boosted haven assets, including the Japanese yen and gold, and sent riskier investments, such as stocks, plunging.

今年全球市场遭遇史上最惨淡的开局，低油价和市场对中国经济放缓的担忧提振了避险资产，包括日元和黄金，同时导致股票等风险较高的投资暴跌。

The S&P 500 stands 0.5 per cent higher for the year, having regained all of the 11 per cent it fell in January.

目前标普500(S&P 500)比年初水平高出0.5%，收复了1月份下滑11%的全部失地。

European and Chinese bourses are taking longer to recover, however. The blue-chip FTSE Eurofirst 300 is down 8 per cent for the year, though well off early-year losses of 18 per cent.

然而，欧洲和中国股市恢复元气的速度更慢。由欧洲蓝筹股组成的富时Eurofirst 300(FTSE Eurofirst 300)股指今年迄今下跌8%，尽管相比今年早些时候18%的跌幅已经好了不少。

The Hang Seng China Enterprises index, a closely followed grouping of Hong Kong-listed mainland stocks, initially fell 22 per cent but has recovered to stand 8 per cent lower. However, its level yesterday of 8,895 leaves it short of the 10,000 mark bankers use as a rule of thumb for the return of risk appetite.

由一组在港上市的内地股票组成的受到密切关注的恒生中国企业指数(Hang Seng China Enterprises index)今年曾下跌22%，但已经恢复到今年迄今下跌8%。然而，其昨日所处的8895点水平，仍低于被银行家们视为风险偏好回归经验门槛的10000点。

Hong Kong leads the global IPO rankings with $3.5bn in the year to date, but it has suffered a pulled listing — its first in almost two years.

今年香港领衔全球IPO榜单，迄今的筹资总额达到35亿美元，但香港交易所也遭遇了一宗上市取消，这对该交易所是近两年来的头一回。

London is second, having raised $1.8bn, and Nasdaq third with $1.3bn. The main board of the New York Stock Exchange has not had a listing this year — its longest drought since the period after the collapse of Lehman Brothers in September 2008.

伦敦名列第二，共筹集18亿美元，纳斯达克(Nasdaq)名列第三，共筹集13亿美元。纽约证交所(NYSE)主板今年尚未有过一笔IPO，为2008年9月雷曼兄弟(Lehman Brothers)倒闭后那段时间以来第二漫长的“旱季”。

Bankers cautioned against expecting much of a pick-up after the two Hong Kong listings. Both banks allotted more than half their offerings to cornerstone investors, which accept six-month lock-ups in return for large allocations.

银行家们告诫称，在香港上市两只股票后，不要指望局面有太大起色。这两家银行都把一半以上的IPO发行股票配售给基石投资者，这些投资者接受6个月锁定期以换取更大比例的配售。

The sector also tends to rely on mainland investment.

地方银行这个板块还倾向于依赖内地投资。