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首页 投资分析 双语|港交所希望小米为科技企业赴港上市大潮拉开帷幕

双语|港交所希望小米为科技企业赴港上市大潮拉开帷幕

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Chinese technology giant Xiaomi is readying flotation plans as Hong Kong Exchanges and Clearing (HKEX) unveils major changes to its listings rules with the aim of winning a string of blockbuster initial public offerings with multibillion-dollar valuations.

中国科技巨头小米正在准备上市, 香港交易所(HKEX)则于近期公布将对其上市规定条款进行重大调整的消息,此举目的是希望赢得一系列拥有巨额估值的重量级首次公开发行。

The Hong Kong stock exchange is poised to publish big changes to its listing regime on Tuesday in a bid to attract more "innovative" technology companies, as well as companies that have floated overseas, to list on the venue.

香港交易所计划在周二公布其上市制度的重大调整,目的是为了吸引更多"创新型"科技公司以及那些已在海外上市的企业赴港上市。

Xiaomi is one of the Chinese technology companies finalising plans to float, with Hong Kong its most likely destination, according to two bankers close to the plan. The company is expected to file its IPO application as early as May, after HKEX has published its rules and allows for applications under the new regime, the sources said. Xiaomi declined to comment.

熟悉小米上市计划的两位银行家表示,小米是近期正在敲定上市计划的中国科技公司之一,而香港则是其最有可能上市的地点。这两位消息人士称,在港交所公布修改规定及推行相关新制度的前提下,小米预计最早将于今年5月份提交首次公开发行(IPO)申请。截至目前,小米拒绝就此预测发表意见。

The move by HKEX is aimed at encouraging more Chinese unicorns and technology behemoths to list in Hong Kong, after the venue lost out on e-commerce giant Alibaba's record-breaking $25bn listing to New York in 2014.

港交所此举旨在鼓励更多的中国独角兽企业和科技巨头在香港上市,在此之前,港交所痛失电商巨头阿里巴巴的首次公开发行(IPO),后者于2014年在美国纽约上市并创下了250亿美元的破纪录募资。

Charles Li, chief executive of HKEX, said at a Wall Street Journal conference on Friday that it is "only a matter of time" before Alibaba and Xiaomi list in Hong Kong. He also reiterated his view that oil company Saudi Aramco would at some point list on the venue, as China is a large customer.

香港交易所(HKEX)首席执行官李小加(Charles Li)上周五在《华尔街日报》(Wall Street Journal)的一次会议上表示,阿里巴巴和小米在香港上市"只是时间问题"。他还重申了他的观点,即石油公司沙特阿美公司也将在不久的将来赴港上市,因为中国是该公司的重量级客户。

The changes to be announced by HKEX on Tuesday are expected to enable biotech firms that have yet to generate a revenue to list on the exchange for the first time.

港交所于周二宣布的改革调整将首次允许尚未产生收入的生物技术公司在该交易所上市。

The rules are also set to permit companies deemed "innovative" to list with dual-class share structures, which give founders of companies greater voting rights over ordinary shareholders.

改革后的规定还将允许被视为"创新型"的公司以双重股权结构上市,双重股权结构赋予公司创始人比普通股东更大的投票权。

The exchange is also poised to announce that it will make it easier for companies listed overseas to seek a secondary listing in Hong Kong. Companies that fit the new criteria would be able to apply to list from April 30.

港交所还准备宣布其计划使已在海外上市的企业在香港更容易二次上市。符合新标准的公司从4月30日起可提交上市申请。

Xiaomi, which originally created smartphones before branching into software and becoming a more internet-focused business, have appointed Morgan Stanley, Goldman Sachs and Citic as bankers.The company could be valued at as much as $100bn in the biggest tech IPO since Alibaba's flotation.

小米,一家最初生产智能手机后来进军软件领域并成为专注于互联网业务的公司,现已聘请摩根士丹利(Morgan Stanley)、高盛(Goldman Sachs)和中信(Citic)为保荐人。该公司的估值可高达1000亿美元,这将会是自阿里巴巴上市以来规模最大的科技企业IPO。

One banker said: "They [HKEX] want Xiaomi to be the poster child of its new regime." Some analysts and bankers said Hong Kong's move to embrace companies with dual-share class structures would attract Xiaomi, as a way for the founder Lei Jun to retain a larger degree of control.

一位银行家表示:"他们(港交所)希望小米成为其新体制的代言人。" 同时,另外一些分析师和银行家认为,香港接纳具有双重股权结构的公司的举动将成功吸引小米,因为双重股权结构也代表小米公司创始人雷军能够保留对公司更大程度的控制权。

Dual-class shares have provoked a backlash from corporate governance activists, who said that ordinary shareholders will lose out from having fewer voting rights.

与此同时,港交所双重股权结构改革引发了公司治理活动人士的强烈反对,他们表示,普通股东将因投票权减少而蒙受损失。

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