H股大漲改寫全球企業排名

China Construction Bank has overtaken JPMorgan, Facebook and Chevron in terms of size, a sign of how a dramatic stock market rally in Hong Kong is reshaping the league table of the world’s largest companies.

中國建設銀行(China Construction Bank)已經在市值規模上超越摩根大通(JPMorgan)、Facebook和雪佛龍(Chevron)，這表明，香港股市大漲正在重塑全球最大公司的排行榜。

The surge has come even as Chinese economic indicators worsen. China’s exports slumped 15 per cent in March, raising the prospect of disappointing first-quarter economic growth.

此輪漲勢出現之際，中國的各項經濟指標正趨於惡化。3月份出口同比下滑15%，使得第一季度經濟增長可能令人失望。

The market capitalisation of Hong Kong-listed shares set a new record yesterday, passing the HK$30tn mark for the first time to close at HK$30.55tn (US$3.9tn). The Hong Kong share market has risen 17.6 per cent in the past month, making it the best performer in the world this year outside the Chinese mainland.

香港上市股票的總市值昨日創下新紀錄，首次突破30萬億港元大關，收盤爲30.55萬億港元（合3.9萬億美元）。香港股市在過去一個月累計上漲17.6%，使其成爲今年迄今全球除中國內地以外表現最好的股市。

The surge in valuations comes as investors, wary of frothy valuations in Shanghai and Shenzhen, switch into lower-priced Hong Kong stocks. A move by the Chinese authorities to give mutual funds access to the Hong Kong market via Stock Connect has also boosted share volumes in the territory.

估值飆升的背景是，對上海和深圳的估值“起泡”產生戒心的投資者，紛紛轉投相對便宜的港股。中國當局允許共同基金通過“滬港通”進入香港市場的舉措，也提振了香港的股票成交量。

As a result, a host of companies now eclipse their global rivals. CCB, China’s second-largest lender by assets, has risen by a fiFTh in the past month, giving it a market capitalisation of US$248bn. It is now the 15th biggest company on the FTSE All World index, and the third ranked bank after local rival ICBC and US-based Wells Fargo.

其結果是，多家公司現在超越其全球競爭對手。作爲中國按資產衡量的第二大銀行，建行股價在過去一個月上漲五分之一，使其市值達到2480億美元。該行現在是富時環球指數(FTSE All World index)上的第15大公司，而且是全球第三大銀行，僅次於國內同行中國工商銀行(ICBC)和美國的富國銀行(Wells Fargo)。

Other price changes have been equally impressive. Online games maker Tencent — up 27 per cent over the past month — is now larger than Amazon, Oracle and Samsung Electronics, while Air China has a bigger market cap than Singapore Air and Cathay Pacific combined, following a 42 per cent rise.

其他個股的價格變化同樣令人印象深刻。互聯網巨頭騰訊(Tencent)股價在過去一個月上漲27%，如今市值大於亞馬遜(Amazon)、甲骨文(Oracle)和三星電子(Samsung Electronics)，而中國國航(Air China)在股價上漲42%之後，如今市值大於新加坡航空(Singapore Air)和國泰航空(Cathay Pacific)之和。

Citic Securities, China’s leading brokerage, has gained 45 per cent over the past month. At $61bn, it now has a significantly larger market cap than either Blackstone or Credit Suisse. China Merchants Bank rose 25 per cent yesterday alone, putting it ahead of Barclays, Mitsubishi UFJ and Royal Bank of Canada, with a market cap of $91bn.

中國領先的券商中信證券(Citic Securities)在過去一個月上漲45%。如今其610億美元的市值顯著大於黑石(Blackstone)和瑞士信貸(Credit Suisse)。中國招商銀行(China Merchants Bank)僅在昨日就大漲25%，使其達到910億美元的市值，超越巴克萊銀行(Barclays)、三菱日聯金融集團(Mitsubishi UFJ)和加拿大皇家銀行(Royal Bank of Canada)。

The arrival of billions of dollars from mainland China has triggered a 65 per cent appreciation in the share price of Hong Kong Exchanges and Clearing, valuing the operator at $44bn, comfortably above global rivals.

來自中國內地的鉅額資金推動香港交易所(Hong Kong Exchanges and Clearing)股價大漲65%，使這家股市運營商的市值達到440億美元，輕鬆領先於全球競爭對手。

The HKEx has now displaced CME Group of the US, with a market capitalisation of $31bn, as the world’s largest exchanges operator in the past month.

過去一個月裏，港交所已取代市值310億美元的美國芝加哥商品交易所集團(CME Group)，成爲全球最大的交易所運營商。

The Hong Kong bourse also outstrips fellow US derivatives exchange operator Intercontinental Exchange, which owns the New York Stock Exchange and has a market valuation of $25bn.

港交所也超過了市值250億美元、旗下擁有紐約證券交易所(New York Stock Exchange)的美國衍生品交易所運營商——洲際交易所(Intercontinental Exchange)。

The increase in activity has raised expectations for the earnings performance of HKEx. The Hang Seng index is now up 12 per cent since the start of the month.

股市交易活動的增加提高了港交所的盈利預期。自本月初以來，恆生指數已上漲12%。