中廣核電力在香港啓動詢價圈購
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.
中國頭號核電生產商中廣核電力(CGN Power)在香港啓動了詢價圈購。該集團的上市將是2014年香港最大規模的上市交易。這也是中國內地企業年底前籌資潮的一部分。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.
根據英國《金融時報》看到的框架協議，中廣核計劃銷售總價值爲32億美元的股票，這將令此次上市成爲自光大銀行(Everbright Bank)上市以來，香港最大規模的首次公開招股(IPO)。去年12月，光大銀行曾在香港籌集類似規模的資金。
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市場一直表現不佳。今年4月，曾一度打算籌集逾60億美元的萬洲國際(WH Group)曾被迫推遲上市——儘管該集團此前已降低了籌資規模。這家豬肉生產商後來再次啓動了規模較小，定價較低的股票上市交易，沒想到股價還是出現了下滑。
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月在香港籌集6.5億美元資金後，天合化工(Tianhe Chemicals)的股價也曾大幅下挫。起初該集團股票表現良好，然而在空頭因公司財務賬目而關注這家企業之後，該集團股價下跌了五分之一。今年在香港所有新上市企業中，只有一半企業的股價相對發行價累計上漲。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.
銀行家們希望，以中廣核爲首的、姍姍來遲的大規模上市交易潮將有助於將香港IPO市場的全球排名推升至倫敦之上。據說，中廣核與投資者的早期見面會進展順利，投資者初步對中廣核顯示了強烈的興趣。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.
根據中廣核的招股說明書，該集團成立於1979年，以11座發電廠供應着中國55%的核能發電量。這些發電廠所發的電多數用於向華南省份廣東和福建、以及香港自身的電網供應電力。2013年，該集團錄得42億元人民幣（合6.85億美元）可向股東分配利潤，與前一年大致持平。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.
該公司計劃將新的資金用於買入台山核電(Taishan Nuclear Power)更多股份。目前，台山核電旗下運營着兩座發電廠。上個月，中廣核曾簽署一份協議，要將對臺山核電的持股比例從41%擴大到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，部分收益還將用於建造新發電廠、企業研發、支付債務利息、以及海外擴張。根據其上市文件的說法，今年9月底，中廣核有息債務的規模爲815億元人民幣。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.
中廣核希望能從中國政府對抗環境污染的運動中受益。在這場運動中，更多電力將從煤炭轉向包括核能在內的較乾淨燃料。該公司計劃在12月3日確定發行價，並於一週後開始交易。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.
對香港股市的銀行家來說，和此前幾年一樣，今年最後一個月將會是繁忙的一個月。中國醫藥集團總公司(Sinopharm)也在週一宣佈，將通過配股籌集56億港元（合7.16億美元），而萬達商業地產(Dalian Wanda Commercial Properties)則計劃通過上市籌集30億到50億美元。
