2007年4月13日 借巴黎魅力吸引中企上市

Promising Chinese and Indian companies have long been accustomed to foreign investment bankers knocking on their doors, but over the past two years they have started to receive another type of visitor - overseas stock exchanges wanting to host their initial public offerings.

这样的登门推销今后将更加激烈。因为就在上周，纽约证交所(NYSE)和泛欧交易所(Euronext)正式完成合并，诞生了历史上首家跨大西洋证券交易所。

That courtship is about to get more intense after the completion last week of the deal between the New York Stock Exchange (NYSE) and Euronext to create the first ever transatlantic stock exchange.

纽约-泛欧交易所(NYSE Euronext)已设定目标，力求吸引新兴的亚洲公司前来IPO，特别是印度和中国的公司。它希望以在美国和欧洲同步上市这一前景来吸引中印企业。

NYSE Euronext has set itself the target of attracting IPOs from emerging Asian companies, notably from India and China, which it hopes to lure with the prospect of listings in both the US and Europe.

纽约证交所的全球上市部门将移师巴黎，新的证交所计划以此吸引近年来避开美国的外国公司。由于担心诉讼风险，而且一些企业觉得美国繁琐规定太多--包括《萨班斯-奥克斯利法》的部分监管要求，很多外国公司已决定不在美国上市。

By moving NYSE's global listings division to Paris, the exchange plans to win business from foreign issuers who have decided in recent years to avoid the US because of the litigation risks and what some feel is excessive red tape, including parts of the Sarbanes-Oxley regulations.

虽然到目前为止，赴巴黎上市的想法尚未吸引多少印度或中国的企业家，但纽约证交所已经在该地区建立了相当大的影响力。共有11家印度公司在纽约证交所上市，其中包括Wipro等著名的外包服务和IT集团。来自大中华地区的34家企业在纽交所上市，其中包括2004年上市的太阳能电池组件制造商无锡尚德(Suntech)。

Although the idea of a Paris listing has so far not attracted many Indian or Chinese entrepreneurs, the NYSE has already built up a significant presence in the region. There are 11 Indian companies on the NYSE including well-known outsourcing and IT groups such as Wipro and 34 companies from greater China, including the 2004 listing of Suntech, the solar panel-maker.

但是，新的证交所将面临众多其它全球证交所的激烈竞争，这些竞争对手也已在印度和中国企业中建立了强有力的地位。

However, the new exchange is facing fierce competition from a number of other global exchanges which have already established strong franchises among companies from India and China.

中资公司很早就开始到中国大陆以外筹集资金了。过去3年间，共有250家中国公司进行了海外上市。但它们的首选上市地点一直是香港。近年来，中国公司在香港筹集的资金总额，甚至超过了它们在中国内地的上海、深圳证交所的筹资总额。

Chinese companies have long looked outside the mainland to raise funds - there were 250 overseas listings by Chinese firms over the past three years; however, their preferred market has been Hong Kong. In recent years Chinese companies have raised more money in Hong Kong than they have on the mainland exchanges in Shanghai and Shenzhen.

大型国有企业一直是最引人瞩目的IPO交易主角，但较小规模的私营企业也开始越来越多地寻求到香港上市。

The most high-profile IPOs have been by large state-owned companies but smaller private companies have also increasingly looked to Hong Kong.

中国财务管理咨询公司清科(Zero2IPO)的董事总经理康中迈(Michael Kang)表示："赴香港上市有很大的文化原因。企业认为，香港的投资者会对它们有更好的理解。"

"There are big cultural reasons for going to Hong Kong," says Michael Kang, managing director of Zero2IPO, a Chinese financial advisory firm. "Companies feel that investors in Hong Kong will understand them better."

新加坡证交所已经吸引了100多家中国企业前去上市；而在伦敦证交所旗下的另类投资市场(Aim)，也一直有小型中国私营企业前来上市。在中国的高科技和互联网公司中，纳斯达克(Nasdaq)也很受欢迎。

Singapore has attracted more than 100 Chinese companies, while London's Alternative Investment Market (Aim), a sub-market of the London Stock Exchange, has also seen a steady flow of small private Chinese companies. Nasdaq has also been popular among hi-tech and internet companies.

一个最大的阻力可能在于，中国内地股市过去18个月间已经走出熊市，重新走高。中国监管机构希望上海和深圳证交所能吸引到大型的上市交易，它们对于让中国公司赴海外上市远不如以前那么热心了。

The biggest obstacle could be the revival in the mainland market over the past 18 months. Chinese regulators want to attract more high-profile listings to Shanghai and Shenzhen and have become much less keen to let some Chinese companies go overseas.

业务重点在印度的企业也开始对Aim这样的海外证交所产生更浓厚的兴趣，以回避印度的监管障碍，并提高在投资者当中的形象。

India-focused companies have also begun to take a stronger interest in overseas stock exchanges, such as London's Aim, in a bid to sidestep India's regulatory hurdles and gain a higher profile among investors.

去年，有10家业务重点在印度的公司在Aim上市，而2005年仅有3家。这10家企业中，有八家是房地产类企业。今年迄今，已有3家印度企业登陆Aim，其中包括Dev Property Development和Naya Bharat Property。两家公司分别发售了1.38亿英镑(合2.72亿美元)、6000万美元的股票。

Ten India-focused companies listed on Aim last year compared with three in 2005, of which eight were property-related groups. Three have debuted on Aim so far this year, including Dev Property Development and Naya Bharat Property, which issued ￡138m ($272m) and $60m respectively.

房地产、基础设施和能源等新兴行业的印度企业，对Aim的兴趣尤其浓厚。它们偏爱Aim的原因在于，Aim的上市要求被认为不如伦敦证交所(LSE)那么严格。

Interest is especially keen among Indian ompanies from emerging sectors such as real estate, infrastructure and energy. Companies are leaning towards Aim because its listing criteria are perceived to be less rigorous than that of the LSE.

专门投资于印度的美国和英国房地产基金，也希望在Aim上市。

US and UK real-estate funds dedicated to investment in India are also looking to Aim.

Trinity Capital去年就在Aim筹资2.5亿英镑；Eredene Capital筹资5700万英镑；India Hospitality Corp则募集了1亿美元，用于在印度收购酒店。

Trinity Capital last year raised ￡250m on Aim; Eredene Capital raised ￡57m and India Hospitality Corp raised $100m to buy hotels in India.