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中石油启动A股上市

中国最大的能源公司中石油(PetroChina)启动了外界期待已久的首次公开发行(IPO),该公司可能募集逾90亿美元资金,成为中国内地规模最大的IPO。

PetroChina, the country’s largest energy company, has launched its long-awaited local initial public offering, which could raise more than $9bn in what would be the largest domestic listing.

中石油IPO的时间也进行了精心安排,以利用内地市场不断攀升的良机。在过去短短两年多的时间里,上海的基准指数已上涨了5倍。

The IPO would also be well timed to take advantage of a soaring local share market. Shanghai’s benchmark index has increased sixfold in just over two years.

中石油在周日晚间递交上海证交所和香港交易所的一份声明中表示,该公司计划向投资者发售40亿股A股股票。中石油是中国石油天然气集团公司(China National Petroleum Corp)的子公司。

PetroChina, a unit of China National Petroleum Corp, said in a statement to the Shanghai and Hong Kong stock exchanges on Sunday night that it planned to offer 4bn local A-shares for sale to investors.

这家国有油气集团在9月20日的招股书中曾表示,预计将募集资金378亿元人民币(合50亿美元),如今看来,这个数字有可能被超过。

The state-controlled oil and gas group had said in its prospectus on September 20 that it expected to raise Rmb37.8bn ($5bn), a figure that now could be exceeded.

如果这40亿股A股的发行价定在相当于中石油香港股票的水平,那么此次上市可能募集资金约98亿美元。

If the 4bn A-shares were priced at a level comparable with PetroChina’s shares traded in Hong Kong, the listing could raise about $9.8bn.

以基于中石油港股上周收盘价的标准计算,该公司市值为4370亿美元,排名全球第二,超过了通用电气(General Electric),仅次于埃克森美孚(ExxonMobil)。

PetroChina’s market capitalisation, using one measure based on its closing price in Hong Kong last week, was $437bn ? ranking the company as the world’s second-biggest ? ahead of General Electric but behind ExxonMobil.

在上海证交所上市后,中石油甚至可能超过埃克森美孚,成为世界上市值最大的上市公司。不过,由于中石油流通股比例很低,可以说,市值无法很好地体现该公司的真正价值。

After it lists on the Shanghai stock exchange, it could even surpass Exxon to become the world’s most valuable quoted company, although the thin float arguably makes the market value a poor guide to PetroChina’s true value.

此等估值基于一个不太可能的假设,即中石油国有母公司持有的全部非流通股,均与流通股等值。

Such valuations are based on the improbable projections that all of the company’s non-tradable shares still held by the state parent are equal in value to the traded shares.

传统上,A股股票的定价低于香港的H股,而且通常远远低于当地投资者愿意支付的价格。因此,内地上市的股票在首日上市时一般都会大幅攀升。

A-shares have traditionally been priced at a discount to Hong Kong’s H-shares and often well below the price local investors are willing to pay. As a result, locally listed shares traditionally jump sharply on their debut.

此前最大规模的内地上市公司是中国最大煤炭企业的子公司——中国神华(Shenhua Energy)。该公司上月在上海募集了89亿美元。中国神华得到了大约30倍的超额认购,股价在上市首日上涨了大约87%。

The largest previous local listing was Shenhua Energy, a unit of China’s largest coal company, which raised $8.9bn in Shanghai last month. Shenhua Energy was about 30 times oversubscribed and soared by about 87 per cent on its opening trading day.

重点单词   查看全部解释    
measure ['meʒə]

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n. 措施,办法,量度,尺寸
v. 测量,量

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statement ['steitmənt]

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n. 声明,陈述

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willing ['wiliŋ]

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adj. 愿意的,心甘情愿的

 
valuable ['væljuəbl]

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adj. 贵重的,有价值的
n. (pl.)贵

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improbable [im'prɔbəbl]

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adj. 未必然的,不像会发生的,似不可信的

 
initial [i'niʃəl]

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n. (词)首字母
adj. 开始的,最初的,

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figure ['figə]

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n. 图形,数字,形状; 人物,外形,体型
v

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exchange [iks'tʃeindʒ]

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n. 交换,兑换,交易所
v. 交换,兑换,交

 
discount ['diskaunt]

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n. 折扣,贴现率
vt. 打折扣,贴现,不重

 
surpass [sə'pɑ:s]

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vt. 超越,凌驾,胜过

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