Asian Companies Look to U.S. for Listings

目前，有更多的亚洲企业开始在美国挂牌上市；在美国，一些亚洲企业可以吸引比国内更高的价格。据Dealogic的数据显示，今年以来在美国进行首次公开募股(IPO)的15家企业中有5家来自亚洲，而全球其他地区尚没有企业在美国上市。今年以来积极推进上市进程的24家提交了申请的企业中只有一家为亚洲公司，这家公司是中国在线视频游戏公司盛大游戏(Shanda Games Ltd.)。（数据不包括房地产投资信托空壳公司和IPO规模不足1,000万美元的公司。）不过据银行家和律师们说，有很多亚洲企业正在准备向美国证券交易委员会(SEC)提交的IPO文件。Piper Jaffray Cos.亚洲股权资本市场负责人里格斯(J. West Riggs)说，过去两个月有一些新的秘密申请，开始壮大申请上市企业的队伍。这类企业的数量并没有大幅增多，不过开始增加。并不是每一个亚洲公司都受到了美国投资者的热捧。中国化工企业康鹏化学有限公司(Chemspec International Ltd.)和香港CDC软件(CDC Software Corp.)在头几个交易日遭遇了滑铁卢，上周五收盘价低于IPO价格。康鹏化学6月份在纽约证交所上市，CDC软件8月份在纳斯达克上市。不过那些在美国IPO中表现不错的亚洲企业可以说是大获全胜。中国视频游戏厂商畅游有限公司(Changyou.com)和污水处理企业多元环球水务(Duoyuan Global Water Inc.)在头几个交易日实现了两位数涨幅，此后涨势更加强劲。畅游4月份在纳斯达克上市，多元环球水务6月份在纽约证交所上市。上个月在纳斯达克上市的新加坡半导体设计公司安华高科技(Avago Technologies Ltd.)在首个交易日涨了8%，上周五收盘价较IPO价格涨了18%。银行家们说，中国很可能成为今年申请在美国上市亚洲企业的主要来源。摩根大通(J.P. Morgan Chase & Co.)美洲股权资本市场负责人威尔森(Kevin Willsey)说，大部分股市投资者从根本上相信，中国将继续作为全球增长的一个主要引擎。事实是，尽管全球形势不利，中国经济将继续表现良好。观察人士说，预计将进行更多IPO的行业包括拥有良好增长机遇的科技教育和特种制造企业。里格斯说，中长期来看，还可能出现医疗企业IPO，这要取决于经济和政府趋势。并非每一个亚洲企业都对在美国上市感兴趣。中国建筑股份有限公司(China State Construction Engineering Corp.)选择在上海上市，中国忠旺股份有限公司(China Zhongwang Holdings Ltd.)则在香港上市。这两家企业属今年以来IPO规模最大的中国企业之列。据律师事务所Maples & Calde香港办事处联席执行合伙人Christine Chang说，选择在美国而不是亚洲上市，这样的决定要取决于公司对美国监管的看法，还常常要看该公司的类型。她说，尽管纽约证交所和纳斯达克素有吸引经验丰富的科技投资者的声誉，美国监管规定却被视为比亚洲市场的更加严苛。传统企业倾向于在离本土更近的地方上市，而新的增长导向型企业则常常倾向于在美国上市。Chang说，如果是医疗清洁科技或基于技术的公司，我们所看到的情况是，这类最好在美国上市，因为这样可以获得对股票的更好估值。不过，如果企业从事的是证券业务银行业或金融服务，我们看到的情况是，这类股票通常会在香港上市。LYNN COWAN相关阅读纽约证券交易所驻华代表：中国公司正在重新启动赴美上市计划 2009-05-22未来一年赴美上市的中国公司有望达到20家 2009-05-15网游网赴美上市在即  竞争激烈影响业绩前景 2009-03-30


More Asian companies are going public in the U.S., where some can attract a higher price than would be possible on their home turf.Five of the 15 initial public offerings that have priced in the U.S. this year have been from Asia, while no other region has had a company tap the American market, according to data from Dealogic.There is only one Asian filing in the backlog of 24 companies that have been actively moving forward on their deals this year, that of Chinese online video game company Shanda Games Ltd. (The data exclude real-estate investment trusts, empty-shell companies and deals raising less than $10 million.) But there is a pipeline of Asian companies preparing IPO paperwork behind the scenes with the U.S. Securities and Exchange Commission, according to bankers and lawyers.'There have been some new confidential filings in the last two months that have started building up the pipeline. It's not growing dramatically, but it is starting to build,' says J. West Riggs, head of Asia equity capital markets for Piper Jaffray Cos.Not every Asian company has been a hit with U.S. investors. Chinese chemicals firm Chemspec International Ltd. and Hong Kong's CDC Software Corp. floundered on their first days of trading and closed on Friday below their IPO prices. Chemspec made its debut in June on the New York Stock Exchange and CDC on the Nasdaq Stock Market in August.But the ones that have done well have been home runs.Chinese video-game maker Changyou.com, which went public in April on the Nasdaq, and Chinese water treatment firm Duoyuan Global Water Inc., which debuted in June on the NYSE, made double-digit percentage gains on their first days of trading and have risen more since.Singapore semiconductor designer Avago Technologies Ltd. rose 8% on its debut on the Nasdaq last month and closed Friday up 18% from its IPO price.Bankers say China is likely to be the main source of Asian filings this year.'Most equity investors fundamentally believe that China will continue to be a major engine of global growth. The fact is that the Chinese economy continues to do quite well despite global headwinds,' says Kevin Willsey, head of equity capital markets for the Americas at J.P. Morgan Chase & Co.Among the industries expected to deliver more IPOs are technology, education, and specialized manufacturers with good growth opportunities, observers say. Longer term, health-care deals could also emerge, depending on economic and government trends, Mr. Riggs says.Not every Asian company is interested in launching its debut in the U.S. China State Construction Engineering Corp. opted for Shanghai, and China Zhongwang Holdings Ltd. listed in Hong Kong. They are among the biggest IPOs of Chinese companies this year.Making the decision to choose a listing in the U.S. instead of Asia depends on the company's view of U.S. regulation, and often, what type of industry it is in, according to Christine Chang, a joint managing partner at law firm Maples & Calder's Hong Kong office. While the New York Stock Exchange and Nasdaq have a reputation for drawing sophisticated technology investors, U.S. regulations are seen as more onerous than in Asian markets, she says. Traditional businesses tend to hew closer to home, while newer, growth-oriented companies often gravitate to the states.'If it's a health-care, clean-tech, or tech-based company, we have seen that it may be better off listing in the U.S., because it could get a better valuation' for the stock, says Ms. Chang. 'But if it's in the securities businesses, banking, or financial services, we have seen that those stocks generally go to Hong Kong.'LYNN COWAN