英闻天下——208 Xinhua Applys for IPO on Shanghai Stock Exchange

 　　China's IPO market experienced a slump¹ in 2012 as concerns continued over the country's slowing economy.

 

　　The Shenzhen and Shanghai stock exchanges registered one hundred and fifty new listings, together raising just over one hundred billion yuan; around sixteen billion US dollars.

 

　　In Shenzhen, funds raised were down 45 percent and down 63 percent in Shanghai.

 

　　However, Chief Investment Officer at Fidelity² Worldwide Investments Dominic Rossi is keeping faith in the Chinese stock markets heading into 2013.

 

　　"We continue to believe in the Chinese equity³ market. It certainly not an expensive equity market today. And we also are very confident about the transformation⁴ that is taking place as China migrate from being a fixed⁵ investment orientated⁶ economy to one which is more consumer led."

 

　　International accounting⁷ firm PricewaterhouseCoopers expects around 200 new listings on Chinese mainland equity markets this year.

 

　　These could raise up to one hundred and fifty billion yuan, or nearly twenty-five billion US dollars.

 

　　The anticipated offering by state-run Xinhuanet.com is one IPO which is getting a lot of attention.

 

　　CEO of the Kwester social gaming website Frank Yu is surprised by the move.

 

　　"For a government entity⁸ to go IPO is somewhat unusual. It's almost like you're privatizing a portion of that company".

 

　　One area being questioned is the timing⁹ of the stock offering.

 

　　Some reports say the IPO has been in the works since as early as the start of 2011.

 

　　Analyst¹⁰ at Analysys International Jason Qi gives his reasoning behind the delay.

 

　　"The first thing is it could take a long time to go through with enterprise reform. They are going to change from SOE to the private-owned enterprise. I think it could take a long time to do this. And another reason is to wait for a good stock environment."

 

　　He also argues the 2012 listing by people.com.cn has influenced the IPO timing.

 

　　"They watch the People Daily, you know the previous listed company. They want to see their performance."

 

　　The People's Daily IPO raised three times more than initially¹¹ planned, receiving funds worth nearly one and a half billion yuan.

 

　　After an initial offering price of 20 yuan, share prices soared by over 90 percent within 2 days of trading.

 

　　Testament¹² to its performance, people.com.cn has maintained a high price of around 39 yuan per share so far this year and profits are up 44 percent.

 

　　Frank Yu of Kwester argues Xinhuanet could also have appeal from investors¹³.

 

　　"There's no guarantee that any IPO will be successful, but having the fact that it's backed by the government, a lot like a Chinese bank is backed by the government, gives a little more confidence to investors that, well, its just not going to go belly-up and that it is sort of backed by a guarantee that someone is going to support it."

 

　　Analysts¹⁴ are debating who will be investing in Xinhuanet.

 

　　People.com.cn saw large investments coming from other state-owned enterprises such as China Mobile, China Unicom and China Telecom Corp.

 

　　Frank Yu of Kwester believes companies could be interested in Xinhuanet on more of a strategic level rather than as a money maker¹⁵.

 

　　"There's also other companies that make investments not so much for the return, they really make a strategic investment to develop a relationship, and allow things like telecoms and media conglomerates¹⁶ and they make strategic investments. For example, Disney, you know, I have no inside information on this but I think if Disney takes a stake in Xinhua, Xinhua will somehow give them some content and help them get distribution in China, and they sort of, do some sort of trade and they seal the deal by trading shares with each other."

 

　　And Analysys International's Jason Qi argues the offering will give Xinhuanet the opportunity to develop as a global media organisation¹⁷ and distributor of information.

 

　　"I think they can extend their business into the new business media industry, centralize the online website and mobile internet market, they can to develop some applications, they can take advantage of their transitional media strengths which the new media business line to obtain more market share."

 

　　With a date yet to be confirmed for the offering, investors will be keeping a close eye on Xinhuanet's developments.

1 slump   

n.暴跌，意气消沉，（土地）下沉；vi.猛然掉落，坍塌，大幅度下跌

参考例句：

• She is in a slump in her career.她处在事业的低谷。
• Economists are forecasting a slump.经济学家们预言将发生经济衰退。

2 fidelity   

n.忠诚，忠实；精确

参考例句：

• There is nothing like a dog's fidelity.没有什么能比得上狗的忠诚。
• His fidelity and industry brought him speedy promotion.他的尽职及勤奋使他很快地得到晋升。

3 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

4 transformation   

n.变化；改造；转变

参考例句：

• Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
• He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。

5 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

6 orientated   

v.朝向( orientate的过去式和过去分词 )；面向；确定方向；使适应

参考例句：

• He orientated himself by finding a familiar landscape. 他寻见一处熟悉的景色，从而确定自己所处的方位。 来自《简明英汉词典》
• They orientated the tennis court north and south. 他们把网球场定为南北向。 来自辞典例句

7 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

8 entity   

n.实体，独立存在体，实际存在物

参考例句：

• The country is no longer one political entity.这个国家不再是一个统一的政治实体了。
• As a separate legal entity,the corporation must pay taxes.作为一个独立的法律实体，公司必须纳税。

9 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

10 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

11 initially   

adv.最初，开始

参考例句：

• The ban was initially opposed by the US.这一禁令首先遭到美国的反对。
• Feathers initially developed from insect scales.羽毛最初由昆虫的翅瓣演化而来。

12 testament   

n.遗嘱；证明

参考例句：

• This is his last will and testament.这是他的遗愿和遗嘱。
• It is a testament to the power of political mythology.这说明，编造政治神话可以产生多大的威力。

13 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

14 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

15 maker   

n.制造者，制造商

参考例句：

• He is a trouble maker，You must be distant with him.他是个捣蛋鬼，你不要跟他在一起。
• A cabinet maker must be a master craftsman.家具木工必须是技艺高超的手艺人。

16 conglomerates   

n.（多种经营的）联合大企业( conglomerate的名词复数 )；砾岩；合成物；组合物

参考例句：

• At the surface, radioactivity of the conglomerates is locally as high as 30 X background. 在地表，砾岩的局部地段的放射性高达30倍本底值。 来自辞典例句
• The conglomerates failed to understand that books could not be sold like soap. 这些联合大企业不懂卖书不象卖肥皂那样。 来自辞典例句

17 organisation   

n.组织，安排，团体，有机休

参考例句：

• The method of his organisation work is worth commending.他的组织工作的方法值得称道。
• His application for membership of the organisation was rejected.他想要加入该组织的申请遭到了拒绝。