Resource companies are flocking to Hong Kong to raise capital. Are they coming to the right place?

　　各大資源類企業(yè)為籌集資金紛紛赴香港上市。問題是，到香港上市是明智之舉嗎？

　　The biggest and latest example is Swiss commodities giant Glencore International AG, which last week confirmed it would raise as much as $11 billion in a dual listing of its shares on the London and Hong Kong stock exchanges. Others looking to list in Hong Kong include China's Inner Mongolia Yitai Coal Co., South Africa's LontohCoal Ltd., Kazakhstan copper miner Kazakhmys PLC and Chinese iron-ore miner Newton Resources Ltd. Reuters

　　圖為2007年11月，蒙古國(guó)南戈壁省沙漠地區(qū)的奧尤陶勒蓋礦區(qū)內(nèi)，工人們正在清理場(chǎng)地，準(zhǔn)備挖掘第二座礦井。預(yù)計(jì)蒙古政府將在未來幾個(gè)月內(nèi)宣布國(guó)有Erdenes-塔萬陶勒蓋公司上市，Erdenes-塔萬陶勒蓋公司現(xiàn)掌控著南戈壁省礦區(qū)巨大的煤炭礦床。近期準(zhǔn)備赴港上市的是瑞士大宗商品貿(mào)易巨頭Glencore International AG，交易規(guī)?？芍^前無僅有。該公司上周證實(shí)說，將在倫敦和香港雙雙掛牌上市，計(jì)劃募集多達(dá)110億美元的資金。其它期待在香港上市的公司有來自中國(guó)內(nèi)地的內(nèi)蒙古伊泰煤炭股份有限公司、南非煤礦開采商LontohCoal Ltd.、哈薩克斯坦銅礦公司Kazakhmys PLC 以及中國(guó)鐵礦石開采商新礦資源有限公司等。

　　One large deal Hong Kong would gladly add to its trophy wall is the IPO of the world's largest coking-coal deposit in Mongolia, due in late 2011 or early 2012. The Mongolian government is expected to announce the listing venue for state-owned Erdenes-Tavan Tolgoi Co., which controls a giant coal deposit in the South Gobi desert, in the coming months. Hong Kong Exchanges & Clearing Ltd. is a leading candidate.

　　香港愿意在自己的“功名簿”上欣然寫入的一筆大規(guī)模交易當(dāng)屬全球最大的焦化煤開采公司的IPO，時(shí)間預(yù)計(jì)在2011年末或2012年初。預(yù)計(jì)蒙古政府將在未來幾個(gè)月里宣布其國(guó)有企業(yè)Erdenes-Tavan Tolgoi Co.的上市地點(diǎn)。該企業(yè)控制著蒙古南戈壁沙漠地區(qū)的一個(gè)巨型煤礦。在該企業(yè)的備選上市地點(diǎn)中，香港交易及結(jié)算所有限公司(Hong Kong Exchanges & Clearing Ltd.，簡(jiǎn)稱：香港交易所)是領(lǐng)跑者。

　　HKEx, as it is known, is keen to attract resource companies away from other venues and increase its own earnings from new listings. It is already a powerhouse in initial public offerings: It attracted more of them than any other market last year for a second year running.

　　香港交易所十分希望把資源類企業(yè)從其它上市地點(diǎn)吸引過來，增加自己在上市方面的收益。香港交易所已成為企業(yè)首次公開募股(IPO)的一個(gè)重要地點(diǎn)，去年連續(xù)第二年成為全球范圍內(nèi)新增上市公司最多的一個(gè)交易所。

　　The drive for resource-related business has become a theme in consolidation of the global exchange industry. Part of the rationale behind Singapore Exchange Ltd.'s 8.4 billion Australian dollar (US$8.88 billion) bid for Australia's ASX Ltd. was to make itself more attractive to mining companies of the kind that dominate Australia's market. Australian regulators dashed Singapore's aspirations when they ruled recently the purchase was against their nation's interest.

　　推動(dòng)資源類企業(yè)上市已成為全球交易所兼并的一個(gè)主題。新加坡交易所(Singapore Exchange Ltd.)提議以84億澳元(合88.8億美元)收購(gòu)澳大利亞主要證券交易所運(yùn)營(yíng)商ASX Ltd.，理由之一就是要提高自己對(duì)那些主導(dǎo)澳大利亞市場(chǎng)的礦業(yè)公司的吸引力。澳大利亞監(jiān)管者前不久做出裁定，認(rèn)為這項(xiàng)收購(gòu)不符合澳大利亞的國(guó)家利益，新加坡的收購(gòu)意愿因此受挫。

　　London Stock Exchange Group PLC, already the primary listing choice for many resource companies, is looking to convince miners they will benefit from the extra liquidity if it succeeds in taking over Toronto Stock Exchange owner TMX Group Inc., another market popular with the minerals and metals sector.

　　倫敦證券交易所(London Stock Exchange Group PLC)早已是很多資源類企業(yè)上市的首選地。該交易所目前正試圖讓礦業(yè)公司相信，如果它能成功收購(gòu)多倫多證券交易所(Toronto Stock Exchange)的所有者TMX Group Inc.，這些公司就會(huì)從額外的流動(dòng)性中獲益。多倫多證券交易所是頗受礦產(chǎn)和金屬類企業(yè)歡迎的另一個(gè)市場(chǎng)。

　　Resource companies haven't historically thronged to HKEx, but the exchange is actively trying to change that. Last June, it changed its listing rules to make it easier for mining companies to raise capital for discoveries they have already made. A total of 82 metal and mining companies are listed in Hong Kong, with a collective market capitalization of US$122 billion, the exchange said.

　　資源類公司并非歷來就愿意趨之若鶩地赴港上市，但這正是香港交易所試圖積極改變的一點(diǎn)。去年6月，該交易所改變了上市規(guī)則，讓礦業(yè)公司可更輕松地為已發(fā)現(xiàn)的礦藏進(jìn)行IPO。香港交易所說，目前共有82家金屬類和礦業(yè)公司在香港上市，總市值達(dá)到1,220億美元。

　　'This is one of the major focuses for this year,' said Eric Landheer, head of issuer marketing for HKEx. He has gone on trips promoting Hong Kong in Canada, Australia, Indonesia, Europe, Japan, Mongolia, Russia, Taiwan, Kazakhstan and the U.S.

　　香港交易所上市推廣部主管藍(lán)博文(Eric Landheer)說，這是我們今年的一個(gè)主要任務(wù)。他已去過加拿大、澳大利亞、印度尼西亞、歐洲、日本、蒙古、俄羅斯、臺(tái)灣、哈薩克斯坦和美國(guó)等地，為企業(yè)赴港上市做宣傳。

　　Weighing in Hong Kong's favor is its appeal for commodities companies as a gateway to China, a dominant global consumer of energy, minerals, metals and foodstuffs.

　　對(duì)香港有利的一個(gè)方面是，香港作為通往中國(guó)內(nèi)地市場(chǎng)的門戶對(duì)許多大宗商品企業(yè)具有吸引力，中國(guó)是全球能源、礦產(chǎn)、金屬和食品的主要消費(fèi)國(guó)。

　　'We're seeing a lot of portfolio managers coming here to be closer to the demand side of the equation, which is China,' Mr. Landheer said, noting for example that China now accounts for 50% of global iron-ore demand.

　　藍(lán)博文說，我們發(fā)現(xiàn)，來到香港的許多投資組合經(jīng)理都是為了靠近充當(dāng)買方的中國(guó)。他舉例說，全球?qū)﹁F礦石的需求量目前有50%來自中國(guó)。

　　He points to the success of the October 2010 listing of Mongolian Mining Corp., which produces coal used in steel production, that raised HK$5.8 billion (US$746 million). The stock has risen 35% since then.

　　他提到了蒙古礦業(yè)公司(Mongolian Mining Corp.)去年10月的成功上市，該公司通過上市募集資金58億港元(合7.46億美元)，其股票自上市以來已經(jīng)上漲了35%。蒙古礦業(yè)公司生產(chǎn)煉鋼用的煤炭。

　　Even debt-laden Russian aluminum maker United Co. Rusal PLC, which initially dropped in value after its listing in January 2010, has since risen more than 30% from its IPO price. Mr. Landheer notes that although Rusal shares also trade in Paris, Hong Kong accounts for 91% of the volume.

　　甚至連債務(wù)負(fù)擔(dān)沉重的俄羅斯鋁生產(chǎn)商俄羅斯鋁業(yè)聯(lián)合公司 (United Co. Rusal PLC, 簡(jiǎn)稱：俄鋁)，其目前的股價(jià)也比首次公開募股(IPO)價(jià)高出30%以上，雖然該公司股票在去年1月上市伊始曾出現(xiàn)下跌。蘭德黑爾指出，盡管俄鋁也有股票在巴黎上市，但在香港上市的股票卻占該公司總股本的91%。

　　Not all of the Hong Kong exchange's customers are happy. G-Resources Group Ltd., a Hong Kong-listed gold-mining company that owns the Martabe gold and silver mine in Indonesia's Sumatra island, believes it is undervalued.

　　并非香港交易所的所有客戶都感到高興。在香港上市的金礦開采公司國(guó)際資源集團(tuán)有限公司(G-Resources Group Ltd.)就認(rèn)為自己的股票被低估了。該公司擁有位于印尼蘇門答臘島的Martabe金、銀礦。

　　We're slaving away as the pioneers,says company Chief Executive Owen Hegarty. “We're taking the bullets for the rest.”

　　公司首席執(zhí)行長(zhǎng)赫加蒂(Owen Hegarty)說，我們正在辛苦地充當(dāng)開路先鋒，我們?cè)跒槠渌藫踝訌棥?

　　It estimates its cash flow from Martabe will be $300 million a year once production starts, based on current gold prices. That means the company is now trading at roughly three times earnings -- about half of what a company in a comparable stage of development would trade in Toronto, London or Australia, where investors are more familiar with how to value mining companies, Mr. Hegarty says.

　　以目前的金價(jià)計(jì)算，一旦該公司的Martabe金礦投產(chǎn)，公司每年來自該礦的現(xiàn)金流估計(jì)可達(dá)3億美元。赫加蒂說，這意味著國(guó)際資源集團(tuán)在香港上市股票的市盈率只有三倍左右，只相當(dāng)于多倫多、倫敦或澳大利亞股市上與該公司處于類似建設(shè)階段的公司所享股票市盈率的一半左右。

　　Bankers note that Hong Kong retail investors generally know little about exploration companies and don't know how to analyze them.

　　銀行家們指出，香港散戶投資者總的來說對(duì)礦產(chǎn)勘探企業(yè)所知甚少，也不知道如何分析它們。

　　Some 35% of Hong Kong's stock market investors are retail investors, compared with only 10% in the U.S. market. In mainland China, the reverse is true: Only 10% are professional institutional investors.

　　香港的股市投資者中約35%是散戶，而美國(guó)股市的這一比例是10%。中國(guó)內(nèi)地股市的投資者狀況與美國(guó)股市正好相反，只有10%是專業(yè)機(jī)構(gòu)投資者。

　　"There are some quirks in listing rules how reserves and resources are characterized, and Hong Kong investors are not as familiar with resource stocks as say investors in Toronto, Johannesburg or London have been," said Andrew Michelmore, chief executive of Minmetals Resources Ltd., the Hong Kong-listed arm of a Chinese state-owned mining and metals company. "But in the long run we have a very robust view of Hong Kong in the global market. It won't happen overnight by waving a magic wand. People will get frustrated, but longer term we can see a very attractive market."

　　五礦資源有限公司(Minmetals Resources Ltd.)的首席執(zhí)行長(zhǎng)米安德(Andrew Michelmore)說，對(duì)于如何評(píng)估上市公司的自然資源和資源儲(chǔ)量的價(jià)值有一些特殊做法，香港投資者并不像多倫多、約翰內(nèi)斯堡或倫敦的投資者那樣熟悉自然資源類股。五礦資源是中國(guó)一家國(guó)有采礦和金屬公司在香港上市的企業(yè)。但米安德也表示，長(zhǎng)期而言我們?cè)谌蚴袌?chǎng)上是非?？春孟愀酃墒械模愀酃墒械那闆r不會(huì)一夜之間便能神奇改變，人們將會(huì)在這一市場(chǎng)遭遇挫折，但中、長(zhǎng)期而言這是一個(gè)非常有吸引力的市場(chǎng)。

　　Patrick Loftus-Hills, co-head of UBS's Asia Industrials Group, which includes coverage of natural-resource companies, says once companies start selling what they mine -- and the cash starts rolling in -- Hong Kong-listed companies actually do better than their peers elsewhere.

　　瑞銀(UBS)旗下亞洲工業(yè)部(Asia Industrials Group)的聯(lián)席負(fù)責(zé)人羅佩克(Patrick Loftus-Hills)說，一旦在香港上市的礦業(yè)公司開始出售它們所采的礦藏，現(xiàn)金因而滾滾而來，這些公司在股市的表現(xiàn)其實(shí)要比它們?cè)谄渌胤缴鲜械耐袃?yōu)秀。瑞銀的亞洲工業(yè)部也跟蹤研究自然資源類企業(yè)。

　　"There are many, many companies that desire a Hong Kong listing," he said.

　　他說，有許多、許多公司希望到香港上市。