IPO市场萎靡，伦敦还好吗？

作为自由市场的先导者，伦敦曾见证了世界经济的发展，而这个历史悠久的交易市场却在最近的IPO交易中出现自2012年以来最低额交易额。分析人士指出，脱欧可能是造成这一情况的重要原因，但新兴市场企业的入市渴望可能会带来转机。

测试中可能遇到的词汇和知识：

initial public offering初始公开发行

overhang悬垂；逼近[əʊvə'hæŋ]

referendum公民投票权[,refə'rendəm]

pipeline管道；输油管['paɪplaɪn]

resilient弹回的；能复原的[rɪ'zɪlɪənt]

London's share of global IPOs lowest since 2012（453 words）

By Thomas Hale and ZosiaWasik

London has started the year with its lowest share of global initial public offerings since 2012, even as the number of IPOs around the world has jumped sharply.

There have been $2.2bn of new listings across 16 deals in the UK so far this year, according to Dealogic data, making up only 6.4 per cent of global activity.

Over the same period in 2016, UK volumes, which were flat at just over $2bn, accounted for 16 per cent of global volumes. In 2015 by this stage, more than $5.5bn had been raised, making up 14 per cent of the global total.

A total of $34.6bn has been raised in IPOs around the world this year, compared to $13.8bn over the same period last year. But UK volumes have failed to rise, with analysts pointing to the “political overhang” of the Brexit vote and investor caution.

“It [Brexit] has had an impact,” said Lucy Tarleton, a director at PwC. “We had a slow start to 2016 partly because of the uncertainty over the actual result of the referendum, and we then had the Brexit result which has continued to cause some uncertainty,” she added. “The IPO markets don't really like uncertainty”.

The UK is the third-largest global venue for IPOs in 2017, but is dwarfed by the US and China, which have hosted more than $20bn of deals between them. The weak relative performance comes after a difficult full year in 2016, in which UK volumes came to just 5 per cent of the global total, according to Dealogic.

Alongside political concerns, several other factors have contributed to lower volumes.

“The pipeline of private-equity backed IPOs has certainly reduced, which would explain partly why we haven't seen a significant number of IPOs to date,” said Ms Tarleton.

The London Stock Exchange said in a statement to the Financial Times that UK markets were “resilient and open to investors around the world”. Bankers and lawyers suggested that while UK IPO markets have been quiet, there is a “healthy pipeline” for new deals this summer, in part because of timing related to the disclosure of company results.

“Most of the deals that I've seen in pipelines are businesses that aren't as eurozone focused,” said Edward Bibko, Emea head of capital markets at Baker & McKenzie, the law firm. “We're seeing a lot of emerging market issuers that are looking to list into London right now — I do think we're going to see an uptick in cross border”.

“I think most people have come to the logical conclusion — Article 50 or not, London still has all the attributes that make it one of the greatest places to list in the world,” he added.

1.What is the percentage of London accounts for this year's global IPO?

A.6.4%

B.14%

C.16%

D.64%

答案(1)

2.What could be one of the reasons for London's failing?

A.Weak economy

B.Changeable government policy

C.Wrong estimation about London market

D.Brexit

答案(2)

3.Which counties are in front of UK in terms of IPO shares?

A.China and US

B.US and Japan

C.US and Hong Kong

D.US and Germany

答案(3)

4.What kind of issuers may want to list into London market?

A.European companies

B.Local companies

C.Emerging market companies

D.American companies

答案(4)

(1)答案：A.6.4%

解释：截止目前，在伦敦上市的IPO仅占全球份额的6.4%，而2016年和2015年同时期分别为16%和14%。

(2)答案：D.Brexit

解释：普华永道的总监在接受采访时表示，由于英国脱欧所导致的的政策不确定性是导致在伦敦上市的IPO份额减少。

(3)答案：A.China and US

解释：最新的数据表明，伦敦目前IPO总量位居第三，中国和美国在英国之前。

(4)答案：C.Emerging market companies

解释：尽管伦敦IPO交易出现颓势，但相关人士表明在下一季度这一情况很可能将得到改善，因为许多新兴国家企业希望能够在伦敦市场进行募股投资。