China's largest wind power producer yesterday announced plans to float shares in Hong Kong, the latest in a wave of Chinese companies that aim to raise an estimated $25bn in the coming months in the territory and on the mainland.

中国最大的风力发电商新疆金风科技(Xinjiang Goldwind Science & Technology)昨日宣布计划赴香港上市，成为最新一家打算未来数月在香港和内地上市的中国公司。这些公司的上市融资额估计将达250亿美元。

Xinjiang Goldwind Science & Technology's offering is one of more than 30 announced in Hong Kong in the past month, as companies rush to take advantage of buoyant stock markets and robust investor demand for emerging equities.

在过去一个月中，已有30多家公司宣布将在香港上市。众多公司争相利用股市上涨和投资者对新兴市场股票需求强劲之机上市融资。

The trend has accelerated as markets recovered this year and following China's decision in June to resume initial public offerings in Shanghai after a nine-month suspension. Fear that a glut of new share issuance would drain liquidity from the stock market played a role in the Shanghai Composite's 21.8 per cent tumble last month – and some analysts predict it will lead to further falls.

随着今年股市回升，以及中国于6月份决定重启暂停达9个月之久的上海市场首次公开发行(IPO)，这一趋势开始加速。人们担忧，新股发行过量会耗尽股市的流动性。上证指数上月暴跌21.8%，与这种担忧不无关系——一些分析师预测，这种担忧还会促使股市进一步下跌。

But others say the market has more than enough capacity to absorb the new shares without collateral damage to existing stocks, thanks to unsated investor demand for exposure to China's growing economy.

但也有人表示，由于投资者仍渴望从中国不断增长的经济中分一杯羹，因此股市有足够能力吸收新股，而不至于对现有股票造成损害。

Alan Lam, China equity analyst at Julius Baer, the Swiss private bank, said the pipeline of IPOs was likely to have a “minimal” effect on the Hong Kong stock market, but in the less mature Shanghai market “there will be more impact”.

瑞士私人银行宝盛集团(Julius Baer)的中国股市分析师林志远(Alan Lam)表示，大量准备进行的IPO可能只会对香港股市造成“极其微弱的”影响，对不太成熟的上海股市则会造成“更大影响”。

Some worry that the large number of offerings will lead to greater market volatility. During the last big wave of IPOs in November 2007, the Hang Seng fell 17 per cent from peak to trough. Adrian Mowat, chief Asian and emerging markets equity strategist at JPMorgan, said that in sectors in which large numbers of new shares will be issued, the share prices of small to medium-sized companies could suffer.

一些人担心，大量新股上市将增加市场波动性。在2007年11月的上次IPO浪潮期间，恒生指数从峰顶至低谷的跌幅达17%。摩根大通(JPMorgan)亚洲及新兴市场首席股票策略师莫爱德(Adrian Mowat)表示，在有大量新股将上市的行业中，中小型公司的股价可能会受到拖累。

译者/汪洋