香港今年将失去全球领先上市地点的头衔，原因是本地大型上市减少，而中国内地企业对赴美上市的偏好上升。
The Hong Kong Stock Exchange is on track to lose out to the New York Stock Exchange as the venue of choice for companies undertaking initial public offerings in 2017, after two consecutive years in the top spot.
香港交易所(HKEx)在连续两年位居榜首之后，看来2017年将被纽约证交所(NYSE)夺走企业首次公开发行(IPO)首选交易所的桂冠。
Data from Dealogic, a data and analytics firm, show that the amount raised by companies listing on NYSE so far this year has exceeded $32.6bn, compared with $14.6bn on the Hong Kong Stock Exchange’s main board* — putting Hong Kong in fourth place at present.
数据和分析公司Dealogic的数据显示，今年迄今在纽约证交所上市的公司募资总额超过326亿美元，相比之下香港交易所主板的这一数字是146亿美元，这使香港目前排在第四位。
Hong Kong’s fall from the pole position comes after a surge in the number of Chinese companies — nine — that have opted to list on NYSE this year, representing the largest number since 2010.
香港失去上市首选目的地称号之际，今年以来选择到纽约证交所上市的中国企业数量激增，达到九家，这是自2010年以来的最大数目。
Analysts said Snap’s blockbuster $3.4bn initial public offering on NYSE earlier in 2017 came as a major boost to the exchange and paved the way for other fast-growing tech start-ups to follow suit.
分析师们表示，Snap今年早些时候在纽约证交所完成的34亿美元大型IPO，对这家证交所起到重大提振作用，为其他快速增长的科技初创企业“跟风”铺平了道路。
Ken Fong, a research head at Dealogic, said another key reason for Hong Kong’s slide down the table was that fewer financial companies have listed in the city in 2017. He noted that there have been fewer “jumbo” IPOs this year in Hong Kong as a result, with the total value of large listings down from $17bn last year to $7bn this year.
Dealogic研究主管Ken Fong表示，香港在IPO榜单上排名下滑的另一个主要原因是，2017年在这里上市的金融企业较少。他指出，其结果是，香港今年的“巨无霸”上市数量较少，大笔上市交易的总价值从去年的170亿美元降至今年的70亿美元。
A few companies including China Tower, owner of telecoms towers globally, and Sinopec Marketing, a branch of the petrol refinery, did not list this year despite expectations, which has further affected the value of listings for HKEx’s deal value.
有几家原本预期今年会上市的公司，包括在全球拥有电信塔的中国铁塔(China Tower)以及中石化旗下的中国石化销售(Sinopec Marketing)，结果并未上市，进一步影响了香港交易所的上市交易募资总额。
Hong Kong has served as the preferred destination for large IPOs by Chinese companies because of its geographical proximity and cultural ties with the mainland. The Hong Kong Exchange hosted the largest listing of a Chinese unicorn in 2017 — ZhongAn Online Property & Casualty Insurance, which raised $1.5bn in September.
近年香港是中国企业大型IPO的首选目的地，因为该市与中国内地在地理上接近，在文化上相通。2017年最大规模的中国独角兽公司IPO在香港交易所完成，即众安在线财产保险股份有限公司(Zhong An Online Property and Casualty Insurance，简称众安保险)在9月的IPO，募资15亿美元。
However, the US is proving a popular venue for Chinese tech companies. One of the attractions is that the NYSE allows dual-structure listing, which is heavily used by tech entrepreneurs who want to raise funds without ceding complete voting control to public shareholders. Hong Kong lost Alibaba’s monumental $25bn listing to New York because the tech group wanted a different governance structure.
但是，美国正被证明是中国科技公司趋之若鹜的上市目的地。其中一个诱人之处是纽约证交所允许双层股权结构;这种安排被科技行业的企业家大量利用，因为他们想要在不把完整的投票控制权交给流通股股东的情况下筹集资金。当年香港就是因为不能向阿里巴巴(Alibaba)提供其想要的治理结构，而眼睁睁地看着这家科技集团转赴纽约进行250亿美元的巨额上市。
The Hong Kong Stock Exchange has recently explored whether to create a way for companies to issue shares with varying voting rights in the form of dual-structure listings.
香港交易所最近在探讨是否要创建一种机制，让企业能够以双层股权结构的形式上市，发行具有不同表决权的股票。
Marshall Nicholson, head of equity capital markets for Asia ex-Japan at Nomura, said: “The pipeline looks good for next year: market conditions look constructive globally and there’s upside on a potential big oil listing, or if there’s a move forward to introduce dual share class listings.”
野村证券(Nomura)亚洲(不包括日本)股权资本市场主管凌瀚燊(Marshall Nicholson)表示：“明年企业筹备上市情况看起来不错：全球而言市场状况看起来具有建设性，而且有一宗潜在的大型石油公司上市带来的利好，或者如果在双层股权结构方面向前迈出一步的话。”
* This article has been amended to correct the figure for Hong Kong listings 译者/和风
