中國科技企業(yè)開啟IPO“超級周期”

China Literature, the online reading platform being spun out of Tencent, is raising up to $1.1bn as the country’s tech sector is set for a blockbuster quarter of initial public offerings.

從騰訊(Tencent)分拆出來的在線閱讀平臺閱文集團(China Literature)正啟動IPO，預計募集不超過11億美元。目前中國科技行業(yè)正要迎來首次公開發(fā)行(IPO)的繁忙季度。

“The primary market has started to shake loose several companies,” said one banker. “This is a sign of the early waves coming in from the supercycle of tech and tech-related IPOs we are going to see over the next couple of years.”

“一級市場已經(jīng)開始打動數(shù)家公司，”一名銀行家表示。“這是科技及科技相關領域IPO超級周期涌現(xiàn)早期波浪的一個跡象，我們將在未來兩三年看到這個超級周期。”

This comes amid a big year for IPOs from the country: Chinese companies have raised $38.6bn through IPOs in the year to date, according to Dealogic.

今年是中國企業(yè)IPO交易的豐收年。根據(jù)Dealogic的數(shù)據(jù)，今年迄今中國企業(yè)通過IPO募集了386億美元。

China Literature, which combines a vast library, self-publishing and a Kindle-type service, has set its indicative price range of HK$48-HK$55 for its Hong Kong listing amid a flurry of filings for other deals.

閱文集團擁有一個龐大圖書館、自主出版服務與一款類似Kindle的服務，該公司將在香港上市，并已將IPO的指示性價格區(qū)間定為48港元至55港元。目前還有很多交易在籌備中。

Issuers in financial services — which, like education and leisure is at the confluence of the hot segments of consumer services and tech — include Ppdai , which is raising $350m in New York, Yixin, Lexin and Jianpu Technology.

金融服務業(yè)的發(fā)行人包括正在紐約募集3.5億美元的拍拍貸(Ppdai)，以及易鑫(Yixin)、樂信(Lexin)和簡普科技(Jianpu Technology)。與教育、休閑等行業(yè)一樣，金融服務業(yè)正處于熱門消費服務領域與科技行業(yè)的交匯點。

Yixin illustrates another trend: many of those coming to market are backed by China’s tech royalty including Tencent, Alibaba, Baidu and JD.com. Car financier Yixin, backed by the latter trio, is expected to raise about $200m.

易鑫展示了另一個趨勢：許多正待上市的公司都有中國的科技巨擘撐腰，包括騰訊、阿里巴巴(Alibaba)、百度(Baidu)和京東(JD.com)。得到后三者支持的易鑫是一家購車貸款企業(yè)，預期將募集約2億美元。

Like Qudian, which listed last week, fellow online lender Lexin is heading to the US and is expected to raise about $600m, say bankers. Jianpu Technology, a financial-comparison site akin to Lending Tree in the US or Moneysupermarket in the UK, filed for its IPO last Friday.

銀行家們表示，就像上周上市的趣店(Qudian)那樣，在線貸款機構樂信將在美國上市，預計募集約6億美元。簡普科技運行一個金融比較網(wǎng)址，類似于美國的Lending Tree 或者英國的Moneysupermarket，該公司上周五申請進行IPO。

While smaller in size, there are also a clutch of education IPOs in the wings.

還有一批教育行業(yè)的IPO在醞釀中，雖然規(guī)模較小。

Rise Education, backed by buyout group Bain, has filed for a $100m IPO and is set to be followed by Four Seasons Education. China’s much-touted love of education has led to a wealth of online tutoring and other courses springing up, attracting investment from the likes of Sequoia Capital and Tencent.

由收購集團貝恩(Bain)支持的瑞思學科英語(Rise Education)，已經(jīng)申請進行1億美元IPO。四季教育(Four Seasons Education)將緊隨其后。中國人對教育的注重是出名的，這催生了大量在線培訓和其他課程，吸引了紅杉資本(Sequoia Capital)和騰訊等大牌企業(yè)的投資。

Razer, a gaming hardware maker backed by Hong Kong tycoon Li Ka-shing, is bucking the trend to list on the Hong Kong Stock Exchange.

由香港大亨李嘉誠(Li Ka-shing)支持的游戲硬件制造商雷蛇(Razer)逆趨勢而行，擬在香港交易所(HKEx)上市。

Ming-Liang Tan, founder and chief executive of Razer, attributes this to Hong Kong’s longstanding reputation as the crossroads between the US and China capital markets.

雷蛇創(chuàng)始人和CEO陳民亮(Ming-Liang Tan)將此歸因于香港長久以來作為美國和中國資本市場交叉路口的聲譽。

While bankers riding the boom see no sign of a halt, they expect more breadth next year.

借著此輪繁榮獲利的銀行家們看不到這輪趨勢的停步跡象，他們預計明年將呈現(xiàn)更大的廣度。

“For the unicorn group as a whole, with markets being so strong, some of them are pulling forward plans,” says one banker.

“獨角獸集團作為一個整體而言，考慮到市場如此強勁，其中一些正將計劃提前，”一位銀行家表示。

“They’re thinking, if they were planning on 2019 why don’t we get ready now and look at 2018?”

“他們在想，如果我們本來就計劃在2019年上市，那為什么我們不能現(xiàn)在就開始準備，爭取在2018年行動?”