由于人工智能推动的资本热潮导致股票销售创下历史新高，香港银行家们跳过了暑假，顶住了该市股市的猛烈抛售。
Bankers in Hong Kong skipped the summer break as an artificial intelligence-fueled rush for capital sent share sales to a record, defying a bruising selloff in the city’s stocks.
根据彭博社汇编的数据，朱莉娅·菲奥雷蒂（Julia Fioretti）和桑米·查（Sangmi Cha）7月至9月首次公开募股、配股和大宗交易筹集了475亿美元，这是该时期有史以来的最大融资额。这使今年的融资额超过了920亿美元，接近2021年创下的1，125亿美元纪录，尽管最近债券收益率飙升和交易表现不佳使投资者和发行人更加谨慎。
By Julia Fioretti and Sangmi Cha Initial public offerings, placements and block trades raised $47.5 billion in July-September, the biggest haul ever for the period, according to data compiled by Bloomberg. That pushed fundraising this year above $92 billion and within reach of the $112.5 billion record set in 2021, though the recent surge in bond yields and poor deal performance are making investors and issuers more cautious.
人工智能一直是香港交易复兴的核心，但今年夏天带来了新的强度。中国公司在寻求为这个快速增长的行业的扩张提供资金时筹集了越来越多的资金，并更快地重返市场。
AI has been at the heart of Hong Kong’s deal revival, but this summer brought a new level of intensity. Chinese companies raised ever-larger sums and returned to the market more quickly as they sought to fund expansion in the fast-growing industry.
阿里巴巴集团控股有限公司102亿美元的后续发行是本期最大的交易，而中际创新股份有限公司在香港近七年来最大的上市中筹集了近80亿美元。其他人则多次利用投资者：人工智能模型制造商Z.AI Co.今年已通过IPO、配股和可转换债券筹集了96亿美元。
Alibaba Group Holding Ltd.’s $10.2 billion follow-on offering was the biggest transaction during the period, while Zhongji Innolight Co. raised almost $8 billion in Hong Kong’s largest listing in nearly seven years. Others tapped investors repeatedly: AI model maker Z.AI Co. has raised $9.6 billion this year through its IPO, placements and convertible bonds.
高盛集团（GoldmanSachsGroupInc.）亚洲（日本除外）股票资本市场主管JamesWang表示：“人们在解除锁定后立即筹集资金，而且往往会更频繁地这样做。”“以前，他们做过一次，会安静一到两年。现在他们这样做，三个月后他们回来了。由于AI，这种情况将持续几年。我不认为速度会放缓。”这种繁荣蔓延至亚太地区，第三季度股票销售额突破1200亿美元，为六年来最高水平。
“People raise capital right out of lockup and tend to do so more frequently,” said James Wang, head of Asia ex-Japan equity capital markets at Goldman Sachs Group Inc. “Before, they did it once and it would be quiet for one to two years. Now they do it and three months later they come back. This will continue for a couple of years because of AI. I don’t see that pace slowing down.”The boom extended across Asia-Pacific, where share sales topped $120 billion in the third quarter, the most for the period in six years.
中国大陆完成了该地区一些最大的交易，其中包括存储芯片制造商CXMT Corp.其IPO规模为666亿元人民币（99亿美元），是中国有史以来第二大IPO。
Mainland China produced some of the region’s biggest deals, including memory chipmaker CXMT Corp.’s 66.6 billion yuan ($9.9 billion) IPO, the country’s second-biggest ever.
印度卷土重来今年年初，在中东战争、股市下跌和外国持续抛售的压力下，印度也卷土重来。
India Roars Back India also staged a comeback after starting the year under pressure from the Middle East war, falling stocks and persistent foreign selling.
尽管Nifty 50指数较8月初的峰值下跌了近9.5%，但这一反弹还是出现了。充足的国内流动性支持了对新产品的需求。
The rebound came even as the Nifty 50 Index slumped almost 9.5% from its early August peak. Ample domestic liquidity supported demand for new offerings.
管道仍然繁忙。据彭博社报道，亿万富翁穆克什·安巴尼（Mukesh Ambani）的Jio Platforms Ltd.正在预计11月首次公开募股之前与投资者会面，该IPO可能跻身印度最大的IPO之列。
The pipeline remains busy. Billionaire Mukesh Ambani’s Jio Platforms Ltd. is meeting investors ahead of an expected November debut that could rank among India’s biggest IPOs, Bloomberg News has reported.
花旗集团公司的哈里什·拉曼（Harish Raman）表示：“我们预计年底前将看到更多IPO。”其股权资本市场执行、发起和解决方案主管补充说，尽管最近的交易表现出色，但国际投资者对IPO的兴趣仍持谨慎乐观态度。
“We expect to see more IPOs before the year-end,” said Harish Raman, Citigroup Inc.’s head of equity capital markets execution, origination and solutions, adding that international investor interest in IPOs was cautiously optimistic despite recent deal performance.
筹款热潮是在更加不稳定的市场背景下展开的。由于投资者质疑人工智能的大量支出是否能产生足够的未来回报，摩根士丹利资本国际亚太指数7月份暴跌高达7%，而香港恒生科技指数今年以来一直处于下跌趋势。
The fundraising boom has unfolded against a much shakier market backdrop. The MSCI Asia-Pacific Index slumped as much as 7% in July as investors questioned whether heavy AI spending could generate sufficient future returns, while Hong Kong’s Hang Seng Tech Index has been on a downward trend this year.
疲软的交易表现现在正在考验投资者的胃口。自7月初以来，香港最大的10笔交易中，只有两笔交易价格处于高位，而美联储进一步加息的预期正在收紧全球金融状况。
Weak deal performance is now testing investor appetite. Of the 10 largest deals in Hong Kong since the start of July, just two are trading above water, while expectations for further Fed rate hikes are tightening financial conditions globally.
汇丰控股有限公司股权资本市场全球主管兼战略股权和融资全球联席主管马丁·佐尔（Martin Zoll）表示：“如果你从整体情绪来看，通过发行价进行大宗交易对风险偏好没有帮助。”“因此，随着我们进入年底，我预计投资者可能会对将资金投入的地方变得更加选择。”尽管如此，管道仍然很大，包括迄今为止在今年繁荣中发挥较小作用的市场。明特公司，拥有菲律宾最受欢迎的移动支付应用程序GCash的公司已定价，这将是该国有史以来最大规模的IPO。
“If you look at overall sentiment, having large transactions trading through the offer price is not helpful for risk appetite,” said Martin Zoll, global head of equity capital markets and global co-head of strategic equity and financing at HSBC Holdings Plc. “So as we go into year-end, I would expect that investors potentially become more selective about where they put their money to work.”Still, the pipeline remains substantial, including in markets that have so far played a smaller role in this year’s boom. Mynt Inc., the company that owns the Philippines’ most popular mobile payment app GCash, has priced what’s set to be the largest-ever IPO in the country.
由于数据中心运营商Firmus Grid Ltd.即将以50亿美元的IPO，澳大利亚也将从人工智能行动中分得一杯羹，这将是该国有史以来规模最大的上市之一。
Australia will also grab a slice of the AI action thanks to the upcoming $5 billion IPO of data center operator Firmus Grid Ltd., which will be one of the country’s biggest-ever listings.
高盛的王表示：“投资者将更具选择性。”“但从供应方面来看，市场上仍有大量交易。问题是投资者会选择哪一个。”
“Investors will be more selective,” Goldman’s Wang said. “But from the supply side, there’s still a monster amount of deals coming to the market. The question is which will get picked by investors.”