银行家们正在抵制沙特监管机构提出的对上市规则进行改革的提议，包括迫使承销商购买任何未售出股票的计划，并警告称，这些举措可能会进一步抑制首次公开募股市场。
Bankers are pushing back against the Saudi regulator’s proposed overhaul of listing rules, including plans that would force underwriters to buy any unsold shares, and warned that the moves could further dampen the market for initial public offerings.
知情人士表示，资本市场管理局要求银行购买任何未被投资者认购的IPO股票的提议可能会让贷款机构承担整个发行的责任，这些人士要求匿名以讨论私人信息。知情人士表示，鉴于持有公司股份的限制，一些银行将难以遵守。
The Capital Market Authority’s proposals requiring banks to buy any IPO shares not taken up by investors could potentially leave lenders on the hook for the entire offering, people familiar with the matter said, requesting anonymity to discuss private information. Some banks will struggle to comply given restrictions around holding shares in companies, the people said.
监管机构主席马赞·阿尔·苏代里（Mazen Al Sudairi）周日在接受当地媒体采访时表示，监管机构已制定了一项新的行动计划，在评估近期市场表现后90天内启动改革，这表明IPO流程的改变将成为主要焦点。
The regulator has developed a new action plan to launch reforms within 90 days after assessing recent market performance, Chairman Mazen Al Sudairi said in an interview with local media on Sunday, signaling that changes to the IPO process would be a major focus.
CMA的计划包括验证IPO订单是否得到投资者实际流动性的支持，以及强制披露前瞻性财务信息和预测。
The CMA’s plans include verifying that IPO orders are backed by investors’ actual liquidity and mandatory disclosure of forward-looking financial information and forecasts.
随着地区冲突加剧经济放缓，沙特阿拉伯正在与多年来最弱的上市市场展开竞争。Al Sudairi表示，三个月的时间表将用于启动改革，而不一定是实施。
The reform push comes as Saudi Arabia contends with its weakest listing market in years as the regional conflict deepens a slowdown. Al Sudairi indicated the three-month timeframe would be for the launch of reforms and not necessarily implementation.
尽管银行普遍支持一些变化背后的意图，但一些人担心目前起草的规则可能会限制能够参与沙特IPO市场的公司数量。据知情人士称，包括活跃在沙特上市的国际银行在内的多家贷款机构正在向监管机构提交这一反馈。
While banks broadly support the intent behind some of the changes, some are worried that the rules as currently drafted could limit the number of firms able to participate in the kingdom’s IPO market. Several lenders, including international banks active in Saudi listings, are submitting this feedback to the regulator, according to the people.
“坚定承诺IPO给承销商带来了更大风险，但在美国等其他司法管辖区，银行只保留了部分风险，金融学教授阿图罗·布里斯（Arturo Bris）表示：“坚定承诺IPO给承销商带来了更大风险，但在这些司法管辖区，银行只保留了部分风险。”瑞士国际管理发展管理局世界竞争力中心。
“Firm commitment IPOs, which put more risk on underwriters, have largely given way to best-efforts deals in other jurisdictions like the US, where banks retain only part of the risk,” said Arturo Bris, professor of finance and director of the IMD World Competitiveness Center in Switzerland.
他补充说，虽然这些规则在理论上应该鼓励投资者降低价格，但在实践中却不会，因为发行人和承销商通常不希望被视为在桌面上留下了太多资金。
While such rules should in theory encourage a lower price for investors, in practice they don’t because very often issuers and underwriters don’t want to be seen to be leaving too much money on the table, he added.
尽管如此，分析师仍表示，在对估值过高和订单数量虚高的警告数月后，这些举措可能会提高订单质量并确保更公平的定价。其中一位人士表示，一些资产负债表庞大的国内银行可能比规模较小的同行或国际贷款机构更愿意接受硬性承保规则。
Still, analysts have said the moves could improve order book quality and ensure fairer pricing, after months of warnings about lofty valuations and inflated order books. Some domestic banks with large balance sheets may be more comfortable with hard underwriting rules than smaller peers or international lenders, one of the people said.
一些人士表示，监管机构和银行预计将解决这些担忧，并最终达成妥协。CMA已要求在10月22日之前提供反馈，并表示计划在11月初实施新规则。CMA没有回应置评请求。
The regulator and the banks are expected to work through the concerns and ultimately reach a compromise, some of the people said. The CMA has asked for feedback by Oct. 22 and said it plans to implement the new rules in early November. The CMA did not respond to a request for comment.
在去年开始的放缓之后，沙特阿拉伯的IPO市场已跌至多年来的最低点，这进一步受到一场没有迹象表明即将解决的地区战争的影响。尽管交易渠道良好，但自4月份以来，监管机构尚未批准任何新公司在其主要市场上市。
After a slowdown that began last year, Saudi Arabia’s IPO market has slumped to its weakest point in years, further impaired by a regional war that’s showing no sign of an imminent resolution. The regulator has not cleared any new companies to list on its main market since April, despite a healthy deal pipeline.
在Al Sudairi八月份被任命后，投资者已经预计CMA将推动改革，这引发了人们对进一步市场自由化和举措的预期，以增强流动性并吸引更多海外资本进入沙特王国。
Investors were already anticipating a reform push by the CMA following Al Sudairi’s appointment in August, which fueled expectations of more market liberalization and initiatives to bolster liquidity and pull more overseas capital into the kingdom.
Al Sudairi周日表示，正在与机构讨论期待已久的沙特股票外国所有权限额变化。摩根士丹利分析师估计，取消目前沙特公司海外持股49%的上限可能会吸引约74亿美元进入市场。
Discussions with institutions were underway on long-awaited changes to foreign ownership limits for Saudi equities, Al Sudairi said on Sunday. Morgan Stanley analysts have estimated that scrapping the current 49% cap on overseas ownership of Saudi companies could draw about $7.4 billion into the market.
其他计划包括要求沙特上市公司每年安排两次财报电话会议，以收紧报告规则，并限制海外杠杆交易，提议初始保证金要求为50%。SICO银行集团研究主管Chiro Ghosh表示，这将使沙特阿拉伯与其他全球市场基本保持一致。
Other plans include the requirement for Saudi-listed firms to schedule two earnings calls a year, in a tightening of reporting rules, and restrict overseas leveraged trading with a proposed 50% initial margin requirement. That would bring Saudi Arabia broadly in line with other global markets, according to SICO Bank’s Group Head of Research Chiro Ghosh.
今年迄今为止，该指数持平，表现好于中东的一些同行，但它是2025年全球表现最差的指数之一。这促使一些当地投资者开始涌入美国股市。
The index is flat for the year so far, holding up better than some peers in the Middle East, but it was among the world’s worst performers in 2025. That had prompted some local investors to start piling into US stocks.
Al Sudairi表示，CMA不会寻求限制沙特投资者的海外投资，而是专注于使国内市场更具吸引力。
Al Sudairi said that the CMA would not seek to restrict overseas investment by Saudi investors but focus rather on making the domestic market more attractive.
他还为将IPO中30%股份分配给散户投资者的决定进行了辩护，银行警告称，散户投资者向需求疲软的投资者群体推了太多股票。
He also defended a decision to allocate 30% of shares in an IPO to retail investors, which banks have warned pushes too much stock on an investor segment which is showing weak demand.