Plc. 在周三于澳大利亚证券交易所开始交易。此次上市并未涉及新股发行或融资，旨在检验该公司从新的资本来源中吸引资金的能力。
Plc. begins trading on the Australian Securities Exchange on Wednesday after a listing that didn’t involve selling new shares or raising funds, in a test of the company’s ability to attract cash from a fresh pool of capital.
CHESS 存托凭证（CDI）的推出，使这家矿业和贸易巨头得以接触澳大利亚庞大的养老金行业。每份 CDI 代表一股在伦敦上市的股票。对于投资者而言，这提供了一种投资铜矿的替代方式。过去一年，由于数据中心、电网和可再生能源领域需求增长的预期，铜价大幅上涨。值得注意的是，Glencore 的 CDI 并不提供股息免税额度。
The introduction of the CHESS Depositary Interests, each representing one London-listed share, will give the mining and trading giant exposure to Australia’s vast pension industry. For investors, it will provide a proxy to invest in copper, which has surged over the past year on expectations of growing demand from data centers, power grids and renewables. Notably, the CDIs don’t provide franking credits on Glencore dividends.
对 Glencore 而言，此次上市是一次缩小其估值与部分多元化矿业同行差距的机会。Rio Tinto 集团在悉尼的股价有时会比伦敦更高，这种差异曾助长了一场最终未能成功的激进派推动公司结构统一的运动。由于除了 Rio Tinto 和 BHP Group 之外，澳大利亚几乎没有其他大型铜矿股，因此这只股票可能会吸引投资者的关注。
For Glencore, the listing is an opportunity to narrow its valuation gap compared with some diversified mining peers. Rio Tinto Group has at times traded at a premium in Sydney versus London, a disparity that helped fuel an ultimately unsuccessful activist campaign to unify the company’s structure. The stock could draw interest as Australia has few large copper stocks beyond Rio Tinto and BHP Group.
Global X Management 的高级 ETF 策略师 Marc Jocum 表示：“澳大利亚投资者确实希望获得投资铜矿的渠道。目前，Glencore 仅约三分之一的收入来自铜矿，但他们希望将这一比例提升至整体收益组合的大约 50%。我认为，任何希望参与铜矿投资主题的公司都会受到市场欢迎。”与纽约证券交易所（NYSE）等一些市场不同，存托凭证可以纳入澳大利亚的股票指数。
“Aussie investors really want to get access to copper,” said Marc Jocum, senior ETF strategist at Global X Management. “Glencore only makes about a third of their revenue at the moment from copper, but they want to increase that to about 50% of their earnings mix overall. I think that there is appetite for any company that wants to get access to the copper story.”Unlike in some markets, including the NYSE, depositary interests can qualify for Australian equity indexes.
Glencore 正寻求被纳入 S&P/ASX 100 指数，此举最终可能吸引被动投资。据 Betashares 称，澳大利亚 CDI 的价值需达到约 55 亿澳元（38 亿美元）。
Glencore is targeting inclusion in the S&P/ASX 100, a move that could eventually attract passive investment. The Australian CDIs would need to reach about A$5.5 billion ($3.8 billion) in value, according to Betashares.
指数纳入可能是吸引澳大利亚4.8万亿澳元养老金行业投资的关键，该行业当地称为超级年金。该国最大的养老基金澳大利亚超级基金（AustralianSuper）在8月份表示，该上市对当地证券交易所和投资者有利。但目前尚不清楚有多少澳大利亚超级年金基金 — — 尤其是那些对煤炭敞口有限制的基金 — — 会愿意购买该股票。
Index inclusion could be key to drawing investment from Australia’s A$4.8 trillion pensions industry, locally known as superannuation. The nation’s largest pension fund, A$430 billion AustralianSuper, in August described the listing as good for the local stock exchange and investors. But it’s unclear how many Australian super funds — particularly those with restrictions on coal exposure — will be willing to buy the stock.
嘉能可既生产用于发电的热煤，也生产用于炼钢的冶金煤。近年来，在成员压力和更严格的气候要求下，包括澳大利亚超级年金行业在内的许多主要机构已减少或取消了煤炭敞口。嘉能可表示，全球能源危机使投资者变得更为务实。
Glencore produces both thermal coal, burned for power, and metallurgical coal, used in steelmaking. Many major institutions, including Australia’s superannuation sector, have reduced or eliminated coal exposure in recent years amid pressure from members and tighter climate mandates. Glencore says the global energy crisis has made investors more pragmatic.
“澳大利亚超级年金基金应该思考，持有全球最大的热煤出口商之一的股份如何符合其自身的气候政策，以及作为股东，他们将采取什么措施来让嘉能可承担起减排目标的责任，”亚太企业责任中心参与与行业战略主管娜奥米·霍根（Naomi Hogan）表示。
“Australian superannuation funds should be asking how a holding in one of the world’s largest thermal coal exporters fits their own climate policies, and what they will do as shareholders to hold Glencore accountable to emissions reduction targets,” said Naomi Hogan, head of engagement and sector strategy at the Australasian Centre for Corporate Responsibility.
随着公司初级市场因Firmus Grid Ltd.失败的大规模首次公开发行而陷入低迷，此次上市将为澳大利亚投资者提供一个新的投资目标。不过，交易活动已开始回暖，截至6月止的财政年度IPO规模达到五年高点。虽然资源公司继续占澳大利亚IPO的大部分，但该矿业公司在澳交所的首次公开发行却违背了近期在本地市场和全球范围内出现的与人工智能相关的大规模交易趋势。
The listing will offer a new investment target for Australian investors as the country’s tepid primary market is reeling from the fiasco of Firmus Grid Ltd.’s failed blockbuster initial public offering. Still, dealmaking has begun to pick up, with IPO volumes reaching a five-year high in the fiscal year ending June. While resources companies continue to make up most of Australia’s IPOs, the miner’s ASX debut defies a recent trend of AI-linked mega-deals in both the local market and across the world.
然而，随着投资者对高估值和未来收益日益持怀疑态度，该交易正面临逆风。嘉能可可能提供一种替代选择，正如广泛的人工智能交易正显示出投资者疲劳的迹象。
That trade, however, has run into headwinds as investors grow increasingly skeptical of high valuations and future earnings. Glencore could provide an alternative just as the broad artificial intelligence trade is showing signs of investor fatigue.
需求的增长可能需要数周时间才能显现出来。Glencore公司希望伦敦的股东们将其持有的股票转换为澳大利亚的CDI（可转换证券），转移的股份数量将直接影响该公司在本地指数中的权重和排名。
The strength of demand may take weeks to emerge. Glencore is relying on London shareholders converting their stock into Australian CDIs, with the amount transferred helping determine its eligibility and weighting in local indexes.
“澳大利亚的投资者非常精明，他们需要得到保证，确保自己购买的不只是一个‘热门投资’；他们希望看到这家预计会快速增长的公司确实具备实现这一增长的能力。”Betashares公司的资深投资策略师Cameron Gleeson通过电话表示。
“Australian investors are savvy and will need to look for reassurances that they’re not just buying a hot trend,” Betashares senior investment strategist Cameron Gleeson said by phone. “They want to ensure that a company that is expected to grow quickly can actually show demonstrated capacity to do so.”