中国工商银行股价首日双地上市表现分化 记者 陈嘉儿中国工商银行股份在香港首日上市涨幅相对温和，为 14.7%，而在上海则表现平淡，涨幅仅 5.1%，全球规模最大的首次公开募股（IPO）正式登陆资本市场。
ICBC share prices diverge after first parallel listing By Carol Chan Shares of Industrial and Commercial Bank of China jumped a relatively modest 14.7 per cent on their Hong Kong debut and a lacklustre 5.1 per cent in Shanghai as the world’s largest-ever initial public offering finally came to market.
上市首日即将中国最大的贷款机构推向全球银行市值前列。其市值排名第 5 位，仅次于美国的摩根大通，领先于日本的三菱 UFJ 金融集团。
The debut immediately catapulted China’s largest lender into the top ranks of global banks as measured by market capitalisation. It seized the No 5 spot, just behind JP Morgan Chase of the US and ahead of Japan’s Mitsubishi-UFJ.
对于一家因过往管理不善、腐败和不良贷款历史，令许多观察家曾认为今年根本无法完成 IPO 的银行而言，此次发行是一个标志性的成就。
For a bank that many observers once thought would never pull off an IPO this year because of its history of mismanagement, corruption, and bad loans, the sale was a signal achievement.
发行规模达 191 亿美元，超越了此前由日本移动电话运营商 NTT DoCoMo 于 1998 年创下的 184 亿美元 IPO 纪录。当工行行使超额配股权出售更多股份，总融资额将增至 219 亿美元，差距将进一步拉大。此次发行也是股票首次在香港和上海同步首发上市。
At US$19.1 billion, it eclipsed the previous record holder, the US$18.4 billion IPO by Japanese mobile phone operator NTT Docomo in 1998. The gap will widen when ICBC exercises an overallotment option to sell more shares, raising the total to US$21.9 billion. The sale also marked the first time a stock debuted simultaneously in both Hong Kong and Shanghai.
投资者将两地市场首日表现的巨大差异归因于内地市场的不成熟，以及香港拥有多得多的可用资金。
Investors explained away the sharp disparity in first-day performance between the two markets as merely reflecting the immaturity of the mainland market and the far greater amount of capital available in Hong Kong.
工行股价在香港开市后不久曾升至 3.63 港元，较发行价 3.07 港元高出 18%，随后回落，收于 3.52 港元。
ICBC shares climbed as high as HK$3.63, or 18 per cent above its offering price of HK$3.07, shortly after the Hong Kong opening, before slipping back to close at HK$3.52.
按流通股数乘以 H 股收盘价计算，首日上市使这家内地贷款机构估值约 1490 亿美元。行使超额配股权再售出 53 亿股 H 股后，市值将升至约 1510 亿美元。
The debut values the mainland lender at about US$149 billion, calculated by multiplying the shares outstanding by the H-share closing price. The market capitalisation will climb to about US$151 billion after it sells another 5.3 billion H shares under the overallotment option.
若仅计算 H 股，该行在香港上市股票中的市值排名仅列第七位。
The bank ranks only seventh in market capitalisation among Hong Kong-listed stocks if only the H shares are considered.
大约75%的股份在香港出售，该交易认购踊跃，供不应求。尽管内地投资者认购的股份也超过了发行量，但需求不如香港活跃。
Roughly 75 per cent of the shares were sold in Hong Kong in a deal that was heavily oversubscribed. Although mainland investors also ordered more shares than were on offer, demand was less brisk.
工商银行是香港最活跃的交易股票，106.3亿股易手，成交额达374.5亿港元，约占当日总成交额的一半。这是香港单一上市公司在单个交易日创下的最高成交额。
ICBC was the most actively traded stock in Hong Kong, with 10.63 billion shares changing hands for HK$37.45 billion, about half the day’s total. The value was the largest ever for a single listed company on a single trading day in Hong Kong.
银行结算系统昨日处理了创纪录的1.37万亿港元，包括未中签股份订单的退款支票以及当日的交易。
The bank settlement system processed a record HK$1.37 trillion yesterday, including both the refund cheques for unsuccessful share orders and the day’s trading.
如果说香港的首日交易创下了纪录，那么上海的表现则平淡无奇。工商银行的人民币计价A股仅比3.12元的发行价上涨5.1%，收于3.28元。分析师和基金经理表示，上海相对疲弱的表现是预料之中的。
If the Hong Kong debut was one for the record books, the Shanghai performance was ho-hum. ICBC’s yuan-denominated A shares rose just 5.1 per cent above the 3.12 yuan offer price to close at 3.28 yuan. Analysts and fund managers said the relatively poor performance in Shanghai was expected.
一方面，内地市场缺乏推动香港市场的巨大机构资金池，马可波罗投资集团首席投资官刘易斯·万表示，该集团同时投资H股和A股。机构投资者约占内地市场的30%，而在香港约占70%。
For one thing, the mainland market lacked the huge pool of capital controlled by institutions that fuelled Hong Kong, said Lewis Wan, chief investment officer at Marco Polo Investment Group, which invests in both H and A shares. Institutional investors account for about 30 per cent of the mainland market, but about 70 per cent in Hong Kong.
刘易斯·万表示，香港庞大的权证市场也提振了在港上市股票，因为权证要求发行人持有标的股票。内地市场缺乏此类工具。
Hong Kong’s huge market in warrants, which require issuers to hold the underlying shares, also gave Hong Kong-listed shares a boost, Mr Wan said. The mainland lacks such instruments.