Resource companies are flocking to Hong Kong to raise capital. Are they coming to the right place?

　　各大资源类企业为筹集资金纷纷赴香港上市。问题是，到香港上市是明智之举吗？

　　The biggest and latest example is Swiss commodities giant Glencore International AG, which last week confirmed it would raise as much as $11 billion in a dual listing of its shares on the London and Hong Kong stock exchanges. Others looking to list in Hong Kong include China's Inner Mongolia Yitai Coal Co., South Africa's LontohCoal Ltd., Kazakhstan copper miner Kazakhmys PLC and Chinese iron-ore miner Newton Resources Ltd. Reuters

　　图为2007年11月，蒙古国南戈壁省沙漠地区的奥尤陶勒盖矿区内，工人们正在清理场地，准备挖掘第二座矿井。预计蒙古政府将在未来几个月内宣布国有Erdenes-塔万陶勒盖公司上市，Erdenes-塔万陶勒盖公司现掌控着南戈壁省矿区巨大的煤炭矿床。近期准备赴港上市的是瑞士大宗商品贸易巨头Glencore International AG，交易规模可谓前无仅有。该公司上周证实说，将在伦敦和香港双双挂牌上市，计划募集多达110亿美元的资金。其它期待在香港上市的公司有来自中国内地的内蒙古伊泰煤炭股份有限公司、南非煤矿开采商LontohCoal Ltd.、哈萨克斯坦铜矿公司Kazakhmys PLC 以及中国铁矿石开采商新矿资源有限公司等。

　　One large deal Hong Kong would gladly add to its trophy wall is the IPO of the world's largest coking-coal deposit in Mongolia, due in late 2011 or early 2012. The Mongolian government is expected to announce the listing venue for state-owned Erdenes-Tavan Tolgoi Co., which controls a giant coal deposit in the South Gobi desert, in the coming months. Hong Kong Exchanges & Clearing Ltd. is a leading candidate.

　　香港愿意在自己的“功名簿”上欣然写入的一笔大规模交易当属全球最大的焦化煤开采公司的IPO，时间预计在2011年末或2012年初。预计蒙古政府将在未来几个月里宣布其国有企业Erdenes-Tavan Tolgoi Co.的上市地点。该企业控制着蒙古南戈壁沙漠地区的一个巨型煤矿。在该企业的备选上市地点中，香港交易及结算所有限公司(Hong Kong Exchanges & Clearing Ltd.，简称：香港交易所)是领跑者。

　　HKEx, as it is known, is keen to attract resource companies away from other venues and increase its own earnings from new listings. It is already a powerhouse in initial public offerings: It attracted more of them than any other market last year for a second year running.

　　香港交易所十分希望把资源类企业从其它上市地点吸引过来，增加自己在上市方面的收益。香港交易所已成为企业首次公开募股(IPO)的一个重要地点，去年连续第二年成为全球范围内新增上市公司最多的一个交易所。

　　The drive for resource-related business has become a theme in consolidation of the global exchange industry. Part of the rationale behind Singapore Exchange Ltd.'s 8.4 billion Australian dollar (US$8.88 billion) bid for Australia's ASX Ltd. was to make itself more attractive to mining companies of the kind that dominate Australia's market. Australian regulators dashed Singapore's aspirations when they ruled recently the purchase was against their nation's interest.

　　推动资源类企业上市已成为全球交易所兼并的一个主题。新加坡交易所(Singapore Exchange Ltd.)提议以84亿澳元(合88.8亿美元)收购澳大利亚主要证券交易所运营商ASX Ltd.，理由之一就是要提高自己对那些主导澳大利亚市场的矿业公司的吸引力。澳大利亚监管者前不久做出裁定，认为这项收购不符合澳大利亚的国家利益，新加坡的收购意愿因此受挫。

　　London Stock Exchange Group PLC, already the primary listing choice for many resource companies, is looking to convince miners they will benefit from the extra liquidity if it succeeds in taking over Toronto Stock Exchange owner TMX Group Inc., another market popular with the minerals and metals sector.

　　伦敦证券交易所(London Stock Exchange Group PLC)早已是很多资源类企业上市的首选地。该交易所目前正试图让矿业公司相信，如果它能成功收购多伦多证券交易所(Toronto Stock Exchange)的所有者TMX Group Inc.，这些公司就会从额外的流动性中获益。多伦多证券交易所是颇受矿产和金属类企业欢迎的另一个市场。

　　Resource companies haven't historically thronged to HKEx, but the exchange is actively trying to change that. Last June, it changed its listing rules to make it easier for mining companies to raise capital for discoveries they have already made. A total of 82 metal and mining companies are listed in Hong Kong, with a collective market capitalization of US$122 billion, the exchange said.

　　资源类公司并非历来就愿意趋之若鹜地赴港上市，但这正是香港交易所试图积极改变的一点。去年6月，该交易所改变了上市规则，让矿业公司可更轻松地为已发现的矿藏进行IPO。香港交易所说，目前共有82家金属类和矿业公司在香港上市，总市值达到1,220亿美元。

　　'This is one of the major focuses for this year,' said Eric Landheer, head of issuer marketing for HKEx. He has gone on trips promoting Hong Kong in Canada, Australia, Indonesia, Europe, Japan, Mongolia, Russia, Taiwan, Kazakhstan and the U.S.

　　香港交易所上市推广部主管蓝博文(Eric Landheer)说，这是我们今年的一个主要任务。他已去过加拿大、澳大利亚、印度尼西亚、欧洲、日本、蒙古、俄罗斯、台湾、哈萨克斯坦和美国等地，为企业赴港上市做宣传。

　　Weighing in Hong Kong's favor is its appeal for commodities companies as a gateway to China, a dominant global consumer of energy, minerals, metals and foodstuffs.

　　对香港有利的一个方面是，香港作为通往中国内地市场的门户对许多大宗商品企业具有吸引力，中国是全球能源、矿产、金属和食品的主要消费国。

　　'We're seeing a lot of portfolio managers coming here to be closer to the demand side of the equation, which is China,' Mr. Landheer said, noting for example that China now accounts for 50% of global iron-ore demand.

　　蓝博文说，我们发现，来到香港的许多投资组合经理都是为了靠近充当买方的中国。他举例说，全球对铁矿石的需求量目前有50%来自中国。

　　He points to the success of the October 2010 listing of Mongolian Mining Corp., which produces coal used in steel production, that raised HK$5.8 billion (US$746 million). The stock has risen 35% since then.

　　他提到了蒙古矿业公司(Mongolian Mining Corp.)去年10月的成功上市，该公司通过上市募集资金58亿港元(合7.46亿美元)，其股票自上市以来已经上涨了35%。蒙古矿业公司生产炼钢用的煤炭。

　　Even debt-laden Russian aluminum maker United Co. Rusal PLC, which initially dropped in value after its listing in January 2010, has since risen more than 30% from its IPO price. Mr. Landheer notes that although Rusal shares also trade in Paris, Hong Kong accounts for 91% of the volume.

　　甚至连债务负担沉重的俄罗斯铝生产商俄罗斯铝业联合公司 (United Co. Rusal PLC, 简称：俄铝)，其目前的股价也比首次公开募股(IPO)价高出30%以上，虽然该公司股票在去年1月上市伊始曾出现下跌。兰德黑尔指出，尽管俄铝也有股票在巴黎上市，但在香港上市的股票却占该公司总股本的91%。

　　Not all of the Hong Kong exchange's customers are happy. G-Resources Group Ltd., a Hong Kong-listed gold-mining company that owns the Martabe gold and silver mine in Indonesia's Sumatra island, believes it is undervalued.

　　并非香港交易所的所有客户都感到高兴。在香港上市的金矿开采公司国际资源集团有限公司(G-Resources Group Ltd.)就认为自己的股票被低估了。该公司拥有位于印尼苏门答腊岛的Martabe金、银矿。

　　We're slaving away as the pioneers,says company Chief Executive Owen Hegarty. “We're taking the bullets for the rest.”

　　公司首席执行长赫加蒂(Owen Hegarty)说，我们正在辛苦地充当开路先锋，我们在为其他人挡子弹。

　　It estimates its cash flow from Martabe will be $300 million a year once production starts, based on current gold prices. That means the company is now trading at roughly three times earnings -- about half of what a company in a comparable stage of development would trade in Toronto, London or Australia, where investors are more familiar with how to value mining companies, Mr. Hegarty says.

　　以目前的金价计算，一旦该公司的Martabe金矿投产，公司每年来自该矿的现金流估计可达3亿美元。赫加蒂说，这意味着国际资源集团在香港上市股票的市盈率只有三倍左右，只相当于多伦多、伦敦或澳大利亚股市上与该公司处于类似建设阶段的公司所享股票市盈率的一半左右。

　　Bankers note that Hong Kong retail investors generally know little about exploration companies and don't know how to analyze them.

　　银行家们指出，香港散户投资者总的来说对矿产勘探企业所知甚少，也不知道如何分析它们。

　　Some 35% of Hong Kong's stock market investors are retail investors, compared with only 10% in the U.S. market. In mainland China, the reverse is true: Only 10% are professional institutional investors.

　　香港的股市投资者中约35%是散户，而美国股市的这一比例是10%。中国内地股市的投资者状况与美国股市正好相反，只有10%是专业机构投资者。

　　"There are some quirks in listing rules how reserves and resources are characterized, and Hong Kong investors are not as familiar with resource stocks as say investors in Toronto, Johannesburg or London have been," said Andrew Michelmore, chief executive of Minmetals Resources Ltd., the Hong Kong-listed arm of a Chinese state-owned mining and metals company. "But in the long run we have a very robust view of Hong Kong in the global market. It won't happen overnight by waving a magic wand. People will get frustrated, but longer term we can see a very attractive market."

　　五矿资源有限公司(Minmetals Resources Ltd.)的首席执行长米安德(Andrew Michelmore)说，对于如何评估上市公司的自然资源和资源储量的价值有一些特殊做法，香港投资者并不像多伦多、约翰内斯堡或伦敦的投资者那样熟悉自然资源类股。五矿资源是中国一家国有采矿和金属公司在香港上市的企业。但米安德也表示，长期而言我们在全球市场上是非常看好香港股市的，香港股市的情况不会一夜之间便能神奇改变，人们将会在这一市场遭遇挫折，但中、长期而言这是一个非常有吸引力的市场。

　　Patrick Loftus-Hills, co-head of UBS's Asia Industrials Group, which includes coverage of natural-resource companies, says once companies start selling what they mine -- and the cash starts rolling in -- Hong Kong-listed companies actually do better than their peers elsewhere.

　　瑞银(UBS)旗下亚洲工业部(Asia Industrials Group)的联席负责人罗佩克(Patrick Loftus-Hills)说，一旦在香港上市的矿业公司开始出售它们所采的矿藏，现金因而滚滚而来，这些公司在股市的表现其实要比它们在其他地方上市的同行优秀。瑞银的亚洲工业部也跟踪研究自然资源类企业。

　　"There are many, many companies that desire a Hong Kong listing," he said.

　　他说，有许多、许多公司希望到香港上市。