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Hong Kong stock exchange fights to regain investors’ faith 唐家成接任香港交易所主席之际，恒生指数录得2011年末以来最佳单周表现，但随着大规模上市交易锐减，新领导团队面临艰巨挑战。
New team faces steep challenge as high-profile listings sink. 6park.com
如果说唐家成(Carlson Tong)运气好，那也许只是因为他在有利的时间点接任香港交易所(HKEX)主席，试图在这座自称亚洲金融中心的城市重振“动物精神”。
If Carlson Tong is lucky, he may just have picked the right time to take over as chair of the Hong Kong stock exchange and try to revive animal spirits in the city that likes to bill itself as Asia’s financial centre. 6park.com
6park.comIn the week in which the board endorsed his appointment, Hong Kong’s benchmark Hang Seng index rose 8.8 per cent, its best weekly performance since late 2011. 6park.com在董事会批准对其任命的本周，香港基准股指恒生指数(Hang Seng index)大涨8.8%，录得自2011年末以来最佳单周表现。
6park.comOn Tong’s side is the promise of further help from Beijing for the territory’s stock market. China’s securities regulator, announcing the moves earlier this month, underlined the importance of Hong Kong as a financial centre. 6park.com有利于唐家成的是，北京方面承诺进一步支持香港股市。本月早些时候宣布相关举措的中国证券监管机构，强调了香港这个特别行政区作为一个金融中心的重要性。
6park.comSupport is sorely needed for the market. Despite this week’s rally, which was driven by mainland investors, the Hang Seng index has fallen more than 43 per cent from early 2021, while the Hong Kong Exchanges and Clearing’s share price dropped more than 51 per cent over the same period. 6park.com香港市场迫切需要支持。尽管本周在中国内地投资者的推动下反弹，恒生指数仍较2021年初水平低逾43%，而香港交易及结算所公司(Hong Kong Exchanges and Clearing)股价同期下跌逾51%。
6park.comThe problems faced by the exchange were underlined this week when a string of initial public offerings — including the city’s biggest this year — sank on their first day of trading. 6park.com凸显香港交易所面临种种问题的是，本周一系列首次公开发行(IPO)——包括该市今年迄今规模最大的上市——在交易首日跌破发行价。
6park.comA Hong Kong-based lPO lawyer described the market environment as “brutal” as everyone was “fighting for their own survival”. 6park.com常驻香港的一位IPO律师形容市场环境“无情”，大家都在“为自己的生存而战”。
6park.com“The amount of IPOs and the proceeds raised is just so bad and the sentiment is weak. It’s very hard to find investors,” the lawyer said. “Other than China money, [at present] very few investors are really super interested in the Hong Kong and mainland China markets.” 6park.com“IPO数量和筹资额非常糟糕，市场情绪很疲弱。很难找到投资者，”这位律师表示。“除了中国内地资金外，（目前）很少有投资者真正对香港和中国内地市场有很大兴趣。” 6park.com 6park.comHKEX’s weak financial results reflect the gloom: profits sank 13 per cent in the first quarter with average daily turnover for equities falling 22 per cent year on year. The decline in revenues was partially offset by rising income from the London Metal Exchange, owned by HKEX. Still, the bourse now ranks only 10th globally in IPO volumes so far this year, trailing behind the likes of Athens and a clutch of regional rivals. 6park.com香港交易所疲弱的财务业绩反映了悲观情绪：第一季度利润下降13%，股票日均成交金额同比下降22%。营收下降部分被港交所拥有的伦敦金属交易所(LME)收入增长所抵消。尽管如此，香港交易所今年迄今在全球IPO数量排行榜上仅排名第十，落后于雅典和一批亚洲竞争对手。
6park.comHong Kong IPOs have raised $604mn in the first three months of this year with 12 deals — the majority of which originated from mainland China — against $851mn for 17 deals in the same period a year earlier. “Things are obviously not going well,” said Dickie Wong, executive director of research at Hong Kong-based Kingston Securities. 6park.com今年头三个月在香港进行的IPO总计筹集6.04亿美元，共有12笔上市交易（新上市公司大部分来自中国内地），相比之下去年同期有17笔上市交易，总计筹集8.51亿美元。“事情显然进展不顺利，”香港金利丰证券(Kingston Securities)研究部执行董事黄德几(Dickie Wong)表示。
6park.comTurning this around is the challenge for Tong, an accountant and former chair of the city’s market regulator, and Bonnie Chan, the former co-chief operating officer at the bourse who was appointed chief executive last month, replacing Nicolas Aguzin. 6park.com对会计师出身的香港市场监管机构前主席唐家成和上月被任命为港交所行政总裁、接替欧冠升(Nicolas Aguzin)的陈翊庭(Bonnie Chan)来说，扭转这一局面是一项挑战。陈翊庭此前担任港交所联席营运总监。
6park.comTong told the Financial Times in November that it was important to “continue to promote the city as an international financial centre” and to “make sure the city could play to its strengths [as] a super connector for China to the rest of the world”. HKEX has opened offices in London and New York in recent months. 6park.com唐家成去年11月向英国《金融时报》表示，重要的是“继续提升香港作为全球金融中心的战略地位”，并“确保本港能够发挥其作为中国与世界其他地区超级连接器的优势”。香港交易所近几个月在伦敦和纽约开设了办事处。
6park.comFor the new leadership team, the key is looking for “considerable opportunities to connect with the fast-growing capital hubs of south-east Asia and the Middle East”, Chan said this week. HKEX would also continue to “capitalise on the long-term growth of China”. 6park.com陈翊庭本周表示，对新的领导团队来说，关键是寻找“连接东南亚和中东快速成长的资本枢纽的大量机会”。香港交易所还将继续“利用中国的长期增长”。
6park.comEarlier this month, the China Securities Regulatory Commission announced plans to encourage major mainland enterprises to list in the city and expand the scope of products for the city’s Stock Connect schemes, which connect Hong Kong and mainland China’s financial markets. “Xi Jinping has clearly stated . . . it is necessary to consolidate and enhance Hong Kong’s status as an international financial centre,” the announcement said. 6park.com本月早些时候，中国证监会(CSRC)宣布计划，拟鼓励内地龙头企业赴港上市，并扩大连接香港与内地金融市场的沪深港通机制(Stock Connect)的产品范围。“习近平总书记……明确指出要巩固提升香港国际金融中心地位，”中国证监会在声明中表示。
6park.com“That’s a big lift for the market,” said Robert Lee, a Hong Kong lawmaker. “There’s a market expectation for more measures to come out.” 6park.com“这对市场是一个巨大提振，”香港立法会议员李惟宏(Robert Lee Wai-wang)表示。“市场预期会有更多措施出台。” 6park.com 6park.comBut a mainland Chinese brokerage chief executive based in Hong Kong remains sceptical. “I don’t think [Tong’s] appointment would actually change anything. The appointment speaks to the tendency of HKEX’s operation going forward, the old-fashioned locals would lack the motivation to change or pursue reforms.” 6park.com但中国内地某家券商常驻香港的一位行政总裁仍持怀疑态度。“我不认为唐家成的任命实际上会改变任何事情。这项任命揭示了港交所未来的运作倾向，守旧的香港人缺乏改变或推行改革的动力。” 6park.com 6park.comIndustry insiders are also not very optimistic that overseas investors will return. 6park.com业内人士对海外投资者会否回归也不太乐观。
6park.com“Will foreign investors come back to Hong Kong’s stock market 100 per cent? Maybe not,” said Kingston Securities’ Wong. “With the US election looming, China-US tensions will be ongoing and continue to cast a shadow on Hong Kong, especially for foreign investors.” 6park.com“外国投资者会百分百重返香港股市吗？也许不会，”金利丰证券的黄德几表示。“随着美国大选临近，中美紧张将持续下去，继续给香港蒙上阴影，尤其是对外国投资者而言。” 6park.com 6park.comIn this environment, banks including HSBC and Morgan Stanley are cutting jobs. Law firms including Kirkland have also cut jobs. HSBC declined to comment on reports of job cuts but a spokesperson said the bank was “continuing to invest and grow our business”. Morgan Stanley and Kirkland declined to comment. 6park.com在这种环境下，包括汇丰(HSBC)和摩根士丹利(Morgan Stanley)在内的银行都在裁员。包括凯易(Kirkland & Ellis)在内的律师事务所也纷纷裁员。汇丰拒绝对有关裁员的报道发表评论，但一名发言人表示，该行正在“继续投资和发展我行的业务”。摩根士丹利和凯易拒绝置评。
6park.com“Everyone was geared up for China business,” said the Asia-Pacific head of investment banking for a western bank. “[But] all the China guys are now trying to do south-east Asia or Japan.” 6park.com“大家都为中国业务做好了准备，”某家西方银行的亚太区投行业务主管表示。“但是中国人现在都在尝试进军东南亚或日本。” 6park.com 6park.comFor this week’s three IPOs, demand was clearly weak. 6park.com市场对本周的三笔IPO交易明显需求疲弱。
6park.comRaising nearly HK$2.6bn (US$332mn), Chinese bubble tea chain ChaPanda was the biggest Hong Kong IPO so far in 2024. But the chain, also known as Chabaidao, dipped as much as 38 per cent from its listing price at HK$17.50 on its first trading day. 6park.com中国奶茶连锁品牌茶百道(ChaPanda)进行了香港2024年迄今规模最大的IPO，筹资近26亿港元（合3.32亿美元）。该股在交易首日破发，一度较17.50港元的发行价下跌38%。
6park.comShares in Mobvoi, a Chinese artificial intelligence group that counts Google as its early backer, dropped about 21 per cent on its trading debut on Wednesday. Construction services provider Tianjin Construction Development, meanwhile, closed 39 per cent lower on its first trading day. 6park.com中国人工智能(AI)集团、早期支持者包括谷歌(Google)的出门问问(Mobvoi)周三在交易首日下跌约21%。与此同时，建筑服务提供商天津建设发展集团(Tianjin Construction Development)在交易首日收盘下跌39%。
6park.comIt is clearly time for Hong Kong’s stock exchange to “reset”, said Sally Wong, chief executive of the Hong Kong Investment Funds Association. 6park.com香港投资基金公会(Hong Kong Investment Fund Association)行政总裁黄王慈明(Sally Wong)表示，香港交易所显然到了应该“重置”的时候。
6park.com“As we are currently in transitional period and as [Hong Kong] is repositioning . . . With a more diversified investor base, there are still plenty of opportunities ahead,” Wong said. 6park.com“由于我们目前处于过渡时期，并且（香港）正在重新定位……随着投资者基础更加多元化，未来仍有大量机会，”黄王慈明表示。 6park.com
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