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

　　各大資源類企業為籌集資金紛紛赴香港上市。問題是，到香港上市是明智之舉嗎？

　　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

　　圖為2007年11月，蒙古國南戈壁省沙漠地區的奧尤陶勒蓋礦區內，工人們正在清理場地，準備挖掘第二座礦井。預計蒙古政府將在未來幾個月內宣布國有Erdenes-塔萬陶勒蓋公司上市，Erdenes-塔萬陶勒蓋公司現掌控著南戈壁省礦區巨大的煤炭礦床。近期準備赴港上市的是瑞士大宗商品貿易巨頭Glencore International AG，交易規?？芍^前無僅有。該公司上周證實說，將在倫敦和香港雙雙掛牌上市，計劃募集多達110億美元的資金。其它期待在香港上市的公司有來自中國內地的內蒙古伊泰煤炭股份有限公司、南非煤礦開采商LontohCoal Ltd.、哈薩克斯坦銅礦公司Kazakhmys PLC 以及中國鐵礦石開采商新礦資源有限公司等。

　　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”上欣然寫入的一筆大規模交易當屬全球最大的焦化煤開采公司的IPO，時間預計在2011年末或2012年初。預計蒙古政府將在未來幾個月里宣布其國有企業Erdenes-Tavan Tolgoi Co.的上市地點。該企業控制著蒙古南戈壁沙漠地區的一個巨型煤礦。在該企業的備選上市地點中，香港交易及結算所有限公司(Hong Kong Exchanges & Clearing Ltd.，簡稱：香港交易所)是領跑者。

　　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資源類企業從其它上市地點吸引過來，增加自己在上市方面的收益。香港交易所已成為企業首次公開募股(IPO)的一個重要地點，去年連續第二年成為全球范圍內新增上市公司最多的一個交易所。

　　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.

　　推動資源類企業上市已成為全球交易所兼并的一個主題。新加坡交易所(Singapore Exchange Ltd.)提議以84億澳元(合88.8億美元)收購澳大利亞主要證券交易所運營商ASX Ltd.，理由之一就是要提高自己對那些主導澳大利亞市場的礦業公司的吸引力。澳大利亞監管者前不久做出裁定，認為這項收購不符合澳大利亞的國家利益，新加坡的收購意愿因此受挫。

　　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.

　　倫敦證券交易所(London Stock Exchange Group PLC)早已是很多資源類企業上市的首選地。該交易所目前正試圖讓礦業公司相信，如果它能成功收購多倫多證券交易所(Toronto Stock Exchange)的所有者TMX Group Inc.，這些公司就會從額外的流動性中獲益。多倫多證券交易所是頗受礦產和金屬類企業歡迎的另一個市場。

　　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.

　　資源類公司并非歷來就愿意趨之若鶩地赴港上市，但這正是香港交易所試圖積極改變的一點。去年6月，該交易所改變了上市規則，讓礦業公司可更輕松地為已發現的礦藏進行IPO。香港交易所說，目前共有82家金屬類和礦業公司在香港上市，總市值達到1,220億美元。

　　'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.

　　香港交易所上市推廣部主管藍博文(Eric Landheer)說，這是我們今年的一個主要任務。他已去過加拿大、澳大利亞、印度尼西亞、歐洲、日本、蒙古、俄羅斯、臺灣、哈薩克斯坦和美國等地，為企業赴港上市做宣傳。

　　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.

　　對香港有利的一個方面是，香港作為通往中國內地市場的門戶對許多大宗商品企業具有吸引力，中國是全球能源、礦產、金屬和食品的主要消費國。

　　'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.

　　藍博文說，我們發現，來到香港的許多投資組合經理都是為了靠近充當買方的中國。他舉例說，全球對鐵礦石的需求量目前有50%來自中國。

　　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.

　　他提到了蒙古礦業公司(Mongolian Mining Corp.)去年10月的成功上市，該公司通過上市募集資金58億港元(合7.46億美元)，其股票自上市以來已經上漲了35%。蒙古礦業公司生產煉鋼用的煤炭。

　　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.

　　甚至連債務負擔沉重的俄羅斯鋁生產商俄羅斯鋁業聯合公司 (United Co. Rusal PLC, 簡稱：俄鋁)，其目前的股價也比首次公開募股(IPO)價高出30%以上，雖然該公司股票在去年1月上市伊始曾出現下跌。蘭德黑爾指出，盡管俄鋁也有股票在巴黎上市，但在香港上市的股票卻占該公司總股本的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戶都感到高興。在香港上市的金礦開采公司國際資源集團有限公司(G-Resources Group Ltd.)就認為自己的股票被低估了。該公司擁有位于印尼蘇門答臘島的Martabe金、銀礦。

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

　　公司首席執行長赫加蒂(Owen Hegarty)說，我們正在辛苦地充當開路先鋒，我們在為其他人擋子彈。

　　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.

　　以目前的金價計算，一旦該公司的Martabe金礦投產，公司每年來自該礦的現金流估計可達3億美元。赫加蒂說，這意味著國際資源集團在香港上市股票的市盈率只有三倍左右，只相當于多倫多、倫敦或澳大利亞股市上與該公司處于類似建設階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.

　　銀行家們指出，香港散戶投資者總的來說對礦產勘探企業所知甚少，也不知道如何分析它們。

　　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.

　　香港的股市投資者中約35%是散戶，而美國股市的這一比例是10%。中國內地股市的投資者狀況與美國股市正好相反，只有10%是專業機構投資者。

　　"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."

　　五礦資源有限公司(Minmetals Resources Ltd.)的首席執行長米安德(Andrew Michelmore)說，對于如何評估上市公司的自然資源和資源儲量的價值有一些特殊做法，香港投資者并不像多倫多、約翰內斯堡或倫敦的投資者那樣熟悉自然資源類股。五礦資源是中國一家國有采礦和金屬公司在香港上市的企業。但米安德也表示，長期而言我們在全球市場上是非?？春孟愀酃墒械模愀酃墒械那闆r不會一夜之間便能神奇改變，人們將會在這一市場遭遇挫折，但中、長期而言這是一個非常有吸引力的市場。

　　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.

　　瑞銀(UBS)旗下亞洲工業部(Asia Industrials Group)的聯席負責人羅佩克(Patrick Loftus-Hills)說，一旦在香港上市的礦業公司開始出售它們所采的礦藏，現金因而滾滾而來，這些公司在股市的表現其實要比它們在其他地方上市的同行優秀。瑞銀的亞洲工業部也跟蹤研究自然資源類企業。

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

　　他說，有許多、許多公司希望到香港上市。