亞洲企業積極利用股市融資

最新數據顯示，亞洲上市公司及其投資者利用該地區股市今年表現活躍的機會，通過后續股票發行，籌集了創紀錄的資金。

Asia's listed companies and their investors have taken advantage of buoyant equity markets in the region this year to raise record funding via follow-on share offerings, according to new data.

湯姆森金融(Thomson Financial)的數據顯示，今年頭9個月，日本之外亞洲市場的后續股票發行額達到了715億美元，較去年同期增長72%。

The volume of follow-on issuance in Asia, excluding Japan, reached $71.5bn in the first nine months, a 72 per cent rise on the same period last year, Thomson Financial found.

后續股票發行活動主要是指上市公司發行新股，但也包括現有股東出售大宗股份。

Follow-on activity largely covers listed companies issuing new shares, but also includes the sale of large shareholdings by existing investors.

后續發行活動高漲，反映出投資者支持公司擴張計劃或將估值較高股票套現的愿望越來越強。

The rise in follow-on issuance reflects growing investor willingness to support expansion plans or to cash in higher-valued paper.

這還反映出，在亞洲公司估值飆升之際，股票融資的吸引力強于債券融資。后續股票發行活動為那些從事承銷和發行安排的全球投資銀行提供了不斷增長的收入源泉。

It also highlights the relative attractiveness of equity, as opposed to debt, financing at a time when Asian company valuations have soared. The activity is providing a growing source of revenues for global investment banks, which underwrite and arrange the share sales.

銀行人士表示，亞洲股市業務的強勁增長，令人回憶起歐洲股市此前5年的增長。

Bankers say strong growth in the Asian equity capital markets business is reminiscent of the growth in Europe over the previous five years.

自2002年以來，亞洲的后續股票發行活動一直在穩步增長--當年總共有209宗后續發行，籌資總額為160億美元。今年截至目前，亞洲（除日本以外）已經進行了687宗后續發行，全年的后續發行交易數將會超過去年的781宗，籌資總額也將超過1000億美元。

Follow-on issuance in the region has risen steadily since 2002, when 209 issues raised a combined $16bn. There have been 687 issues this year, placing Asia, excluding Japan, on course to speed past last year's total of 781 and raise more than $100bn.

相比之下，湯姆森金融的數據顯示，不包括日本和中國A股市場，亞洲今年以來的首發上市籌資額僅300億美元。

By comparison, listings in Asia, excluding Japan and Chinese A-shares, have this year raised just $30bn, according to Thomson Financial.

湯姆森金融的數據顯示，澳大利亞是最為活躍的后續股票發行市場，共籌資164億美元，較去年同期增長70%。中國今年已有29宗后續發行，籌資126億美元，較去年同期增長60%。

According to Thomson Financial, Australia has been the most active follow-on market with $16.4bn raised - an increase of 70 per cent on the same period last year. There have been 29 issues in China, raising $12.6bn, up 60 per cent.