中國的能源公司中石油(PetroChina)啟動了外界期待已久的首次公開發(fā)行(IPO)，該公司可能募集逾90億美元資金，成為中國內(nèi)地規(guī)模的IPO。
PetroChina, the country’s largest energy company, has launched its long-awaited local initial public offering, which could raise more than $9bn in what would be the largest domestic listing.
中石油IPO的時間也進行了精心安排，以利用內(nèi)地市場不斷攀升的良機。在過去短短兩年多的時間里，上海的基準指數(shù)已上漲了5倍。
The IPO would also be well timed to take advantage of a soaring local share market. Shanghai’s benchmark index has increased sixfold in just over two years.
中石油在周日晚間遞交上海證交所和香港交易所的一份聲明中表示，該公司計劃向投資者發(fā)售40億股A股股票。中石油是中國石油天然氣集團公司(China National Petroleum Corp)的子公司。
PetroChina, a unit of China National Petroleum Corp, said in a statement to the Shanghai and Hong Kong stock exchanges on Sunday night that it planned to offer 4bn local A-shares for sale to investors.
這家國有油氣集團在9月20日的招股書中曾表示，預計將募集資金378億元人民幣（合50億美元），如今看來，這個數(shù)字有可能被超過。
The state-controlled oil and gas group had said in its prospectus on September 20 that it expected to raise Rmb37.8bn ($5bn), a figure that now could be exceeded.
如果這40億股A股的發(fā)行價定在相當于中石油香港股票的水平，那么此次上市可能募集資金約98億美元。
If the 4bn A-shares were priced at a level comparable with PetroChina’s shares traded in Hong Kong, the listing could raise about $9.8bn.
以基于中石油港股上周收盤價的標準計算，該公司市值為4370億美元，排名全球第二，超過了通用電氣(General Electric)，僅次于?？松梨?ExxonMobil)。
PetroChina’s market capitalisation, using one measure based on its closing price in Hong Kong last week, was $437bn – ranking the company as the world’s second-biggest – ahead of General Electric but behind ExxonMobil.
在上海證交所上市后，中石油甚至可能超過?？松梨?，成為世界上市值的上市公司。不過，由于中石油流通股比例很低，可以說，市值無法很好地體現(xiàn)該公司的真正價值。
After it lists on the Shanghai stock exchange, it could even surpass Exxon to become the world’s most valuable quoted company, although the thin float arguably makes the market value a poor guide to PetroChina’s true value.
此等估值基于一個不太可能的假設(shè)，即中石油國有母公司持有的全部非流通股，均與流通股等值。
Such valuations are based on the improbable projections that all of the company’s non-tradable shares still held by the state parent are equal in value to the traded shares.
傳統(tǒng)上，A股股票的定價低于香港的H股，而且通常遠遠低于當?shù)赝顿Y者愿意支付的價格。因此，內(nèi)地上市的股票在首日上市時一般都會大幅攀升。
A-shares have traditionally been priced at a discount to Hong Kong’s H-shares and often well below the price local investors are willing to pay. As a result, locally listed shares traditionally jump sharply on their debut.
此前規(guī)模的內(nèi)地上市公司是中國煤炭企業(yè)的子公司——中國神華(Shenhua Energy)。該公司上月在上海募集了89億美元。中國神華得到了大約30倍的超額認購，股價在上市首日上漲了大約87%。
The largest previous local listing was Shenhua Energy, a unit of China’s largest coal company, which raised $8.9bn in Shanghai last month. Shenhua Energy was about 30 times oversubscribed and soared by about 87 per cent on its opening trading day.
PetroChina, the country’s largest energy company, has launched its long-awaited local initial public offering, which could raise more than $9bn in what would be the largest domestic listing.
中石油IPO的時間也進行了精心安排，以利用內(nèi)地市場不斷攀升的良機。在過去短短兩年多的時間里，上海的基準指數(shù)已上漲了5倍。
The IPO would also be well timed to take advantage of a soaring local share market. Shanghai’s benchmark index has increased sixfold in just over two years.
中石油在周日晚間遞交上海證交所和香港交易所的一份聲明中表示，該公司計劃向投資者發(fā)售40億股A股股票。中石油是中國石油天然氣集團公司(China National Petroleum Corp)的子公司。
PetroChina, a unit of China National Petroleum Corp, said in a statement to the Shanghai and Hong Kong stock exchanges on Sunday night that it planned to offer 4bn local A-shares for sale to investors.
這家國有油氣集團在9月20日的招股書中曾表示，預計將募集資金378億元人民幣（合50億美元），如今看來，這個數(shù)字有可能被超過。
The state-controlled oil and gas group had said in its prospectus on September 20 that it expected to raise Rmb37.8bn ($5bn), a figure that now could be exceeded.
如果這40億股A股的發(fā)行價定在相當于中石油香港股票的水平，那么此次上市可能募集資金約98億美元。
If the 4bn A-shares were priced at a level comparable with PetroChina’s shares traded in Hong Kong, the listing could raise about $9.8bn.
以基于中石油港股上周收盤價的標準計算，該公司市值為4370億美元，排名全球第二，超過了通用電氣(General Electric)，僅次于?？松梨?ExxonMobil)。
PetroChina’s market capitalisation, using one measure based on its closing price in Hong Kong last week, was $437bn – ranking the company as the world’s second-biggest – ahead of General Electric but behind ExxonMobil.
在上海證交所上市后，中石油甚至可能超過?？松梨?，成為世界上市值的上市公司。不過，由于中石油流通股比例很低，可以說，市值無法很好地體現(xiàn)該公司的真正價值。
After it lists on the Shanghai stock exchange, it could even surpass Exxon to become the world’s most valuable quoted company, although the thin float arguably makes the market value a poor guide to PetroChina’s true value.
此等估值基于一個不太可能的假設(shè)，即中石油國有母公司持有的全部非流通股，均與流通股等值。
Such valuations are based on the improbable projections that all of the company’s non-tradable shares still held by the state parent are equal in value to the traded shares.
傳統(tǒng)上，A股股票的定價低于香港的H股，而且通常遠遠低于當?shù)赝顿Y者愿意支付的價格。因此，內(nèi)地上市的股票在首日上市時一般都會大幅攀升。
A-shares have traditionally been priced at a discount to Hong Kong’s H-shares and often well below the price local investors are willing to pay. As a result, locally listed shares traditionally jump sharply on their debut.
此前規(guī)模的內(nèi)地上市公司是中國煤炭企業(yè)的子公司——中國神華(Shenhua Energy)。該公司上月在上海募集了89億美元。中國神華得到了大約30倍的超額認購，股價在上市首日上漲了大約87%。
The largest previous local listing was Shenhua Energy, a unit of China’s largest coal company, which raised $8.9bn in Shanghai last month. Shenhua Energy was about 30 times oversubscribed and soared by about 87 per cent on its opening trading day.