小米的脆弱亮相对将在港上市的科技公司来说是一种麻烦 [英国媒体]

HONG KONG, July 9(Reuters) - Xiaomi Corp's shares fell as much as 6 percent in their Hong Kongdebut on concerns over the Chinese smartphone maker's valuation, in an ominoussign for its technology sector peers who have lined up listings in the city.

香港,7月9日(路透社)-小米在香港上市首日股价下跌6%，对于中国智能手机制造商估值的担忧，对近期排队准备上市的其他科技行业同行来说，不是一个好信号。

The share performanceof Xiaomi is a key test of investor sentiment for what is expected to be apacked initial public offering (IPO) calendar in the coming months. Theseinclude a $4 billion deal from online food delivery-to-ticketing servicesplatform Meituan Dianping and an up to $10 billion IPO from China Tower, theworld's largest mobile tower operator.

小米的股票表现是投资者对未来几个月（即将进行的）IPO的一个很重要的参考。这其中包括外卖服务平台美团点评（美团收购大众点评之后的联合体）40亿美元的IPO，以及世界最大移动铁塔运营商中国铁塔100亿美元的IPO。

"Other IPOcandidates will rush to Hong Kong to list before the market sentiment shifts. Andthey have to speed up the pace if they aim for a good valuation," saidHong Hao, chief strategist at brokerage BOCOM International.

“在市场情绪转变之前，其他IPO候选者将蜂拥至香港上市。如果他们希望他们的估值能够更高，他们就得加快步伐。”交通银行国际首席策略师洪浩说。

"However, giventhe targeted high valuations of many new-economy IPO hopefuls and the number ofIPOs going forward, it will be challenging for the market to digest all ofthem," Hong said.

“但是鉴于许多新经济IPO预期的高估值和新股上市的数量，市场消化所有这些都将是具有挑战性的,”洪说。

Xiaomi priced its IPOat HK$17 per share, the bottom of the range it offered, raising $4.72 billionin the world's biggest technology float in four years.

小米IPO定价为每股17港元，这是它估值范围的最低点（译者注：小米之前估值17-22港元），它将在这次四年内世界上最大的科技股上市过程中筹集47. 2亿美元（译者注：小米香港上市是自阿里巴巴上市以来最大的科技股IPO）。

Its shares touched alow of HK$16 in early trade and later rallied to briefly touch its IPO price.The stock was at HK$16.88 after the midday break, while the main Hong Kongstock market index was 1.7 percent higher.

其股价在早期交易触及16港元的低点，随后反弹并暂时触及到其IPO价格（17元）。午盘后，该股为16.88港元，同期香港股市指数上涨1.7%。

Xiaomi's listingcomes as investors fret over escalating trade tensions between the UnitedStates and China that have shaken markets over the past several weeks. The spatpushed Hong Kong's benchmark index to a nine-month low last week.

小米上市之际，投资者担心美中之间的贸易紧张局势加剧，这在过去几周动摇了市场。上周，香港股市指数跌至九个月低点。

Asked if the lowpricing of Xiaomi and some other technology firms will weigh on upcoming IPOs,Hong Kong stock exchange CEO Charles Li said at the Xiaomi listing ceremony:"We cannot put a brake. The market is always open. It's open toeverybody...If you don′t like the price, you can stay away."

当被问及小米和其他一些科技公司的低价是否会影响到即将上市的IPO时，香港证券交易所首席执行官查尔斯•李在小米上市仪式上说：“我们不能踩刹车，市场总是开放的，它对每个人都是开放的…如果你不喜欢这个价格，你可以远离它。”

VALUATION

估值

Xiaomi's IPO valuedthe firm, which also makes internet-connected home appliances and gadgets, atabout $54 billion, almost half the $100 billion it had initially hoped for andbelow its more recent target of at least $70 billion.

小米的IPO确定了这家也生产智能家居及周边的公司价值达到约540亿美元，几乎只有其最初1000亿美元估值的一半，也低于近期700亿美元的估值。

Xiaomi had beenexpected to raise up to $10 billion, split between its Hong Kong and a mainlandoffering. But in a surprise move last month, it postponed its mainland shareoffering.

小米计划通过分开在香港和内地发行股票，筹资至多100亿美元，但上个月，（小米）出人意料的推迟了在内地的股票发行。

The HK$17 pricued the company at 39.6 times 2018 earnings, while iPhone maker Apple istrading at 16 times and Chinese social media and gaming giant Tencent Holdingsat 36.

17港元价格的估值使得公司2018年预估市盈率为39.6倍,而iPhone制造商苹果的市盈率为16倍，中国社交媒体和游戏巨头腾讯控股的市盈率则为36倍。

"Trading belowthe issue price suggested that investors still felt the valuation of the stockwas relatively high as compared with Tencent and Apple," said Linus Yip,chief strategist at First Shanghai Securities.

“低于发行价表明, 与腾讯和苹果相比，投资者仍然觉得股票估值相对高,“上海证券首席策略师李纳斯说。

Potential investorsalso struggled to view the company as the internet play it considers itself tobe, rather than as a smartphone maker - the lower-margin business thatcurrently generates most of its profits, sources said.

消息人士称，潜在投资者努力将该公司视为(小米)自认为的互联网运营商，而不是利润率较低的智能手机制造商。

"We are aninternet firm. From day one, we've set up a dual-class share structure. Withoutthe innovation of Hong Kong's capital markets, we wouldn't get a chance to gopublic in Hong Kong," Xiaomi's founder and chief executive Lei Jun toldthe listing ceremony at the Hong Kong stock exchange.

“我们是一家互联网公司。从第一天起，我们就建立了双重股权结构。“如果没有香港资本市场的创新，我们就不会有机会在香港上市，”小米的创始人兼首席执行官雷军在香港证交所的上市仪式上说。

Xiaomi sold 2.18billion shares, making the IPO the largest in the technology sector sinceAlibaba Group raised $25 billion in New York in 2014.

小米出售了21.8亿股，使得这次IPO成为2014年阿里巴巴在纽约募集250亿美元那一次之后，技术版块中规模最大的一次IPO。

The float adds toHong Kong's $7 billion worth of new listings this year. It is also the firstunder the city's new rules permitting dual-class shares, common among U.S. techfirms, in an attempt to attract tech sector floats.

这次上市使得香港股市今年新上市市值增加了约70亿美元。 它也是香港为了吸引科技公司上市，允许在美国科技公司中常见的双重投票权以来的第一例。（译者注：阿里巴巴就是因为香港法律不允许双重投票权而放弃香港上市）

Xiaomi focuses onlow-priced, high-performance smartphones and touts an innovative business modelthat features online services, a range of consumer electronics products builtby partner firms, and a retail strategy that includes a network of physicalstores.

小米专注于低价高性能的智能手机，它推出了一种新的商业模式，其特征是在线服务、和其他伙伴公司生存一系列消费电子产品（指小米智能家居及周边产品），以及包括（线下）实体店网络的零售策略。

It is now the biggestsmartphone vendor in India and is pushing into European markets including Spainand Russia, though it has lost share in China recently to lower-cost rivals.

它现在是印度最大的智能手机供应商，正在向包括西班牙和俄罗斯在内的欧洲市场进军，尽管最近在中国低端市场它的份额相对于竞争对手有所丢失。