两手插兜，不知道什么是对手 | 经济学人财经

Finance & economics | Financial competition

金融竞争

英文部分选自经济学人20230312财经版块

Finance & economics | Financial competition

金融竞争

New York’s stockmarkets are thrashing Hong Kong and London

证券市场大PK：纽约吊打香港和伦敦

As it attracts more overseas listings, the Big Apple is getting bigger

海外IPO纷至沓来，纽约越来越牛

In 2006 Charles Schumer and Michael Bloomberg took to the pages of the Wall Street Journal to express their concerns about New York. The senator and mayor both feared that the Big Apple was losing its financial edge. The city had, after all, captured only one of the previous year’s 24 largest initial public offerings (ipos).

2006年，参议员查尔斯·舒默（Charles Schumer）和纽约市长迈克尔·布隆伯格（Michael Bloomberg）登上《华尔街日报》，痛陈他们对纽约未来的担忧。两人担心纽约正慢慢褪去金融霸主的光环：此前一年中，全球规模最大的24笔IPO中，只有一笔在纽约落地。

New York’s bigwigs have little to worry about these days. In the battle between global financial centres, the city is increasingly a power with no equal. That is especially true when it comes to stockmarkets, where America’s financial hub is extending its already comfortable lead.

如今，大佬们已经没什么好担心的了。全球金融中心的龙争虎斗中，纽约两手插兜，不知道什么是对手。尤其是在证券市场，本就大比分领先的纽约仍在扩大优势。

On March 3rd Arm, a British semiconductor firm owned by SoftBank, a Japanese investment outfit, announced that it would list only in New York, rebuffing a campaign by British ministers to encourage a London listing. A day earlier, CRH, a London-listed building-materials firm, said it would move its main listing to New York. Other European countries have also lost out. The same week Linde, a chemical firm that was until recently the largest constituent of Germany’s DAX index, quit Frankfurt, keeping its American listing.

3月3日，日本投资公司软银旗下的英国半导体公司ARM宣布将只在纽约上市，拒绝了致力于推动该公司本土上市的英国政府。而此前一天，在伦敦上市的建材公司CRH表示将把主要上市地迁移至纽约。其他欧洲国家的情况也不甚乐观：同一周，化工企业林德（Linde）宣布从法兰克福退市，但继续在美国上市。此前，林德一直是德国DAX股指中权重最高的成分股。

After a pause of almost two years, Chinese firms are also looking westward. New rules published last month by the country’s securities regulator mean that overseas listings will be vetted more closely, but they also offer an avenue for more firms to list abroad. Last month Hesai Group, a Chinese electronics company, raised $190m on the Nasdaq, the largest Chinese listing in America since 2021. Shein, a fashion firm, is also said to be looking to float its shares in New York. American regulators may be toughening up on some Chinese firms, by employing sanctions and export controls, but the Big Apple seems to have retained its allure.

按下暂停键近两年后，中国公司也把目光投向西方。根据ZG证监会上个月出台的新规，境外上市将受到更严格的监管。但新规也拓宽了公司海外上市的渠道。上个月，中国电子公司禾赛科技（Hesai Group）在纳斯达克募资1.9亿美元，成为2021年以来IPO规模最大的赴美上市中国公司。据称，快时尚公司希音（Shein）也准备在纽约上市。虽然美国监管机构可能会通过实施制裁和出口管制，加大对部分中国企业的监管力度，但纽约依然魅力不减。

The trend reflects the failures of Hong Kong and London, the only stockmarkets that can really compete with New York. In the past four quarters, during which business was slow, American exchanges won $24bn in overseas IPOs, eight times as much as managed together by London and Hong Kong (excluding Chinese stocks), according to Dealogic, a data provider. In 2019, by contrast, New York only took in three times as much business.

这一趋势标志着挡在纽约面前的最后壁垒——香港和伦敦——也轰然倒塌。数据提供商Dealogic称，过去四个季度里，尽管全球范围内形势惨淡，美国各大交易所的海外IPO仍募得240亿美元的资金，达到伦敦和香港（ZG大陆股票除外）总和的八倍之多。相比之下，2019年纽约的IPO规模还只是伦敦香港之和的三倍。

Hong Kong’s stockmarket once held some attraction for foreign companies, including Rusal, a Russian aluminium firm, Prada, an Italian fashion house, and Samsonite, an American luggage company. But the city’s current listings pipeline contains few firms from beyond China. Meanwhile, London has its own drawbacks. One common gripe is the lack of a natural base of investors. Britain’s pension funds and insurers invest a notably small proportion of their assets in domestic stocks.

曾几何时，香港股市对外国企业还有一定吸引力，如俄罗斯铝业公司Rusal，意大利时尚品牌Prada和美国箱包公司Samsonite。但眼下，在港交所排队上市的几乎都是中国公司。同时，伦敦市场也有其自身的缺点，一个常被人们挂在嘴边的问题就是本地投资者基础薄弱：英国的养老基金和保险公司仅将一小部分资产投在本国证券市场。

Stock exchanges in Shanghai and Shenzhen are enormous, boasting combined total market capitalisations of more than $12trn. But Chinese stockmarkets still behave somewhat irrationally. Indeed, shares in firms listed on mainland and Hong Kong bourses are almost 40% more expensive on the mainland. Tokyo’s stockmarket is also big, with a total market capitalisation of nearly $5.4trn, but these days manages to attract little international business.

上海和深圳的证券交易所规模巨大，总市值超过12万亿美元。但中国的证券市场并不成熟。同时在内地和香港上市的公司在内地的股价要高出近40%。东京的证券市场体量也很大，总市值接近5.4万亿美元，但如今，这里已很难吸引外国公司。

Other places simply cannot match the big three’s heft. Amsterdam and Dubai have grown, but remain regional, murky or both. Singapore, which passed Hong Kong in last year’s Global Financial Centres Index, compiled by Z/Yen, a consultancy, is a growing wealth-management hub, but remains a minnow when it comes to stocks.

其他地方根本无法与纽约、香港、伦敦三巨头匹敌。阿姆斯特丹和迪拜已经起势，但区域局限性和运作不透明，两地都至少占其一。咨询公司Z/Yen去年发布的“全球金融中心指数”中，新加坡排名超过香港。在财富管理方面，新加坡的中心地位日益凸显，但其证券市场仍然是小鱼小虾。

As Messrs Schumer and Bloomberg can attest, financial competition sometimes changes in unpredictable ways. Right now, though, New York appears to be the listing venue of choice for companies in America, Europe, and—when officials on both sides allow—China, too. The city is fast pulling away from the rest of the field.

金融竞争变幻莫测，舒默和布隆伯格二人可为之证。如今，纽约就是最佳上市地点：欧洲和美国企业自不必说，中国企业也不例外（当然，中美政府都得点头）。纽约正一骑绝尘，远远抛下竞争对手。

翻译组：

Helen，女，金融资管，努力成为六边形战士ing
Diamond，男，血汗工厂搬砖工，经济学人粉丝

Humi，女，学习财经的金融小白，不负韶华，平视世界

Summer，女，QE在职，梦想能仗走天涯 翻译/音乐/健康

校对组：

Claire，进进退退，摇摇摆摆，探索世界ing

Francis，男，高校青椒，持有ACCA的翻译小透明

Ithil，男， 胡辣汤爱好者，世界杯冠军、三星阿根廷球迷