The first yuan-denominated initial public offering in Hong Kong is set to do well, but the pipeline of future deals in the Chinese currency is virtually empty.

　　香港首檔以人民幣計(jì)價(jià)的首次公開募股（IPO）進(jìn)展順利，但未來(lái)香港將有哪些以人民幣計(jì)價(jià)的IPO交易目前還看不出苗頭。

　　The planned April 29 $1.7 billion listing of Hui Xian Real-Estate Investment Trust, owned by Li Ka-Shing, a tycoon dubbed 'Superman' for his business success, will be the first time that investors in Hong Kong can make a yuan-denominated equity investment on the island. That will increase the range of products in which investors can park their offshore yuan, until now limited to low-yielding bonds and bank deposits.

　　按計(jì)劃，匯賢房地產(chǎn)投資信托基金（簡(jiǎn)稱：匯賢REIT）將于4月29日掛牌上市，它此次的IPO募集資金17億美元。匯賢REIT為李嘉誠(chéng)（Li Ka-Shing）所有，此次公開募股將使香港投資者首次能在本地投資以人民幣計(jì)價(jià)的股票。李嘉誠(chéng)是一位商界大亨，因經(jīng)商有道而被冠以“超人”稱號(hào)。此次IPO將為那些持有離岸人民幣的投資者增加一個(gè)投資渠道。直到目前為止，投資者還只能將手中的這類資金投在低收益的債券和銀行存款上。

　　That is a step forward for the yuan as an international currency, and for Hong Kong as an offshore center for yuan finance.

　　匯賢REIT的IPO，標(biāo)志著人民幣國(guó)際化的步伐向前邁進(jìn)了一步，香港距成為人民幣離岸金融中心又靠近了一程。

　　The REIT's underlying assets are focused around the prestigious Oriental Plaza, a high-end commercial property within walking distance of Beijing's Tiananmen Square. Mr. Li's timing is good. With a government crackdown on bubbly valuations in the residential sector, investors are taking a more favorable view of commercial property.

　　 匯賢REIT的標(biāo)的資產(chǎn)主要是北京著名的東方廣場(chǎng)（Oriental Plaza）。東方廣場(chǎng)是一座高端商業(yè)地產(chǎn)，從這里出發(fā)，步行可到天安門廣場(chǎng)。李嘉誠(chéng)的時(shí)機(jī)選擇的非常好。眼下，政府正在打擊住宅地產(chǎn)的估值泡沫，投資者更傾心于商業(yè)地產(chǎn)。

　　The direction of travel for the yuan also is auspicious. 人民幣的流動(dòng)方向也也有利于此次IPO交易。

　　Hui Xian will offer a dividend yield of around 4% in 2011. Jinsong Du, China property analyst at Credit Suisse, says that compares to an average yield of 5.5%-6% on Hong Kong-listed REITS.

　　匯賢REIT 2011年的股息收益率大約為4%。瑞士信貸（Credit Suisse）的中國(guó)房地產(chǎn)分析師杜勁松說，在香港上市的房地產(chǎn)投資信托基金的平均股息收益率為5.5%至6%。

　　But with the yuan expected to gain 5% against the dollar in the year ahead, currency appreciation will also be factored in to expected returns.

　　由于今后一年中人民幣兌美元預(yù)計(jì)將升值5%，在計(jì)算預(yù)期收益的時(shí)候，也必須考慮到貨幣升值的因素。

　　Hui Xian is not only the first yuan-denominated IPO in Hong Kong, but also may be the only one -- at least for a while. 匯賢REIT不僅將創(chuàng)下香港市場(chǎng)首例以人民幣計(jì)價(jià)的IPO，而且可能也將是惟一的一例。至少暫時(shí)是這樣的。

　　Beyond unconfirmed rumors that jewelry retailer Chow Tai Fook, also owned by an influential tycoon, is planning a yuan-tranche for a listing, the queue of future yuan-denominated IPOs in Hong Kong is surprisingly short.

　　除了未經(jīng)證實(shí)的傳言說珠寶零售商周大福（Chow Tai Fook）擬發(fā)行的股票將有一部分以人民幣計(jì)價(jià)外，香港市場(chǎng)未來(lái)準(zhǔn)備以人民幣計(jì)價(jià)的IPO卻少之又少。周大福同樣也被一個(gè)頗具影響力的商界大亨持有。

　　One reason is a dearth of offshore yuan funds in Hong Kong.

　　造成這種現(xiàn)象的一個(gè)原因是香港缺乏離岸人民幣基金。

　　Data from the Hong Kong Monetary Authority shows that as of January, yuan deposits in Hong Kong reached $56 billion. That is six times higher than a year earlier, and is enough to cover the Hui Xian IPO many times over.

　　香港金融管理局（Hong Kong Monetary Authority）的數(shù)據(jù)顯示，截至今年1月，香港的人民幣存款規(guī)模達(dá)到560億美元，這是一年前水平的六倍，足以確保匯賢REIT的IPO交易獲得多倍超額認(rèn)購(gòu)。

　　But the amount is still too shallow a pool to ensure a liquid secondary market, or to support many more offerings.

　　但這個(gè)資金池仍然太淺，難以確保二級(jí)市場(chǎng)的流動(dòng)性，或是支撐更多新股公開募集。