Shenhua Energy's $2.8bn-$3.6bn initial public offering the biggest in the world so far this year has got off to a strong start, with investors offering to buy all the shares to be sold by China's largest coal group after only three days of marketing.
据内情人士称，尽管股市动荡，但亚洲和欧洲基金管理公司以及香港大亨们的需求给这家国有企业的首发助了一臂之力。
Demand from Asian and European fund managers and Hong Kong tycoons has helped the state-owned company's IPO in spite of volatile equity markets, according to people close to the situation.
国际投资者对神华上市反应强劲，将鼓舞中国其它企业，这些企业计划单在下月就将在海外市场的上市行动中筹集共逾40亿美元资金。
The strong response to the Hong Kong listing from international investors will be a boost for other Chinese companies, which plan to raise a total of more than $4bn in overseas listings in the next month alone.
按计划，交通银行(Bank of Communications)和航运集团中远集团(Cosco)将分别在香港进行20亿美元和15亿美元的首次公开上市。预计民生银行(China Minsheng)10亿美元的股票上市计划本周将获得监管部门批准。民生银行是中国最大的私营银行。
A $2bn IPO by Bank of Communications and a $1.5bn listing by shipping group Cosco are scheduled in Hong Kong next month. China Minsheng, the country's largest privately owned lender, is expected to receive regulatory approval for a $1bn share offering this week.
但由于神华决定将首发股票的6.5亿美元出售给英美矿业(Anglo American)以及4家总部位于香港的企业集团和投资基金，因此神华的上市将更容易。英美矿业是全球第二大矿业集团。
However, Shenhua's listing will be made easier by its decision to sell $650m of the IPO to Anglo American, the world's second largest mining group, and four Hong Kong-based conglomerates and investment funds.
据悉，其他香港大亨已提出购买此次发行的股票，他们通常支持中国国有企业的首次公开上市。
Other Hong Kong tycoons, which usually support IPOs by state-owned Chinese companies, are believed to have tabled offers to buy into the listing.
神华上周四开始在亚洲、欧洲和美国进行为期13天的路演，发行定价可能低于其国际竞争对手的估值，此举可能吸引投资人购买发行的股票。
Shenhua, which launched a 13-day roadshow in Asia, Europe and the US last Thursday, is likely to be priced at a discount to the valuations of international rivals a move that may entice investors to buy into the listing.
据悉，这家煤炭生产商已从投资人处得到初步认购意向，数量足以吸收其计划发售的所有30.64亿股股票。新股将于6月8日定价，一周后上市交易。
It is understood the coal producer has already received enough preliminary offers from investors to cover all of the 3.064bn shares it plans to sell. The shares will be priced on June 8 and begin trading a week later.
神华及其上市顾问德意志银行(Deutsche Bank)、美林(Merrill Lynch)和中国国际金融公司(China International Capital Corp)拒绝对此置评。然而内情人士警告说，投资人提出的购股意向并非实盘认购，可能根据首次公开发行的最终价格而撤消。
Shenhua and its advisers Deutsche Bank, Merrill Lynch and China International Capital Corp declined to comment. However, people close to the situation warned the offers tabled by investors were not firm commitments and could be withdrawn depending on the IPO's final price.
神华正寻求将其股票的发行价定在每股7.25港元至9.25港元之间，分析师预期，最终价格将被定在该区间的中间价，或略比中间价低一点。
Shenhua is seeking to price its shares at between HK$7.25 and HK$9.25 apiece, with analysts expecting the final price to be set at, or just below, the middle of that range.
