聯想控股IPO 基石投資者認購近半股份

Legend Holdings, the Chinese investment group, has presold almost half its $2bn Hong Kong initial public offering to cornerstone investors, in a deal that will bring together assets ranging from PC manufacturing and fruit production to car rentals and dentistry.

中國投資集團聯想控股(Legend Holdings)將在香港舉行首次公開發行(IPO)，融資約20億美元，其中近半數股份已預先售給基石投資者。聯想控股將利用此次IPO，把PC製造、水果生產、汽車租賃、牙科診所等不同領域的資產整合起來。

More than 20 new cornerstone investors will join the company’s shareholding ranks, including electronic appliance chain Suning, Beijing Tourism Group, conglomerate Citic Group, and a bevy of Asia-based insurers. Together they will buy $950m worth of Legend stock, and will be subjected to a six-month lock in.

超過20個新基石投資者將加入該公司的股東行列，其中包括家電連鎖零售企業蘇寧(Suning)、北京首旅集團(Beijing Tourism Group)、中信集團(Citic Group)以及多家亞洲保險商。這些基石投資者合計認購9.5億美元的聯想控股股份，並將鎖定持股6個月。

The group’s biggest existing shareholder is CAS Holdings, the investment arm of the Chinese Academy of Sciences, which set up the group in 1984.

聯想控股目前的最大股東爲中國科學院國有資產經營有限責任公司（CAS Holdings，簡稱：國科控股）。中國科學院於1984年創辦了聯想控股。

Legend is planning to raise up to HK$16.2bn ($2.1bn) by listing 15 per cent of its enlarged share capital. The books open for orders on Tuesday morning, with pricing expected on June 22 and a trading debut of June 29.

聯想控股擬最多融資162億港元（合21億美元），公開發行的股份將佔擴大後股本的15%。週二早上開始接受認購，定價預計將於6月22日公佈，6月29日開始掛牌交易。

Most of the proceeds will be used for acquisitions, while up to a fifth will go towards paying down debt. The company said it could look to make overseas purchases after listing, potentially following a path already well-trodden by China conglomerates such as insurer Fosun and property developer Dalian Wanda.

大部分發行所得將用於收購，其中不超過五分之一將用於償還債務。聯想控股表示，可能在上市後尋找海外收購對象。這說明該公司可能走上保險商復星(Fosun)以及房地產開發商大連萬達(Dalian Wanda)等中國綜合性企業已經駕輕就熟的道路。

Legend is best known for owning almost a third of Lenovo, the Chinese technology company, which accounts for about 70 per cent of its profits. The group has stakes in Hony Capital, the Chinese private equity house that owns UK restaurant chain PizzaExpress, and CAR Inc, the Hong Kong-listed auto rental company. It also owns a slice of one of China’s biggest chain of private dentists.

聯想控股最爲人所熟知的是擁有中國科技公司聯想集團(Lenovo)近三分之一的股份，聯想集團佔聯想控股總利潤的約70%。聯想控股還持有中國私募股權投資公司弘毅投資(Hony Capital)和香港上市的汽車租賃公司神州租車(CAR Inc)的部分股份，其中弘毅擁有英國連鎖餐廳PizzaExpress。聯想控股還擁有中國最大的私人牙科診所連鎖運營商之一的部分股份。

The company has angel investment, venture capital and private equity arms as well.

此外聯想控股還擁有天使投資、風險投資以及私募股權投資業務。

Liu Chuanzhi, who founded both Lenovo and Legend and still serves as chairman of the latter, told reporters on Monday that his inspiration for Legend’s diverse portfolio of companies came from a visit to a GE facility in the late 1990s. Mr Liu said the US conglomerate had demonstrated a “unique strength” to cope with difficult times by bringing together assets from unconnected segments, such as electronics, aeroplane engines and finance.

柳傳志是聯想集團和聯想控股的創始人，目前仍是聯想控股的董事長。他週一向記者表示，他對聯想控股多元化經營的靈感源自上世紀90年代末參觀通用電氣(General Electric)工廠的經歷。柳傳志稱，這家美國綜合性企業展示了“獨特的力量”，通過將電子產品、飛機引擎和金融等毫不相關領域的資產整合在一起來應對困難時期。

“After my return from the US, I started my experiments”, said Mr Liu.

“我從美國回來後，便開始了自己的試驗，”柳傳志稱。

Legend is set to become the latest in a string of large IPOs in Hong Kong this year, as companies look to ride an equity bull market that has pushed up valuations across various sectors.

隨着一些公司希望搭上已推高各板塊估值的牛市，今年香港迎來了一連串大型IPO，聯想控股的上市將成爲其中的最新一宗。

Lenovo shares have trailed the market, rising just 9.6 per cent this year compared to 14 per cent gain for the Hang Seng index. However, CAR Inc stock is up by two-thirds.

聯想集團股價表現落後於市場大盤，今年迄今僅上漲了9.6%，相比之下恆生指數上漲了14%。不過，神州租車的股價上漲了三分之二。