在间断了数年之后，香港股市再次登上全球首次公开募股(IPO)榜首位。不过，香港对这个头衔也不能得意忘形。
　　After a hiatus of several years, Hong Kong's stock exchange is again the world champion of IPOs. It probably shouldn't get too comfortable with the title.
　　数据提供商Dealogic的数据显示，截至周一，香港股市今年的IPO筹资规模为268.1亿美元；远远超过排名全球第二的纽约证交所的171.1亿美元。
　　As of Monday, $26.81 billion has been raised through initial public offerings in Hong Kong this year, according to Dealogic. That is well above the $17.11 billion raised on the New York Stock Exchange, which stood at No. 2 in the global rankings.
　　给香港带来一定帮助的是，香港目前成为了连接中国和外国股市投资者的最佳桥梁。在全球仍然陷入衰退的一片黯淡中，中国的经济增长犹如灯塔般醒目。香港交易所董事长夏佳理(Ronald Arculli)说，我们一直处在恰当的地点、适当的时间和正确的市场。
　　It has helped being the exchange best-positioned at the moment to connect foreign stock investors with China, a beacon of growth in a world still recovering from recession. 'We've been in the right place, at the right time, in the right markets,' says Ronald Arculli, chairman of Hong Kong Exchanges & Clearing Ltd., known as HKEx.
　　香港股市今年的筹资总额远远低于2006年的439亿美元，当年香港同样位列全球IPO榜首。但从当前的形势来看，今年的筹资规模是个值得称道的成就。一定程度上反映这一成功的是，香港股市今年股价累计上涨了90%，较3月份低点回升了超过150%。
　　This year's total falls far short of the $43.9 billion Hong Kong raised in 2006, when it also topped the global list for IPO issuance. But under the circumstances, it is a worthy achievement. Partly reflecting that success, HKEx's share price is up 90% this year, and more than 150% from its lows in March.
　　不过，或许更大的成就是香港股市在吸引本地和中国大陆以外的大型公司前来上市方面取得的进展；香港追求这一目标已有数年之久，但在不久之前仍未有明显成效。
　　Perhaps the bigger achievement, though, is HKEx's progress in attracting major listings from outside mainland China and Hong Kong, a goal it has pursued for years but one that has remained elusive until recently.
　　美国国际集团(AIG)周四证实，旗下亚洲寿险子公司友邦集团(AIA Group)或将在香港上市，可能筹资至多100亿美元，这可能会成为2010年全球最大的一起IPO交易。
　　On Thursday, American International Group Inc. confirmed that its Asian life-insurance unit AIA Group Ltd. would list in Hong Kong, potentially raising as much as $10 billion. That would make it one of the biggest IPOs anywhere in the world for 2010.
　　其他美国公司的亚洲子公司也给香港股市带来了提振。永利澳门(Wynn Macau)和金沙中国有限公司(Sands China)这两家美国博彩度假运营商旗下澳门子公司分别在香港筹集了18.7亿美元和25.1亿美元资金。
　　Other Asian arms of U.S. companies have also given HKEx a boost. The IPOs for Wynn Macau Ltd. and Sands China Ltd., the Macau subsidiaries of two U.S. casino-and-resort operators, raised $1.87 billion and $2.51 billion, respectively.
　　香港股市可能还将迎来一桩标志性的俄罗斯公司上市交易，但此事目前还没有确定。香港交易所上市委员会周一未能与俄罗斯铝业公司UC Rusal就上市一事达成协议，该公司可能会在香港筹资至多25亿美元。
　　A possible landmark Russian listing remains up in the air. On Monday, the exchange's listing committee failed to reach a decision on an offering by UC Rusal, the giant aluminum producer, that could raise as much as $2.5 billion.
　　香港交易所2006年开始大力推行多样化举措，此后交易所高管出访了数个国家，其中就包括了俄罗斯。（其他目的地还包括中东、越南和哈萨克斯坦。）
　　Russia is among the places HKEx executives have visited since 2006, when their diversification efforts began in earnest. (Other destinations included the Middle East, Vietnam and Kazhakstan.)
　　夏佳理说，这种任务不能指望立竿见影。相对于我们所付出的努力，我们已经是幸运的了。
　　'When you embark on that type of mission, you don't expect a quick return,' Mr. Arculli says. 'Relative to the effort we've spent, we've been lucky.'
　　中国大陆公司仍然主宰着香港新股市场，他们正在筹集大笔资金。知情人士上周五向道琼斯通讯社(Dow Jones Newswires)透露，风力发电公司龙源电力集团股份的IPO定价位于区间高端，计划筹资22亿美元。香港股市年底前可能还会迎来更大规模的大陆公司上市交易：知情人士周日对道琼斯通讯社透露，中国太平洋保险（集团）股份有限公司计划通过香港IPO筹资至多38.2亿美元。
　　Chinese companies still dominate Hong Kong's new listings, and they are raising big sums. China Longyuan Power Group Corp., a wind-energy company, priced on the strong end to raise US$2.2 billion, a person familiar with the situation told Dow Jones Newswires on Friday. An even bigger China listing could come before year's end: China Pacific Insurance Group Co. wants to raise as much as $3.82 billion in a Hong Kong IPO, a person familiar with the situation told Dow Jones Newswires on Sunday. These and earlier Hong Kong listings by Metallurgical Corp of China Ltd.
　　再加上此前总计筹资约90亿美元的中冶集团和民生银行，这些交易彰显出香港仍然是中国公司在大陆以外最为重要的筹资中心。香港目前的问题是，鉴于中国大陆银行体系释出了巨额流动性，大陆公司并不需要去境外市场筹资。中国政府再次计划将上海打造成国际金融中心，这可能也会导致更多潜在的大陆公司交易弃香港而去。
　　and China Minsheng Banking Corp., which together raised about $9 billion, undersore how Hong Kong remains China's most important center for raising capital outside the mainland. The problem for Hong Kong is that, given the vast amount of domestic liquidity pumping through China's system, Chinese companies don't need to venture outside the mainland for capital. Beijing's renewed push to make Shanghai an international financial center could also direct more potential mainland business away from Hong Kong.
　　此外，大陆市场可能也在向国际化发展。中国政府可能会对大陆上市管理规定作出调整，或许很快外国公司也能前赴上海上市；对于需要筹集人民币资金用于大陆市场扩张的跨国公司来说，这是一个有吸引力的选择方案，因为他们很难通过其他渠道获得人民币资金。已经在香港和伦敦两地上市的汇丰控股(HSBC)表达了对上海上市的兴趣。
　　And China's domestic markets may pursue a little internationalization of their own. Possible changes to China's listing rules could soon bring foreign companies to list in Shanghai as well, an attractive option for multinationals that need to finance expansion in China with yuan funds that are otherwise hard to obtain. HSBC Holdings PLC, which already trades in Hong Kong and London, has already expressed interest in a Shanghai listing.
　　夏佳理说，上海计划发展成为一个国际中心，他们未来五年显然会采取很多举措，而这会影响到香港。我们并没有躺在成绩上睡大觉，我们预见到这些将要发生。
　　'Obviously, in terms of Shanghai's development as an international center, there's quite a lot she can do in the next five years that can effect Hong Kong,' Mr. Arculli says. 'We don't sit on our laurels; we see this is coming.'
　　香港拥有诸多相对优势，包括向大陆公司提供远比在大陆上市便捷的上市程序。上海证交所今年IPO筹资规模为140亿美元，名列全球第三，比香港少了将近130亿美元。
　　Hong Kong has comparative advantages, including a listing process that is vastly easier for Chinese companies than on the mainland. Shanghai's exchange, which ranked No. 3 in the IPO rankings, has raised $14 billion so far this year, or nearly $13 billion less than Hong Kong.
　　香港交易所已经采取的一项准备工作就是从大陆招聘新的行政总裁。摩根大通(J.P. Morgan)中国部门董事长李小加将在下个月接替周文耀出任香港交易所行政总裁一职。李小加出生于北京，持有香港护照。李小加在获得任命后不久说，他能够说服中国领导层，香港的成功符合中国企业的长期利益。他这项任务完成得如何则有待未来观察。
　　One thing HKEx has done to prepare is to hire a new chief executive from China. Charles Li, chairman of J.P. Morgan's China business, takes over the post from Paul Chow next month. Shortly after being tapped, Mr. Li, who was born in Beijing and carries a Hong Kong passport, said he was well-positioned to convince China's leadership that 'the success of Hong Kong is in the long-term interests of China Inc.' How well he performs that task remains to be seen.
　　今年是香港交易所众将士可以开香槟庆祝的一年。但未来数年要再次举杯庆祝可能就不会那么容易了。
　　This year is one when the folks at HKEx can rightfully break out the champagne. Refilling the glasses in coming years won't be quite so easy.