IT界：盛大游戏上市首日大跌14%

Latest IPO, Shanda Games, Falls 14%

　盛大游戏上市首日大跌14%

A steady positive buzz helped the much-anticipated IPO of Shanda Games Ltd. price well and sell more shares than expected, but that didn"t soften the blow when it landed flat on its face Friday.

　在持续向好的市场因素推动下，广受市场期待的盛大游戏首次公开募股(IPO)定价强劲，发股规模高于预期，但这种利好状况并没有缓解上周五该股首日上市时遭受的冲击。

　

　The Beijing-based online computer-game company, the largest U.S.-listed initial public offering of stock in more than a year, closed down $1.75 a share or 14% to $10.80, from its IPO price of $12.50 a share on the Nasdaq.

　作为美国股市一年多来最大规模的IPO交易，盛大游戏上周五在纳斯达克市场收盘下跌1.75美元，报收于10.80美元，较12.50美元的发行价下挫14%。

　

　Some 83.5 million shares were sold, 20.5 million more than originally planned, at the high end of its expected price range. By raising $1.04 billion, Shanda can lay claim to the title of biggest U.S.-listed IPO so far in 2009; it is the largest since April 2008, when American Water Works Co. raised $1.36 billion.

　盛大游戏此次IPO共发行8,350万股股票，较原计划多出了2,050万股，发行价位于指导价区间的高端。凭藉着10.4亿美元的筹资规模，盛大游戏成为了2009年美国最大规模的IPO上市交易，也是自2008年4月American Water Works筹资13.6亿美元以来最大规模的IPO交易。

　The reception to Shanda was in contrast to that experienced Thursday by an unprofitable electric-car battery maker, A123 Systems Inc., which rose 50% on its debut.

　与盛大游戏上市首日形成鲜明对比的是，难以盈利的电动车电池厂商A123 Systems上周四首日上市上涨50%，获得市场强劲追捧。

　




　So why did Shanda, with both rising revenue and profits, not fare nearly as well?

　为什么收入与利润都不断增长的盛大游戏却没有获得同样的良好市场反应？

　

　The poor performance was a surprise to many market observers; a similar IPO from Chinese game maker Changyou.com Ltd. was well-received in April, and that stock is the best-performing IPO since inception this year, currently trading 126% above its IPO price.

　盛大游戏上市首日的糟糕表现令很多市场观察人士感到意外。今年4月，中国网络游戏公司畅游网的IPO交易获得了市场良好反应，成为今年表现最好的上市新股，目前股价较发行价高出了126%。

　

　After Shanda"s nine-day global roadshow for investors, the deal was said to be 10 times oversubscribed, with high demand from long-term institutional investors such as mutual funds. Early trading chatter Friday before Shanda"s stock opened was positive, but investors began to flee when it broke through its IPO price within the first few minutes.

　盛大游戏此前进行了为期九天全球巡回推介；在共同基金等长期机构投资者的旺盛需求推动下，据称盛大游戏获得了10倍超额认购。上周五盛大游戏开始交易之前，市场交易传言依然向好，但该股在开始交易的头几分钟就跌破了发行价，投资者随即纷纷开始抛售。

　

　"Institutions routinely sell their shares when a deal breaks the offering price, but when a supposed hot deal breaks down, it is exacerbated" and panic sets in, says Scott Sweet, managing director of research firm IPOBoutique.com. "I was absolutely shocked and haven"t seen a supposed hot deal with so much media coverage and allure trade so badly since Agria Corp. bombed," he added, referring to a Chinese agricultural supplier that dropped 27% on its debut in November 2007.

　研究公司IPOBoutique.com董事总经理斯维特(Scott Sweet)表示，当一只新股跌破发行价时，机构通常就会抛售手中持股，但如果是一只此前市场认为会表现强劲的新股跌破发行价，那么情况就会恶化，投资者会产生恐慌心理。他补充称，我感到极其意外，自从2007年11月中国农业解决方案提供商华奥物种 (Agria)上市首日暴跌27%之后，我还从来没有见过一只拥有众多媒体关注和吸引力的新股上市首日表现得如此糟糕。




　

　The company"s revenue and profits have been growing swiftly; in the first six months of the year, its net revenue rose 43% to $322 million, and net income increased 75% to $98 million, compared with the same period in 2008.

　盛大游戏的收入和利润一直在强劲增长。今年前6个月，盛大游戏的净收入同比增长了43%，至3.22亿美元；净利润同比增长了75%，至9,800万美元。

　

　Only 15% of Shanda"s stock was sold by the company itself; the remainder came from parent Shanda Entertainment Interactive Ltd.

　盛大游戏此次发行的股票只有15%来自于该公司本身，其余股票都来自于母公司盛大网络。

　

　Shanda Games" IPO was managed by Goldman Sachs Group Inc. and J.P. Morgan Chase & Co.

　高盛集团(Goldman Sachs)和摩根大通(JP Morgan Chase & Co.)担任盛大游戏此次IPO的联名保荐人。

　

　For another IPO Friday, difficult industry conditions didn"t do much to help. Hospital operator Select Medical Holdings Corp."s stock rose nine cents on the New York Stock Exchange from its offer price of $10. It sold 30 million shares, three million less than expected, at a price below its expected $11 to $13 range.

　上周五首日上市交易的另一只股票中，困难的行业状况并没有带来什么推动。医院运营商Select Medical在纽约证交所收盘上涨9美分，该股以每股10美元的价格发行了3,000万股股票，发行规模较预期少了300万股，发行价低于此前指导价区间每股11-13美元。

　

　Based in Mechanicsburg, Pa., Select Medical operates 87 long-term acute care hospitals, five inpatient rehabilitation centers and 948 outpatient rehabilitation centers across the U.S. Its facilities serve patients that need higher levels of care and longer hospital stays than at general hospitals.

　Select Medical总部位于美国宾夕法尼亚州，运营着美国各地的87家长期急性病医院、5家住院康复中心以及948家门诊复健中心。该公司的医护设施主要面向那些需要较高护理级别、住院时间较长的病人。




　

　Select Medical"s deal illustrates how much debt is burdening some private equity-backed offerings coming to market now. Welsh Carson Anderson & Stowe and Thoma Cressey Bravo LLC purchased the company for $2.4 billion in 2005. Like many leveraged buyouts at the time, most of the purchase was financed through borrowings when debt was cheap and it looked like terms could be easily renegotiated in the future.

　Select Medical的上市交易显示，沉重的债务负担正促使一些私募股权支持的公司上市交易。2005年，两家私募股权公司Welsh Carson Anderson & Stowe和Thoma Cressey Bravo LLC斥资24亿美元收购了这家公司。和当时大多数杠杆收购交易一样，这笔收购交易的大部分资金都来自于借贷，因为当时负债成本不高，而且看起来债务条款未来可以很容易地进行重新协商。

　

　That all ended when the credit market froze.

　但随着信贷市场的冻结，这一切都结束了。

　

　The IPO was lead-managed by Goldman, Morgan Stanley, Bank of America Merrill Lynch and J.P. Morgan.

　高盛集团、摩根士丹利(Morgan Stanley)、美国银行/美林(Bank of America Merrill Lynch)以及摩根大通担任Select Medical此次IPO的联名保荐人。

　Lynn Cowan

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