想成功上市？优化品牌可以令你事半功倍

    过去几年，首次公开募股（IPO）的全球市场日渐成熟。2015年第一季度，全球IPO活动进展虽相对较慢，但大中华地区的IPO上市步伐则加快起来。深圳及上海两大证券交易所完成的IPO宗数全球居首，而上海证券交易所募集到的资本金额居全球第一。

    就IPO融资额计算，2014年港交所在全球排名第三，仅次于纽交所与伦敦证券交易所；港交所的IPO数量亦位列第三，共有115间公司在此上市。普华永道公司估计，从2015年的发展前景来看，香港仍会是全球IPO上市的三大交易所之一，至少会有120间公司于香港上市。

    香港是中国内地通往国际市场的大门，亦一直是中国内地企业寻求国际资本上市融资的首选目的地。2014年，在香港成功上市且融资额排名前五的公司中，有四家是中国内地企业。沪港通于2014年11月开通，推动国际投资者及内地投资者于大中华地区进行跨境投资，标志着一个资本流通新时代的来临。

    众多公司在香港寻求上市，但只有同时拥有机构及散户投资者青睐的公司才能脱颖而出。

    投资者的情绪会受公司品牌中无形及有形的因素影响，而公司品牌对塑造正面的市场形象尤其关键。在最简单的形式下，品牌确实只是股东心目中的一系列认知。但在IPO的情境下，公司要有效地利用品牌，便需把这些认知塑造成积极的叙事，帮助消费者定义公司，鼓励投资者成为公司股东。安永(Ernst & Young) 指出，品牌力量是影响IPO股票投资相关决策的重要因素之一。

    正如我们从阿里巴巴上市中看到的，IPO会为投资者带来巨大回报，非常吸引投资者。我们相信，更多有潜质的公司会在上市之前就优化其品牌，增加其附加价值。小米科技乃现时全球第三大智能手机生产经销商，但最近其公司董事长兼CEO雷军被指控抄袭苹果公司的理念，甚至是产品。这样的负面指控让小米丧失了对其品牌叙事的掌控。如果未来小米科技决定开展IPO计划，那么重新夺回其品牌的舆论阵地是关键性的一步，譬如强调公司的创新及专利优势，以及该公司如何根据消费者的反馈定制用户体验软件等。

    强大的品牌加上令人信服的叙事，可保障公司不被投资者、监管机构及公众误解。2014年，万洲国际在香港进行IPO，但其崎岖的上市过程就是经典的负面案例。该公司乃以肉类加工为主的大型食品集团，原名为双汇国际，于2013年以47.2亿美元收购了总部设于美国的史密斯菲尔食品公司。6个月后，即2014年4月，万洲国际在合并后尝试进行首次IPO，计划融资约50亿美元。但一方面投资者忧虑其规模、业务增长、债务、定价，另外加上当时市场预估两个公司合并后还没有完全凝聚，投资者对其品牌的种种担忧致使该次IPO惨遭“滑铁卢”。2014年7月，该公司进行第二次IPO，削减融资额至20.5亿美元，同时管理层和员工更了解及融入新品牌，公司最终成功上市。

    万洲国际最初雄心勃勃，但其首次IPO的失败，揭示了企业不能匆忙进入资本市场，必须先建立扎实的品牌叙事，并定义强而有力的价值主张，才能赢得投资者以及股东的信心。

    与往年相比，今年寻求香港上市的大部分中国企业，对于香港投资者来说更陌生，那么建立明确的品牌故事及市场认知更为重要。这些公司需要做什么呢？简述以下：

    1. 清楚了解重要股东目前对品牌的认知，即消费者和投资者如何看待品牌，包括正面及负面的意见。

    2. 建立引人注目、容易理解及具说服力的品牌叙事。

    3. 清楚地了解如何根据不同的叙事对象而调整品牌故事，如机构及散户投资者、股东、公众、监管机构等。

    4. 利用视觉及语言，充分传达公司放眼全球的雄心壮志。

    简而言之，要提高 IPO 的价值，便要定义清晰的品牌及加强品牌资产。Prophet 品牌专家兼副主席 David Aaker 表示：“品牌资产每增长1% ，股票回报同比增加约1% 。”由此可见，如果公司可以想投资者之所想，抓住他们的心，那么IPO就有可能带来巨额的回报。

    Over the past few years, the global market for initial public offerings has been strengthening. In the first quarter of 2015, the pace of new IPOs coming to market in Greater China accelerated, despite global IPO activity getting off to a relatively slower start. The Shenzhen and Shanghai exchanges topped the global listing for deal numbers, while the Shanghai exchange led by capital raised.

    The Hong Kong Stock Exchange ranked third in terms of IPO fund raising in 2014, after the New York Stock Exchange and London Stock Exchange. It also ranked third by number of IPOs, with 115 new listings. As for the 2015, outlook, Hong Kong will remain among the world’s top three exchanges for IPOs, with at least 120 new listings, according to estimates from PWC.

    In its role as the gateway between Mainland China and international markets, Hong Kong has long been the chosen listing venue for Mainland Chinese companies looking to access international capital. In 2014, four out of the top five companies by IPO funds raised in Hong Kong were Mainland Chinese companies. The launch of the Shanghai-Hong Kong Stock Connect in November 2014 marked a new era in facilitating international investors and Mainland investors to conduct cross border investments inside Greater China.

    With so many companies looking to list in Hong Kong, companies that stand out and resonate with both institutional and retail investors will win.

    Investor sentiment is driven by intangible as well as fundamental tangible factors, which means that a company’s brand is key to shaping positive perceptions. At its simplest form, a brand is nothing more than a collection of perceptions that live in the minds of key stakeholders. To effectively leverage your brand and in an IPO context a company needs to shape these perceptions into a narrative that defines the company for consumers and motivates investors to become shareholders. According to Ernst & Young, brand strength is one of the most important factors in decision making related to IPO stocks.

    We believe that there is an opportunity for more potential listing companies to optimize their brand pre-IPO to drive additional value. Xiaomi Technology Co. Ltd., now the world’s third largest smartphone distributor, has lost some control over its brand narrative recently amid charges that the company’s chairman and CEO, Lei Jun, has copied Apple’s philosophy and perhaps even some of Apple’s products. When the company decides to schedule its initial public offering, it will be critical for Xiaomi to regain the narrative high ground by reinforcing the company’s innovator heritage with proofpoints like how it customizes its UX software based on consumer feedback.

    A strong brand, backed by a compelling narrative, also protects companies from being misunderstood by investors, regulators and the general public. A case in point is WH Group Ltd.’s tortuous path to an IPO in Hong Kong in 2014. The Chinese meat producer, formerly known as Shuanghai International, bought US-

    based Smithfield for US$4.72 billion in 2013, and six months later, in April 2014, attempted an IPO of the combined entity priced at about US$5 billion. That offering was ultimately pulled because of investor concerns over its size, growth, debt and pricing, as well as market conditions at the time and the perception that the combined company was still not fully cohesive. A scaled-back IPO raised US$2.05 billion in a second, successful attempt in July 2014, by which time the company’s management and employees had grown more comfortable with the new brand.

    The lesson from WH Group Ltd.’s failure in its first ambitious IPO listing is that companies cannot rush into the capital markets, but must first build up a solid brand narrative and define a strong value proposition to win the confidence not only of investors but of all their stakeholders.

    Many Chinese companies seeking to go public this year will be less well known to the Hong Kong investor market than in previous years, making the need for a clear brand story and professional look and feel even more important. What do such companies need? Below is a quick check-list.

    1. A clear understanding of current brand perceptions across key stakeholder groups, i.e., how consumers and investors perceive the brand, both positive and negative.

    2. A compelling brand narrative that is easy to understand and persuasive.

    3. A clear understanding of how the narrative needs to be adapted for key audiences, such as institutional versus retail investors, shareholders, public, regulators, etc.

    4. A visual and verbal identity that fully articulates the company’s global aspirations.

    Simply put, defining a clear brand and strengthening brand equity can drive up the value of an IPO. “Every 1 percent increase in brand equity is associated with a roughly 1 percent increase in stock return,” says David Aaker, Brand Expert and Vice Chairman, Prophet. It is clear that IPOs which capture investors’ hearts as well as their minds will have the potential to deliver outsized returns, just as what Alibaba listing has taught.

    Jay Milliken is a Senior Partner at Prophet, a strategic branding and marketing consultancy. He is based in Hong Kong.