腾讯旗下阅文集团上市，重现当年科技IPO盛况

腾讯控股旗下电子书子公司阅文集团上周三上市，当天股价上涨近一倍，成为今年全球范围首个交易日涨幅最大的大型新股。

阅文集团上市首日的惊人表现说明香港正在提升自身实力，因为它要努力抗衡纽约和纳斯达克证券交易所。对打算吸引国际投资者的中国科技公司来说，后两家交易所一直都是较常见的上市地。

阅文集团本次首发融资11亿美元，散户认购金额高达5210亿港元（670亿美元），相当于香港流通中现金的五分之一，超额认购625倍。

周三开盘后不久，阅文集团股价就飙升至110港元，市值逼近130亿美元，而这只新股的发行价为55港元。收盘时阅文集团报102.4港元，上涨86%。汤森路透数据显示，在此之前，今年上市的科技股首日最高涨幅为44%。

一位参与阅文集团IPO的机构投资者表示：“作为首家进入资本市场的腾讯控股子公司，阅文集团在二级市场必须表现良好，从而为腾讯其他附属树立好的榜样。”由于未获得接触媒体的授权，这位投资者要求不透露其身份。

但就在许多投资者唱好阅文集团的同时，也有人指出这只股票估值过高。

据参加阅文集团IPO路演的投资者介绍，公司高层预计2017年将实现净利润4亿元人民币，2018年为10亿元。

据此计算，目前阅文集团的2017和2018年市盈率分别为201倍和80倍，而腾讯的2017年市盈率为51倍。

阅文集团联合CEO梁晓东在上市仪式结束后对记者说，公司股价飙升是个惊喜。他同时承诺，今后的收购和创新“将一直领先于行业”。

作为中国最大的数字平台，阅文集团拥有640万名作者的960万部文学作品。腾讯从2004年开始出版电子书，2013年通过内部重组建立了阅文集团。

感到惊喜的不光是梁晓东一人。阅文集团成功上市再次擦亮了香港一度蒙上灰尘的科技股证交所招牌。9月份，在线保险公司众安保险上市，融资15亿美元，成为亚洲历史上规模最大的金融科技类IPO，阅文集团则紧随其后。众安保险在第一个交易日上涨了18%（只是从那之后到现在其股价已回落约一半）。

此外，香港亿万富翁李嘉诚支持的游戏硬件制造商雷蛇和英特尔都将于下周一登陆香港市场。IFR本周二报道，雷蛇本次IPO融资41.2亿港元，接近定价区间最高点。

腾讯持股43.7%的中国第二大网络搜索引擎搜狗已经在纽交所上市。

腾讯持有阅文集团62%股权，凯雷集团持股12.2%，盛大互娱前首席财务官李曙君创立的挚信资本也持有6%的股份。（财富中文网）

Shares in Tencent Holdings’ (TCEHY, +0.01%) e-book unit China Literature Ltd nearly doubled in their debut Wednesday, the biggest first-day pop for a large IPO globally this year.

The company’s stunning debut is evidence of Hong Kong raising its game as it strives to compete with the New York and Nasdaq exchanges which have been the more traditional home for Chinese tech IPOs seeking to attract international investors.

Demand for the IPO, which raised $1.1 billion, was such that retail investors bid for 625 times the shares on offer – tying up HK$521 billion ($67 billion), equivalent to a fifth of Hong Kong’s cash in circulation, as they waited to see whether their offers would be accepted.

China Literature’s shares rose as high as HK$110 in early trade, compared to its offer price of HK$55 per share, giving it a market value of nearly $13 billion. The shares closed at HK$102.4, a gain of 86%. Before Wednesday, the best debut performance by a tech stock this year had been 44%, according to Thomson Reuters data.

“As the first Tencent-controlled subsidiary tapping capital markets, China Literature has to perform well in the secondary market to set a good example for other Tencent units,” said an institutional investor who took part in the IPO, declining to identified as he was not authorized to speak to the media.

But while many investors cheered the stock on, others noted that the valuations for the unit were stretched.

Company executives expect net profit of 400 million yuan ($60 million) for 2017 and 1 billion yuan for 2018, according to investors who attended IPO roadshow meetings.

That implies China Literature is trading at 201 times its forecast 2017 earnings and 80 times its 2018 projections. By contrast, Tencent is trading at 51 times its 2017 forecast profits.

Co-CEO Liang Xiaodong told reporters after the opening bell ceremony that the stock’s surge was a pleasant surprise, and promised a future of acquisitions and innovation “to stay ahead of our industry.”

China’s biggest e-book platform offers 9.6 million literary works from 6.4 million authors. Tencent began e-book publishing in 2004 and after an internal reorganization, formed China Literature in 2013.

Liang isn’t the only one pleasantly surprised. The IPO’s success burnishes Hong Kong’s once-spotty reputation as an exchange for tech stocks. It comes hard on the heels of online insurance group ZhongAn’s IPO, which raised $1.5 billion in September in Asia’s biggest-ever financial technology offering. ZhongAn shares jumped 18 percent on their debut (although they’ve given up around half of those gains since).

Meanwhile, Razer Inc, a gaming hardware maker backed by Hong Kong billionaire Li Ka-shing as well as Intel (INTC, -0.17%), will make its Hong Kong debut next Monday. It has priced its HK$4.12 billion ($528 million) IPO near the top end of its price range, IFR reported on Tuesday.

Sogou Inc, China’s second-largest search engine and around 45 percent owned by Tencent, is due to list on Thursday in an IPO that should raise up to $585 million.

Tencent owns 62 percent of China Literature, while Carlyle Group LP holds 12.2 percent. A further 6 percent is owned by Trustbridge Partners, which was founded by Shujun Li, the former CFO of Shanda Interactive.