Investors Feast on Sun Art 高鑫零售首日挂牌表现抢眼
After weeks of seeing one IPO scrapped after another as market sentiment toward China listings evaporated, especially in the Internet space, it’s nice to see there’s still healthy demand for a good, solid offer like hypermarket operator Sun Art Retail Group’s (HKEx: 6808) $1 billion IPO. After pricing at the top of their range, Sun Art’s Hong Kong listed shares soared as much as 43 percent on their first trading day, in one of the best debuts this year and in sharp contrast to the many flops for Chinese companies going public in Hong Kong and the United States. (English article) Sentiment has dropped so sharply that three companies, Internet firms Xunlei, Tudou and Shanda Cloudary, have all yanked their offerings in the last week due to terrible demand as investors fret over the quality of these firms’ accounting. (previous post) Such is clearly not the case for Sun Art, which operates in a much more straightforward business running supermarkets, which also has huge potential. As China’s mid-tier and smaller cities become wealthier, supermarket operators like Sun Art, whose stores carry the RT-Mart and Auchan names, should be able to go into these areas and easily attract consumers with their stores that offer more convenience and variety to traditional food stores that now dominate most of these towns. A growing number of suburban satellite cities of major metropolises like Shanghai and Beijing should also provide good fodder for growth. Already ranking first in the hypermarket sector, just ahead of Wal-Mart (NYSE: WMT), China Resources Enterprise (HKEx: 291) and Carrefour (Paris: CAR), Sun Art seems in prime position to capitalize on China’s growing hunger for mega-supermarkets.
Bottom line: Sun-Art looks like a strong bet for China’s fast-growing supermarket space, with plenty of room for upside for its newly listed shares.
随着市场对中国上市企业情绪转弱，数周来各公司纷纷取消IPO计划，尤其是在互联网领域。很高兴还能看到市场对像大卖场运营商高鑫零售有限公司<6808.HK>等好企业的股票需求强劲。高鑫零售IPO价格定在招股区间上限，规模为10亿美元。高鑫零售上市首日飙升43%。是今年上市首日表现最好的股票之一，与在香港和美国上市的其他中国企业股票的下跌形成鲜明对比。市场人气急转直下，以致迅雷、土豆和盛大文学三家企业均在上周搁置上市计划，因投资者担心各公司财务问题，认购情况不好。但高鑫零售很明显未受此影响。随着中国二线和较小城市日益富裕，高鑫零售等大卖场运营商应该能打入这些地区，并能轻易地吸引消费者。北京、上海等大城市周围日益增加的郊区卫星城市也将为其增长提供机遇。作为中国国内最大的大卖场运营商，高鑫零售似乎在中国超大型超市的发展中占得了先机。
一句话：在中国快速发展的超级市场行业，高鑫零售看似非常有潜力，其股票还有很大上升空间。
Related postings 相关文章:
◙ China’s Drive to the Suburbs: A Nice Supermarket Play 中国年轻人郊区购房 超市势将获益
◙ Wal-Mart Buys Into China E-Commerce 沃尔玛进军中国电子商务
◙ Belle, Baidu See Beauty in Online Shoe Store 百度和百丽投资优购网或为明智之举
