The first yuan-denominated initial public offering in Hong Kong is set to do well, but the pipeline of future deals in the Chinese currency is virtually empty.

　　香港首檔以人民幣計價的首次公開募股（IPO）進展順利，但未來香港將有哪些以人民幣計價的IPO交易目前還看不出苗頭。

　　The planned April 29 $1.7 billion listing of Hui Xian Real-Estate Investment Trust, owned by Li Ka-Shing, a tycoon dubbed 'Superman' for his business success, will be the first time that investors in Hong Kong can make a yuan-denominated equity investment on the island. That will increase the range of products in which investors can park their offshore yuan, until now limited to low-yielding bonds and bank deposits.

　　按計劃，匯賢房地產投資信托基金（簡稱：匯賢REIT）將于4月29日掛牌上市，它此次的IPO募集資金17億美元。匯賢REIT為李嘉誠（Li Ka-Shing）所有，此次公開募股將使香港投資者首次能在本地投資以人民幣計價的股票。李嘉誠是一位商界大亨，因經商有道而被冠以“超人”稱號。此次IPO將為那些持有離岸人民幣的投資者增加一個投資渠道。直到目前為止，投資者還只能將手中的這類資金投在低收益的債券和銀行存款上。

　　That is a step forward for the yuan as an international currency, and for Hong Kong as an offshore center for yuan finance.

　　匯賢REIT的IPO，標志著人民幣國際化的步伐向前邁進了一步，香港距成為人民幣離岸金融中心又靠近了一程。

　　The REIT's underlying assets are focused around the prestigious Oriental Plaza, a high-end commercial property within walking distance of Beijing's Tiananmen Square. Mr. Li's timing is good. With a government crackdown on bubbly valuations in the residential sector, investors are taking a more favorable view of commercial property.

　　 匯賢REIT的標的資產主要是北京著名的東方廣場（Oriental Plaza）。東方廣場是一座高端商業地產，從這里出發，步行可到天安門廣場。李嘉誠的時機選擇的非常好。眼下，政府正在打擊住宅地產的估值泡沫，投資者更傾心于商業地產。

　　The direction of travel for the yuan also is auspicious. 人民幣的流動方向也也有利于此次IPO交易。

　　Hui Xian will offer a dividend yield of around 4% in 2011. Jinsong Du, China property analyst at Credit Suisse, says that compares to an average yield of 5.5%-6% on Hong Kong-listed REITS.

　　匯賢REIT 2011年的股息收益率大約為4%。瑞士信貸（Credit Suisse）的中國房地產分析師杜勁松說，在香港上市的房地產投資信托基金的平均股息收益率為5.5%至6%。

　　But with the yuan expected to gain 5% against the dollar in the year ahead, currency appreciation will also be factored in to expected returns.

　　由于今后一年中人民幣兌美元預計將升值5%，在計算預期收益的時候，也必須考慮到貨幣升值的因素。

　　Hui Xian is not only the first yuan-denominated IPO in Hong Kong, but also may be the only one -- at least for a while. 匯賢REIT不僅將創下香港市場首例以人民幣計價的IPO，而且可能也將是惟一的一例。至少暫時是這樣的。

　　Beyond unconfirmed rumors that jewelry retailer Chow Tai Fook, also owned by an influential tycoon, is planning a yuan-tranche for a listing, the queue of future yuan-denominated IPOs in Hong Kong is surprisingly short.

　　除了未經證實的傳言說珠寶零售商周大福（Chow Tai Fook）擬發行的股票將有一部分以人民幣計價外，香港市場未來準備以人民幣計價的IPO卻少之又少。周大福同樣也被一個頗具影響力的商界大亨持有。

　　One reason is a dearth of offshore yuan funds in Hong Kong.

　　造成這種現象的一個原因是香港缺乏離岸人民幣基金。

　　Data from the Hong Kong Monetary Authority shows that as of January, yuan deposits in Hong Kong reached $56 billion. That is six times higher than a year earlier, and is enough to cover the Hui Xian IPO many times over.

　　香港金融管理局（Hong Kong Monetary Authority）的數據顯示，截至今年1月，香港的人民幣存款規模達到560億美元，這是一年前水平的六倍，足以確保匯賢REIT的IPO交易獲得多倍超額認購。

　　But the amount is still too shallow a pool to ensure a liquid secondary market, or to support many more offerings.

　　但這個資金池仍然太淺，難以確保二級市場的流動性，或是支撐更多新股公開募集。