<p>国泰航空起飞，成交量激增  作者：杰瑞·诺顿  本文首次发表于 1986 年 5 月 16 日国泰航空在股市的首次亮相令人难忘，昨日成交量达到了 4.46 亿美元，超过了所有其他交易股票的总和。然而，市场其他部分的表现则显得平淡无奇，因为国泰的兴奋并未蔓延至其他股票，恒生指数下跌了 27 点。就成交量而言，国泰在其交易首日成交了 8660 万股，相当于上个月向公众发行的 2.26 亿股的 38% 以上。而国泰以 5.15 美元收盘，较 3.88 美元的发行价溢价 33%。然而，这一收盘数字并不令人惊讶，因为在过去几周，灰市价格在 4.80 美元到 5.50 美元之间波动，券商们早已预测昨日的新交易将在 5 美元到 5.40 美元之间进行。实际上，国泰昨日以 5.10 美元开盘，最高报价为 5.35 美元。券商表示，国泰交易的近一半发生在前半小时，主要反映了灰市协议，且当天的许多交易是在 5.20 美元到 5.30 美元之间完成的。虽然总体上这与预期相符，但一些券商表示，他们没有预料到价格区间相对狭窄，考虑到交易量和灰市报价的变化。5.15 美元的收盘价未能达到预测的高端，可能暗示那些期待股价迅速攀升至 6 美元的人可能会感到失望。然而，国泰的 55 倍超额认购使得许多潜在买家渴望获得更多股票，然而也有分析师怀疑主要机构是否已经完全满足了他们的需求，即使在昨日的大规模转让之后。如果他们继续尝试增加长期持有的股份，能否成功将取决于那些主要关注快速获利的本地投资者是否已经完成了他们的短期交易。太古地产和香港上海银行分别从发行收益中获得了约 17 亿美元和 6.95 亿美元，并保留了公司 26.5 亿股的 54.25% 和 23.25%。配售使得长江实业、和记黄埔和希慎兴业共获得了 7.5% 的股份，其他香港机构获得了 5%，而 1.5% 则保留给国泰员工，剩余 8.5% 则供公众认购。多头希望国泰首日的兴奋能带动其他股票，期望获利者将部分资金投入市场。然而，昨日的情况远非如此，大多数股票均出现下跌。这可能反映出对国泰股价未能更高攀升的失望。与此同时，如果市场其他部分继续疲软，国泰自身可能会面临维持高度的困难。</p>

国泰航空

<p>国泰航空在香港证券交易所首次上市，成交额达到 4.46 亿港元，主导了交易活动。尽管恒生指数下跌 27 点，市场整体缺乏热情，该股票仍以 5.15 港元收盘，较其 3.88 港元的发行价溢价 33%。分析师指出价格区间较窄，并对在整体市场疲软的情况下能否维持动能表示担忧</p>

<p>Turnover soars as Cathay takes off By Jerry Norton This article was first published on May 16, 1986 Cathay Pacific Airways had a memorable take-off in the stock market yesterday, accounting for a massive $446 million worth of turnover, more than the combined value of all other shares traded. The action in the rest of the market was strictly pedestrian, however, as the excitement over Cathay failed to spill over to other shares and the Hang Seng index dropped 27 points. In volume terms, 86.6 million Cathay shares changed hands in their trading debut, equivalent to more than 38 per cent of the 226 million shares offered to the general public last month. And Cathay’s $5.15 closing represented a hefty 33 per cent premium on the $3.88 offer price. However, the closing figure came as no surprise, since grey market prices ranging from $4.80 to $5.50 had been quoted over the last several weeks, and brokers had been forecasting the fresh trades yesterday would be in a $5 to $5.40 band. In the event, Cathay opened at $5.10 yesterday and had a high quote of $5.35. Brokers said nearly half of the Cathay trading came in the first half hour, largely reflecting grey market agreements, and that many of the day’s deals were done between $5.20 and $5.30. While in general that was around expectations, what some brokers said they had not anticipated was the relative narrowness of the price range, given the volume of the trading and the variation in the grey market quotes. The fact that the $5.15 finish was not at the higher end of forecasts could suggest those who expected the share to move rapidly toward $6 may be disappointed. With Cathay’s 55 times oversubscription having left many would-be buyers hungry for more shares, however, there were those analysts who doubted the major institutions had completely satisfied their appetites even with yesterday’s massive transfers. If they do continue to try to top up their long-term holdings, much will depend on whether locals whose main interest was a quick profit have now finished their stagging action. Swire Pacific and the Hongkong and Shanghai Bank had respectively earned some $1.7 billion and $695 million from the offer proceeds, and retained 54.25 per cent and 23.25 per cent of the company’s 2.65 billion shares. Placements gave Cheung Kong, Hutchison Whampoa and Hysan Development a total of 7.5 per cent of the shares, and other Hongkong institutions five per cent, while 1.5 per cent were reserved for Cathay staff, leaving 8.5 per cent for the general public. Bulls had hoped the first day excitement over Cathay would aid other shares, with those taking profits putting some of their funds elsewhere in the market. That proved far from the case yesterday, however, as most counters declined. That could reflect some disappointment Cathay’s price had not climbed higher. Cathay itself, meanwhile, could have some trouble maintaining altitude if the rest of the market continues to sag.</p>
<div class="lb-trans"><p>国泰航空起飞，成交量激增  作者：杰瑞·诺顿  本文首次发表于 1986 年 5 月 16 日国泰航空在股市的首次亮相令人难忘，昨日成交量达到了 4.46 亿美元，超过了所有其他交易股票的总和。然而，市场其他部分的表现则显得平淡无奇，因为国泰的兴奋并未蔓延至其他股票，恒生指数下跌了 27 点。就成交量而言，国泰在其交易首日成交了 8660 万股，相当于上个月向公众发行的 2.26 亿股的 38% 以上。而国泰以 5.15 美元收盘，较 3.88 美元的发行价溢价 33%。然而，这一收盘数字并不令人惊讶，因为在过去几周，灰市价格在 4.80 美元到 5.50 美元之间波动，券商们早已预测昨日的新交易将在 5 美元到 5.40 美元之间进行。实际上，国泰昨日以 5.10 美元开盘，最高报价为 5.35 美元。券商表示，国泰交易的近一半发生在前半小时，主要反映了灰市协议，且当天的许多交易是在 5.20 美元到 5.30 美元之间完成的。虽然总体上这与预期相符，但一些券商表示，他们没有预料到价格区间相对狭窄，考虑到交易量和灰市报价的变化。5.15 美元的收盘价未能达到预测的高端，可能暗示那些期待股价迅速攀升至 6 美元的人可能会感到失望。然而，国泰的 55 倍超额认购使得许多潜在买家渴望获得更多股票，然而也有分析师怀疑主要机构是否已经完全满足了他们的需求，即使在昨日的大规模转让之后。如果他们继续尝试增加长期持有的股份，能否成功将取决于那些主要关注快速获利的本地投资者是否已经完成了他们的短期交易。太古地产和香港上海银行分别从发行收益中获得了约 17 亿美元和 6.95 亿美元，并保留了公司 26.5 亿股的 54.25% 和 23.25%。配售使得长江实业、和记黄埔和希慎兴业共获得了 7.5% 的股份，其他香港机构获得了 5%，而 1.5% 则保留给国泰员工，剩余 8.5% 则供公众认购。多头希望国泰首日的兴奋能带动其他股票，期望获利者将部分资金投入市场。然而，昨日的情况远非如此，大多数股票均出现下跌。这可能反映出对国泰股价未能更高攀升的失望。与此同时，如果市场其他部分继续疲软，国泰自身可能会面临维持高度的困难。</p>
</div>

On This Day|Cathay Pacific debuts on Hong Kong Stock Exchange in 1986 – SCMP archive

南华早报

恒生指数

太古股份公司A

太古股份公司B

汇丰控股

汇丰

长和

希慎兴业

HSBC 5xShortSG241213

汇丰控股有限公司

长和(ADR)

在这一天 | 国泰航空于 1986 年在香港证券交易所首次上市 - SCMP 档案