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One word has been on the minds and lips of participants in the US listings market in recent months – and Alibaba, the Chinese ecommerce juggernaut, has not disappointed.
近几个月，美国上市市场参与者时常想到和说到一个词——阿里巴巴(Alibaba)，这家中国电商巨头，并没有让人失望。
At $21.8bn, the company priced the largest US-listed initial public offering and the biggest technology or internet related flotation.
阿里巴巴首次公开发行(IPO)融资218亿美元，成为在美国市场上规模最大的一桩IPO案，也是规模最大的一桩科技或互联网相关企业IPO案。
Yesterday, the company exercised an overallotment option, raising the proceeds to $25bn, making it the world’s largest listing.
日前，该公司启动了超额配售选择权，将募得资金提至250亿美元，成就了全球最大IPO。
The newly minted shares had delivered the first day share rise, or “pop”, coveted by all IPOs, jumping 38 per cent in opening day trading on Friday.
阿里巴巴刚完成IPO后，交易首日股价上涨，或者说“强势上涨”，这是所有IPO交易渴望达成的目标。周五上市首日，阿里巴巴的股价较发行价飙涨了38%。
With the historic deal done and dusted, what does life after Alibaba hold for the IPO market?
这桩历史性交易业已尘埃落定，在阿里巴巴之后，IPO市场还能维持这样的光景吗？
Bankers are predicting a robust next few months, helped in part by the positive spillover from Alibaba’s successful listing as well as a pent-up supply of deals. In the run-up to the IPO, some advisers had cautioned other companies not to compete with the megadeal for investors’ attention.
银行家预测，IPO市场将在此后数月迎来强劲表现，部分原因是阿里巴巴成功上市带来正向溢出效应以及此前受压抑的交易开始推进。在阿里巴巴IPO的准备阶段，一些顾问告诫其他公司不要与这桩特大交易争夺投资者的注意力。
But even if its listing has already lined the pockets of investors and bankers, the Alibaba afterglow is limited, as the success of the IPO market ultimately depends on bigger concerns, such as the equities market and the economy.
但是，就算阿里巴巴上市让投资者和银行家赚了个盆满钵满，市场上余留的愉悦情绪也是有限的，毕竟IPO市场的成功最终还是取决于一些更大的考虑，比如股票市场和经济。
“There is a broad halo from Alibaba. It will give people confidence that the IPO market broadly is alive and well and still a place to invest,” says Mark Hantho, global head of equity capital markets at Deutsche Bank.
“阿里巴巴散发出一片大范围的光晕。这让人们相信IPO市场整体上是活跃和健康的，还是一个适合投资的地方，”德意志银行(Deutsche Bank)全球股权资本市场主管马克•汉索(Mark Hantho)说。
“The positive aura will ripple through the market. It won’t necessarily have staying power, but it should lift those about to come to market.”
“积极的氛围会扩散到整个市场。这种氛围虽未必能够持续下去，但应该能够提振那些即将入市者的信心。”
The pipeline of deals, which totals about $20bn according to Dealogic, looks diversified by sector.
根据Dealogic的数据，准备之中的IPO交易总额约200亿美元，从行业来看多种多样。
These listings will round off a successful year for IPOs. Even before Alibaba, US-listed IPOs were running at their fastest pace in terms of number of deals and dollar value since 2000.
这些IPO交易会给今年的IPO市场画上一个完美的句号。即便在阿里巴巴IPO之前，以交易数量和融资金额计，今年也是2000年以来美国的IPO市场发展速度最快的一年。
Companies poised to list include
准备上市的公司包括：
Citizens Financial, the US retail banking arm of Royal Bank of Scotland, which is expected to raise as much as $3.5bn. Another high-profile listing expected this year is Lending Club, the first peer-to-peer lender to go public.
苏格兰皇家银行(RBS)在美国的零售银行分支Citizens Financial，该公司有望募资35亿美元。本年预计上市的另一个备受关注的公司是Lending Club，它将成为第一个上市的个人对个人（peer-to-peer,简称P2P）贷款公司。
The San Francisco-based company, which runs an online marketplace for connecting borrowers and lenders, is likely to seek a valuation of about $5bn and hopes to raise more than $500m, the Financial Times has previously reported.
位于旧金山的Lending Club提供一个在线的交易市场，将借款人和放款人联系起来。该公司的估值可能为50亿，有望募得逾5亿美元的资金，《金融时报》此前曾对此进行相关报道。
Virgin America, the California-based airline part-owned by Sir Richard Branson, in July unveiled plans to list with talk of an offering of more than $300m.
理查德•布兰森爵士(Sir Richard Branson)拥有位于加利福尼亚的航空公司维珍美国(Virgin America)的部分所有权。该公司在7月公布了上市计划，期望募得逾3亿美元的资金。
“Near term you will see a pick-up. Many companies deliberately timed their deals to avoid pricing alongside Alibaba,” says JD Moriarty, head of Americas equity capital markets at Bank of America Merrill Lynch.
“近期你将看到交易上升的状况。许多公司制定上市时间时有意避免与阿里巴巴同期定价，”美银美林(Bank of America Merrill Lynch)的美国股权资本市场主管JD•莫里亚蒂(JD Moriarty)说。
“It is the same advice we might give around a holiday. You want the majority of the marketing after the distraction,” he added.
“我们在节庆前后也会给出同样的建议。你希望在吸引注意力的事情之后进行绝大部分的交易，”他补充说道。
One question for the market is whether all of that Alibaba stock will saturate investors to the point of damping appetite for other, less high profile deals. Mr Moriarty, for one, is not worried.
市场的一个问题是，阿里巴巴的股票是否会把投资者一股脑吸引过去，降低他们对其他关注程度低的交易的需求。对此莫里亚蒂并不担心。
“Given the overall new issue market relative to the depth of the buyside, I am not concerned about [funds getting saturated with the Alibaba deal],” he says. “There is still a lot of cash on the sidelines.”
“考虑到新股发行市场的整体规模与买方实力对比，我并不担心（资金都被阿里巴巴IPO吸引过去了），”他说，“还有很多资金尚未入场”。
Another factor for demand, during the closing stages of the year, is whether investors are beating their benchmarks. Laggards may be inclined to play catch-up in the IPO market.
在今年即将收官之际，另一个影响需求的因素是投资者是否将要战胜市场指数。落后者或许希望在IPO市场上迎头赶上。
“A lot of investors are in chase mode and a very easy way to get risk-on is via an IPO,” says AC Morgan, head of equity capital markets syndicate at UBS.
“许多投资者正在处于追赶模式，追逐风险的一个非常简单的方法就是参与IPO，”瑞银(UBS)的股权资本市场联合体主管AC•摩根(AC Morgan)说。
The average hedge fund, for example, is up just 3 per cent this year, Mr Morgan notes, trailing the 9 per cent advance of the S&P 500.
比如，摩根表示，今年对冲基金平均上涨仅3%，落后于标普500(S&P 500)指数9%的涨幅。
More sweeping issues also hold sway. Russ Koesterich, chief investment strategist at BlackRock, says Alibaba’s success is “evidentiary” of a willingness to take risk rather than a cause.
更多影响广泛的问题也占据了主导地位。贝莱德(BlackRock)首席投资策略师拉斯•克斯特里奇(Russ Koesterich)表示，阿里巴巴的成功证明了追逐风险的意愿，而非原因。
“The public is still stretching for yield and growth and that is supportive of the IPO market in general,” he says.
“大众还在努力追逐收益和增长，这从整体上支持了IPO市场，”他表示。
“It is hard to find organic growth when we are still in a slow-growth world, even in the US.
“当我们还处于一个增速缓慢的世界，即使是在美国，也很难找到自然增长。”
“You don’t have that booming economy of the 1980s or 1990s that is producing a lot of revenue growth for everyone.
“上世纪80年代或者90年代的蓬勃发展的经济，令每个人收益的大幅增长，现在并没有这样的经济形势。”
“If a company can drive revenue growth through a niche or expanding market that is something that excites investors.”
“如果一个公司能够利用细分市场或者日益扩大的市场来拉动收益增长，这会使投资者很兴奋。”
