兰亭集势登陆纽交所 首日大涨22%

LightInTheBox Holding Co., the first Chinese company to list in the U.S. this year, made a solid public-market debut, jumping 22% in its first day on the New York Stock Exchange.

今年首家赴美上市的中国公司兰亭集势(LightInTheBox Holding Co.)在公开市场的首次亮相表现不俗，在纽约证券交易所挂牌首日股价大涨22%。

The stock is being watched for signs that U.S. investors are ready to buy Chinese companies again and whether U.S. banks would be wise to bring more of them to market. Other potential listers are waiting in the wings.

这只股票受到关注，人们希望从中得知美国投资者是否准备好再次购买中国公司的股票，以及美国银行业将更多中国公司带到美国市场是否明智。其它可能上市的公司正在焦急等待中。

The market for U.S. listings of Chinese stocks collapsed last year amid a host of concerns, including accounting and governance practices, growth in China, and concerns that Chinese companies had become overvalued.

去年，中国公司赴美IPO的市场崩溃，原因是投资者有诸多不放心，如公司会计和治理方式、中国经济增长以及担心中国公司被高估等。

The Beijing-based company, which sells inexpensive Chinese-made goods ranging from fishing rods and wedding dresses to customers mostly in other countries, had priced its IPO at $9.50, the middle of its projected range, valuing the company at $465 million. It raised $79 million.

位于北京的兰亭集势主要是出售从钓鱼竿到婚纱等中国生产的廉价商品，买家多为其它国家的客户。该公司发行价定在9.50美元，位于指导区间中端，公司估值为4.65亿美元，这次筹集到7,900万美元的资金。

In 4 p.m. trading, LightInTheBox Holding gained $2.11, to $11.61. The average U.S.-listed IPO has risen 10% in its first day of trading. The top pop of the year was Marketo Inc., MKTO -1.89% which jumped 78%.

下午4点收盘，兰亭集势上涨了2.11美元，至11.61美元。在美国IPO的公司上市首日平均涨幅为10%。今年涨幅最高的是营销软件公司Marketo Inc.，上市首日大涨78%。

The debut was the end of a long journey, according to co-founder and Chief Executive Alan Guo, a former Google China executive. The company first filed confidentially, as foreign filers for U.S. listings have long been able to do, back in 2011, he said.

兰亭集势联合创始人、首席执行长、谷歌中国(Google China)前高管郭去疾(Alan Guo)表示，上市标志着一场漫长旅途的结束。他说，兰亭集势最先在2011年秘密提交了上市申请文件，外国公司申请在美上市一直以来都可以这么做。

When the company finally launched its IPO last week, Mr. Guo said he and his team traveled to London and several U.S. cities over the course of two weeks. This is longer than the typical one-week roadshow. Credit Suisse Group AG -3.34% and Stifel Financial Corp. SF +1.24% were the lead investment banks on the deal.

郭去疾说，兰亭集势上周终于启动了IPO，他和他的团队在两周时间里去了伦敦和美国几个城市。这比一般为期一周的路演时间要长。瑞士信贷集团(Credit Suisse Group AG)和Stifel Financial Corp.是兰亭集势IPO的牵头投资银行。

'A lot of one-on-one, face-to-face meetings gave us the chance to clarify questions they may have with the company,' he said. Part of what was discussed was the company's governance practices and accounting procedures, he said.

郭去疾说，开了很多一对一、面对面的会，这让我们有机会好好解释他们可能想了解的有关公司的一些问题。他说，讨论的内容之一是公司的治理方式和会计程序。

'As a publicly traded company, we need to prove to investors with our performance, and we also need to be very strict and keep on improving on all aspects of corporate governance,' Mr. Guo said.

郭去疾说，作为上市公司，我们要以自己的表现向投资者证明，而且在公司治理的各个方面都要非常严格，不断提高。

The stock has reversed the poor pricing trends of the last several Chinese IPOs. There were only two in 2012, flash-sales retailer Vipshop Holdings Ltd. VIPS +2.97% and social-networking and gaming company YY Inc. YY +0.59% Vipshop priced below range and YY at the bottom. Vipshop fell 15% in its first day last March, and YY rose just under 8% in its debut last November.

兰亭集势扭转了中国公司上几次IPO定价疲软的趋势。2012年只有两家中国公司在美国上市，分别是发行价低于指导区间的限时特卖零售商唯品会(Vipshop Holdings Ltd.)和发行价位于指导区间低端的社交网站、游戏公司欢聚时代(YY Inc.)。唯品会去年3月上市第一天便大跌15%，欢聚时代去年11月挂牌首日涨幅接近8%。

Vipshop has soared 436% since its initial public offering, while YY has climbed 143%.

上市以来，唯品会股价飙升了436%，欢聚时代上涨了143%。

Mr. Guo said his experience with investors suggested the market was ready again for more Chinese companies, at least in the tech and Internet sectors.

郭去疾说，通过与投资者打交道，他感觉市场已为迎接更多中国公司做好了准备，至少对科技和互联网公司是这样。

'In the long run, China, with a lot of innovative, entrepreneurial Internet companies…will be a good match to the U.S. public stock markets that understand the Internet as an industry,' he said.

他说，长远来看，在大量富于创新、有企业家精神的互联网公司的推动下……中国与了解互联网行业的美国股市将成为不错的搭档。