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.

　　香港首档以人民币计价的首次公开募股（IPO）进展顺利，但未来香港将有哪些以人民币计价的IPO交易目前还看不出苗头。

　　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.

　　按计划，汇贤房地产投资信托基金（简称：汇贤REIT）将于4月29日挂牌上市，它此次的IPO募集资金17亿美元。汇贤REIT为李嘉诚（Li Ka-Shing）所有，此次公开募股将使香港投资者首次能在本地投资以人民币计价的股票。李嘉诚是一位商界大亨，因经商有道而被冠以“超人”称号。此次IPO将为那些持有离岸人民币的投资者增加一个投资渠道。直到目前为止，投资者还只能将手中的这类资金投在低收益的债券和银行存款上。

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

　　汇贤REIT的IPO，标志着人民币国际化的步伐向前迈进了一步，香港距成为人民币离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.

　　 汇贤REIT的标的资产主要是北京著名的东方广场（Oriental Plaza）。东方广场是一座高端商业地产，从这里出发，步行可到天安门广场。李嘉诚的时机选择的非常好。眼下，政府正在打击住宅地产的估值泡沫，投资者更倾心于商业地产。

　　The direction of travel for the yuan also is auspicious. 人民币的流动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.

　　汇贤REIT 2011年的股息收益率大约为4%。瑞士信贷（Credit Suisse）的中国房地产分析师杜劲松说，在香港上市的房地产投资信托基金的平均股息收益率为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币兑美元预计将升值5%，在计算预期收益的时候，也必须考虑到货币升值的因素。

　　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. 汇贤REIT不仅将创下香港市场首例以人民币计价的IPO，而且可能也将是惟一的一例。至少暂时是这样的。

　　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.

　　除了未经证实的传言说珠宝零售商周大福（Chow Tai Fook）拟发行的股票将有一部分以人民币计价外，香港市场未来准备以人民币计价的IPO却少之又少。周大福同样也被一个颇具影响力的商界大亨持有。

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

　　造成这种现象的一个原因是香港缺乏离岸人民币基金。

　　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）的数据显示，截至今年1月，香港的人民币存款规模达到560亿美元，这是一年前水平的六倍，足以确保汇贤REIT的IPO交易获得多倍超额认购。

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

　　但这个资金池仍然太浅，难以确保二级市场的流动性，或是支撑更多新股公开募集。