淡水河谷期待在沪上市

飞雪寒冰

First it was Hong Kong, and now Shanghai. Vale, the world’s largest miner of iron ore, has told beyondbrics it has plans to be among the first foreign companies to list on the Shanghai stock exchange as it seeks to make the most of Asia’s voracious demand for commodities.
先是香港，现在是上海。世界最大的铁矿石生产商淡水河谷(Vale)告诉Beyondbrics，它计划成为首批在上海证交所上市的外国公司之一，试图以此从亚洲对大宗商品的旺盛需求中获得最大好处。

However, there is a crucial ‘but’ here. Cross-listing has not yet been approved in China and despite the Brazilians’ enthusiasm, there is a lot of groundwork to be done before that becomes a reality.
但是，这件事存在着一个关键的“但是”。在中国，交叉上市尚未得到批准。尽管巴西人对在沪上市热情很高，但在这件事成为现实之前，他们还有许多准备工作要做。

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“The day that the Shanghai exchange opens up though, we’ll be in pole position,” said Guilherme Cavalcanti, Vale’s chief financial officer. “All our financial results are already released in Chinese, we’re ready,” he explained, adding that he believed a Shanghai listing could be approved in as little as two years.
“不过，在上交所敞开大门的那一天，我们将处在领跑位置，”淡水河谷首席财务官吉列尔梅•卡瓦尔康蒂(Guilherme Cavalcanti)表示。他解释道：“我们所有的财务报告都已用中文发布，我们已经做好了准备。”卡瓦尔康蒂还表示，他相信淡水河谷在沪上市最短可在两年内获批。

In December last year, the Rio de Janeiro-based group became the first Brazilian company to offer its shares in Hong Kong and is now looking to China.
去年12月，这家总部位于里约热内卢的集团成为首家在香港上市的巴西公司。如今，该集团正把目光投向中国内地。

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In fact, Shanghai’s stock exchange and BM&FBovespa, Brazil’s exchange operator, signed a memorandum of understanding last month with a view to allowing Brazilian companies to establish a secondary listing in China.
事实上，上交所和巴西的交易所运营商——巴西证券期货交易所(BM&F Bovespa)上月签署了一份谅解备忘录，目的是允许巴西公司在中国进行第二上市(secondary listing)。

But Shanghai is no Hong Kong. Issues over regulation and China’s tough currency regime are only some of the obstacles holding up the process, Cavalcanti said.
但上海不是香港。卡瓦尔康蒂表示，监管和中国僵化汇率制度带来的问题，只是阻碍这一进程的一部分障碍。

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Edemir Pinto, the chief executive of BM&FBovespa, has also highlighted the challenges of wooing executives from a business culture which is totally alien to that of Brazil.
巴西证券期货交易所首席执行官埃德米尔•平托(Edemir Pinto)也着重指出了在游说商业文化与巴西迥异的中国高管时面临的种种困难。

“Sometimes you need to sign an agreement just to have lunch with the Chinese,” Pinto once joked.
平托曾经开玩笑说：“有时候，你就算为了同中国人一起吃顿午餐也得先签署一份协议。”

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But when, or even if, the Chinese agree to let the Brazilians in, Vale believes it is first in line.
但淡水河谷相信，当（甚至是如果）中国同意向巴西公司敞开上市大门时，该集团将占据先发位置。

“Our biggest market is Asia and so our investors are already familiar with a reality different to Western economies,” Cavalcanti said.
卡瓦尔康蒂称：“我们最大的市场就是亚洲，因此，我们的股东早已对亚洲这种与西方经济体迥乎不同的现实了如指掌。”

And to understand Vale’s obsession with all things Chinese, you just need to take a look at the company’s accounts and see who’s paying their salaries nowadays.
要想知道淡水河谷为何对中国的一切如此着迷，你只需看看该公司的账目，看看如今到底是谁在给他们发工资。

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Asia accounted for more than 53 per cent of Vale’s operating revenue in 2010, with China contributing just over 33 per cent. Asian demand is expected to continue to dominate the market this year, with China contributing an even greater share of the company’s sales.
在淡水河谷2010年的总营收中，亚洲的占比在53%以上，中国的占比略高于33%。今年，亚洲需求预计将继续主导市场，中国在该公司营收中的占比会进一步上升。

But for the next couple of years at least, it looks like Vale will have to be content with just flogging its iron to the Chinese rather than its shares.
不过看起来至少在未来两、三年内，淡水河谷将不得不满足于向中国出售铁矿石、而不是出售股票。