一家此前没有任何并购记录的亚洲交易所获得了交易所行业仅存的最后一件珍宝,并启动了价格发现向亚洲转移的进程。在过去两年的大部分时间里,西方交易所的许多并购行动均以失败告终,最新一个例子是纽交所(NYSE)的运营商纽约-泛欧交易所集团(NYSE Euronext)试图与德意志交易所(Deutsche B?rse)合并而未能成功。纽约-泛欧交易所集团也曾有意竞购伦敦金属交易所,后来认为伦敦金属交易所的价格被哄抬得过高而退出了。
Now investors in HKEx think the same and have been heading for the exits, put off by a price that is 180 times the LME’s earnings last year. Even stripping out that the LME was not run on a for-profit basis, and a fee increase planned for next month, Keefe, Bruyette & Woods estimates the deal is still being done on a forward earnings multiple of 46 times.
如今,香港交易所的投资者也这样认为,他们一直希望退出,香港交易所的收购价是伦敦金属交易所去年收益的180倍,这令投资者望而却步。即便不考虑伦敦金属交易所在经营中不以盈利为根本目的,并且计划下月提高收费,Keefe, Bruyette & Woods估计,这笔交易中的预期市盈率也达到了46倍。
Shares in HKEx now stand a third lower than their January level, making them the worst performing of the largest 20 exchanges, according to Bloomberg.
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