泛华

By Lynn Cowan   
1 November 2007
The Wall Street Journal
 Investors' appetite for Chinese companies listing in the U.S. continued unabated yesterday, with insurance brokerage CNinsure Inc. trading up 58% during its first day on Nasdaq.  
CNinsure's initial public offering overshadowed that of Israeli telecommunications provider 012 Smile.Communications Ltd., which ended unchanged from its offering price.  
CNinsure closed at $25.29 on Nasdaq, up from its initial price of $16. A total of 11.8 million American depositary shares were sold at a price above its expected $13-$15 range.  
Based in Guangdong, CNinsure earns fees and commissions from insurance companies that underwrite policies.  
"Right now, the Chinese insurance market has a low penetration rate," said CNinsure Chief Financial Officer David Tang in a telephone interview. "We are an early mover in this market." In the first half of 2007, its net revenue rose 62% to $22.7 million and net income more than doubled to $7.7 million, compared with the year-ago period.  
The company warns that its industry is competitive and, since China's entry into the World Trade Organization in 2001, there has been a gradual decline in the premium rate levels of some insurance products.  
Morgan Stanley was the lead manager on the IPO.  
Meanwhile, 012 Smile.Communications closed at $12 on Nasdaq, flat with its offer price, which was below the expected $14-$16. The IPO was managed by  Canadian Imperial Bank of Commerce's CIBC World Markets and  Cowen Group Inc.
主要内容翻译如下：
泛华保险在纳斯达克首日首日挂牌上市成交额就飙升了58%，显示投资者对中国概念股的兴趣有增无减。
泛华保险开盘首日表现优异。而与之同日上市的以色列电信供应商012 Smile Communications Ltd则相形逊色得多，股价收报最终未超过发行价。
泛华保险收盘报25.29美元，远高于16美元的发行价，共计发行了1180万股存托股份，发行价远高高于预期的13-15美元。
泛华保险CFO汤镇瑜在接受电话采访时表示，目前中国的保险普及率还较低，而泛华是这一行业的先行者。2007年上半年泛华的净利润达2270万美元，同期增长了62%，净收入为770万美元，比同期翻了一番。
但他也指出，中国保险行业竞争非常激烈。自中国加入WTO以来，部分保险产品的保费已经逐年下降。