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2021-12-06
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Nasdaq Is On Track to Beat NYSE in Record Year for IPOs<blockquote>纳斯达克有望在 IPO 创纪录的一年击败纽约证券交易所</blockquote>
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Nasdaq’s commanding lead with only a few weeks left in 2021 means it is likely to beat the Big Board for the third year in a row.</p><p><blockquote>根据 Dealogic 的数据，截至周五，纳斯达克今年的 IPO 已筹集了 1,910 亿美元，而纽约证券交易所的新上市筹集了 1,090 亿美元。纳斯达克在 2021 年只剩下几周时间的情况下遥遥领先，这意味着它很可能连续第三年击败大董事会。</blockquote></p><p> Advisers to companies holding IPOs say one factor that helped Nasdaq this year was its effort to brand itself as the exchange focused on ESG—environmental, social and governance—criteria. The NYSE, meanwhile, was hurt by Covid-19 restrictions on its historic trading floor, which made it harder for companies to hold splashy bell-ringing ceremonies.</p><p><blockquote>IPO 公司的顾问表示，今年帮助纳斯达克的一个因素是它努力将自己打造成专注于 ESG（环境、社会和治理）标准的交易所。与此同时，纽约证券交易所因其历史悠久的交易大厅的 Covid-19 限制而受到损害，这使得公司更难举行华丽的敲钟仪式。</blockquote></p><p> For years, Nasdaq was the underdog in the two exchanges’ fierce competition for new listings. During the two decades leading up to 2019, there were only three years in which more money was raised at Nasdaq than at the NYSE, Dealogic data show. Two of those years were 1999 and 2000, the peak of the dot-com bubble when buzzy technology companies flocked to Nasdaq.</p><p><blockquote>多年来，在两家交易所激烈的新上市竞争中，纳斯达克一直处于劣势。Dealogic 数据显示，在 2019 年之前的二十年中，只有三年纳斯达克筹集的资金多于纽约证券交易所。其中两年是1999年和2000年，互联网泡沫的顶峰时期，时髦的科技公司纷纷涌入纳斯达克。</blockquote></p><p> In 2021, Nasdaq won the year’s biggest IPO: the $13.7 billion debut of electric-vehicle maker Rivian Automotive Inc.Other IPOs at Nasdaq included the debuts of brokerage Robinhood Markets Inc.,dating-app maker Bumble Inc. and doughnut chain Krispy Kreme Inc.</p><p><blockquote>2021 年，纳斯达克赢得了当年最大的 IPO： 电动汽车制造商Rivian汽车公司以 137 亿美元的价格首次亮相。纳斯达克的其他 IPO 包括经纪公司 Robinhood Markets Inc.、约会应用制造商 Bumble Inc. 和甜甜圈连锁店 Krispy Kreme Inc. 的首次亮相。</blockquote></p><p> Nasdaq vaulted ahead of NYSE in the booming business of listing special-purpose acquisition companies, or SPACs—shell companies that go public to raise cash for mergers and acquisitions. Nasdaq has won 63% of proceeds raised in SPAC IPOs so far in 2021, up from 39% last year, Dealogic data show. Listings of new SPACs have accounted for about half of the roughly $300 billion raised in IPOs this year.</p><p><blockquote>纳斯达克在特殊目的收购公司（SPAC）上市业务蓬勃发展方面领先于纽约证券交易所，SPAC是上市为并购筹集资金的空壳公司。Dealogic 数据显示，2021 年迄今为止，纳斯达克已赢得 SPAC IPO 筹集资金的 63%，高于去年的 39%。在今年 IPO 筹集的约 3000 亿美元资金中，新 SPAC 的上市约占一半。</blockquote></p><p> “This has been a tremendous year for new listings at the New York Stock Exchange, setting our second-straight record for proceeds raised and welcoming many of the world’s most innovative and well-governed companies to our NYSE community,” an NYSE spokesman said.</p><p><blockquote>“纽约证券交易所发言人说：”今年是纽约证券交易所新上市的巨大一年，创下了我们连续第二次筹集资金的记录，并欢迎许多世界上最具创新性和治理良好的公司加入我们的纽约证券交易所社区。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2ec4898484b044033f746d0c7e979481\" tg-width=\"1317\" tg-height=\"686\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The NYSE’s biggest IPOs this year have been those of South Korean e-commerce company Coupang Inc. and Chinese ride-hailing group Didi Global Inc.Didi said last week it plans to delist its shares in the U.S. and pursue a listing in Hong Kong.</p><p><blockquote>今年纽约证券交易所最大的IPO是韩国电子商务公司Coupang Inc. 滴滴上周表示，计划在美国退市，并寻求在香港上市。</blockquote></p><p> Last year, IPOs raised a total of $168 billion across both exchanges, according to Dealogic, which was then a record.</p><p><blockquote>根据 Dealogic 的数据，去年两家交易所的 IPO 总共筹集了 1,680 亿美元，创下了当时的纪录。</blockquote></p><p> It makes little difference to investors whether a stock is listed on Nasdaq or NYSE. But it is a big business for the two exchanges.</p><p><blockquote>一只股票是在纳斯达克上市还是在纽约证券交易所上市对投资者来说没有什么区别。但这对两家交易所来说是一笔大生意。</blockquote></p><p> During the first nine months of this year, Nasdaq earned $282 million from listing fees, while NYSE parent Intercontinental Exchange Inc. made $356 million. The NYSE generally charges higher listing fees than Nasdaq; fees at both exchanges are determined on a sliding scale based on a company’s number of shares outstanding. Attracting new listings also can boost an exchange’s trading and market-data revenues.</p><p><blockquote>今年前九个月，纳斯达克从上市费中赚取了 2.82 亿美元，而纽约证券交易所母公司洲际交易所赚取了 3.56 亿美元。纽约证券交易所收取的上市费用通常高于纳斯达克；这两个交易所的费用都是根据公司的流通股数量按浮动比例确定的。吸引新上市还可以增加交易所的交易和市场数据收入。</blockquote></p><p> To woo companies, the NYSE and Nasdaq offer investor-relations services, such as tools for hosting earnings calls, and marketing packages that include advertising time with various media outlets. On IPO days, the NYSE typically drapes the front of its building in lower Manhattan with giant banners hailing the company that is going public, while Nasdaq emblazons the company’s logo on its digital billboard overlooking Times Square.</p><p><blockquote>为了吸引公司，纽约证券交易所和纳斯达克提供投资者关系服务，例如托管收益评级的工具，以及包括与各种媒体的广告时间在内的营销套餐。在 IPO 当天，纽约证券交易所通常会在曼哈顿下城大楼的正面挂上巨大的横幅，为即将上市的公司欢呼，而纳斯达克则会在俯瞰时代广场的数字广告牌上印上公司的标志。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45af1c572e7831fa58fd4351c11f0ccf\" tg-width=\"1050\" tg-height=\"701\" width=\"100%\" height=\"auto\"><span>Nelson Griggs, Nasdaq Stock Exchange president, at the exchange operator’s Times Square headquarters.</span></p><p><blockquote><p class=\"t-img-caption\"><span>纳斯达克证券交易所总裁 Nelson Griggs 在交易所运营商时代广场总部。</span></p></blockquote></p><p> Many of the companies that called themselves “mission driven” or invoked ESG in their IPO filings listed on Nasdaq this year. Those included sneaker maker Allbirds Inc.,clothing-rental company Rent the Runway Inc. and Rivian. Yogurt maker Chobani Inc. said in a recent regulatory filing that it, too, plans to list shares on the Times Square exchange.</p><p><blockquote>许多自称 “使命驱动 ”或在 IPO 文件中援引 ESG 的公司今年都在纳斯达克上市。其中包括运动鞋制造商 Allbirds Inc.、服装租赁公司 Rent the Runway Inc. 和Rivian。酸奶制造商乔巴尼公司在最近的一份监管文件中表示，它也计划在时代广场交易所上市。</blockquote></p><p> A person close to many do-gooder company IPOs said Nasdaq made a stronger pitch in regards to ESG, helping sway some executives to choose the exchange.</p><p><blockquote>一位接近许多 do gooder 公司 IPO 的人士表示，纳斯达克在 ESG 方面做出了更强有力的宣传，有助于说服一些高管选择该交易所。</blockquote></p><p></p><p> In August, the Securities and Exchange Commission approved a change to Nasdaq’s listing rules aimed at pushing companies to achieve more gender and racial diversity on their boards. The rule has provoked ire from Republican lawmakers and lawsuits from conservative groups, and Nasdaq executives acknowledge that it prompted complaints from some companies. Still, IPO advisers say the rule helped Nasdaq attract companies led by younger management teams focused on ESG goals.</p><p><blockquote>今年 8 月，美国证券交易委员会批准了对纳斯达克上市规则的修改，旨在推动公司在董事会中实现更多的性别和种族多元化。该规定激起了共和党议员的愤怒和保守派团体的诉讼，纳斯达克高管承认这引发了一些公司的投诉。尽管如此，IPO 顾问表示，该规则帮助纳斯达克吸引了由专注于 ESG 目标的年轻管理团队领导的公司。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/173d0001af94502e0b885e292c38f6d1\" tg-width=\"445\" tg-height=\"569\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “Nasdaq looks more progressive in the area of corporate governance,” said Patrick Healy, CEO of Issuer Network LLC, which advises companies on their choice of listing exchange. “The diversity rule is helping them.”</p><p><blockquote>“为公司选择上市交易所提供建议的发行人网络有限责任公司首席执行官 Patrick Healy 说：”纳斯达克在公司治理领域看起来更加进步。“多元化规则正在帮助他们”。</blockquote></p><p> The NYSE set up an advisory council in 2019 that aims to help its listed companies identify board candidates from diverse groups. But the Big Board has stopped short of mandating greater diversity through its listing rules.</p><p><blockquote>纽约证券交易所于2019年成立了一个顾问委员会，旨在帮助其上市公司从不同群体中物色董事会候选人。但大董事会并没有通过其上市规则强制要求更大的多元化。</blockquote></p><p> The 229-year-old NYSE operates one of the world’s last stock-exchange trading floors, unlike Nasdaq, which runs an electronic market. The Big Board has long said that the blue-jacketed traders on its floor help ensure smooth trading by providing human oversight at critical moments such as IPOs and the daily open and close of trading.</p><p><blockquote>与经营电子市场的纳斯达克不同，拥有 229 年历史的纽约证券交易所是世界上最后的证券交易所交易大厅之一。大板块长期以来一直表示，其大厅里的蓝夹克交易员通过在IPO和每日开盘和收盘交易等关键时刻提供人工监督来帮助确保交易顺利进行。</blockquote></p><p> It became tougher to make that argument after the pandemic forced a two-month shutdown of the NYSE floor last year. The exchange’s markets ran in all-electronic mode and functioned smoothly. “It’s hard to tell people that you need the floor when you didn’t have it for a long time,” Nasdaq Stock Exchange President Nelson Griggs said in an interview.</p><p><blockquote>去年疫情迫使纽约证券交易所关闭两个月后，提出这一论点变得更加困难。交易所的市场在全电子模式下运行，运行平稳。“纳斯达克证券交易所总裁尼尔森-格里格斯（Nelson Griggs）在接受采访时说：”当你很久没有发言权时，很难告诉人们你需要发言权。</blockquote></p><p> The NYSE spokesman said: “Everyone knows stocks trade better on the NYSE, and our trading floor is a key reason why.”</p><p><blockquote>纽约证券交易所发言人说： “每个人都知道股票交易在纽约证券交易所更好，我们的交易大厅是一个重要原因”。</blockquote></p><p> The floor partly reopened in June 2020, and its population is now at about 75% of pre-pandemic levels. Covid-19-related restrictions remain in effect, including a requirement that visitors show proof of vaccination. So while bell ringings have resumed, it has been harder for the Big Board to host lavish IPO parties like those before the pandemic. That has reduced an edge that the NYSE long enjoyed over Nasdaq, which hosts its own bell ringings in a modern, television-studio-like space off Times Square.</p><p><blockquote>该楼层于2020年6月部分重新开放，其人口目前约为疫情前水平的75%。与新冠肺炎相关的限制仍然有效，包括要求游客出示疫苗接种证明。因此，虽然钟声已经恢复，但大董事会更难举办像大流行之前那样的奢华IPO派对。这削弱了纽约证券交易所长期以来相对于纳斯达克的优势，后者在时代广场外一个现代化的电视演播室般的空间举办自己的钟声。</blockquote></p><p> Not all companies care about the bell. When chip maker GlobalFoundries Inc. was choosing between Nasdaq and the NYSE, the services that the exchanges offered after the IPO were more important than the ceremony itself, said Sukhi Nagesh, the company’s vice president of corporate development and investor relations.</p><p><blockquote>不是所有的公司都关心钟声。该公司负责企业发展和投资者关系的副总裁 Sukhi Nagesh 说，当芯片制造商 GlobalFoundries Inc. 公司在纳斯达克和纽约证券交易所之间做出选择时，交易所在 IPO 后提供的服务比仪式本身更重要。</blockquote></p><p> GlobalFoundries made its debut on Nasdaq in October. “It’s a point in time,” Mr. Nagesh said. “A lot of people want to ring the bell at the NYSE, but it is nice to push the button at Nasdaq, too.”</p><p><blockquote>GlobalFoundries 于 10 月在纳斯达克首次亮相。“纳格什先生说：”这是一个时间点。“很多人想在纽约证券交易所敲钟，但在纳斯达克按下按钮也很好。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nasdaq Is On Track to Beat NYSE in Record Year for IPOs<blockquote>纳斯达克有望在 IPO 创纪录的一年击败纽约证券交易所</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNasdaq Is On Track to Beat NYSE in Record Year for IPOs<blockquote>纳斯达克有望在 IPO 创纪录的一年击败纽约证券交易所</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-06 20:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Focusing on environmental, social and governance criteria has helped Nasdaq draw listings of $191 billion</p><p><blockquote>关注环境、社会和治理标准帮助纳斯达克吸引了 1,910 亿美元的上市</blockquote></p><p> Nasdaq Inc. is poised to beat the New York Stock Exchange in initial public offerings this year, far outpacing its crosstown rival during a record year for capital raised in U.S. public markets.</p><p><blockquote>纳斯达克公司有望在今年的首次公开募股中击败纽约证券交易所，在美国公开市场筹集资金创纪录的一年中远远超过其同城竞争对手。</blockquote></p><p> IPOs at Nasdaq have raised $191 billion this year through Friday, compared with $109 billion for new listings at the NYSE, according to Dealogic. Nasdaq’s commanding lead with only a few weeks left in 2021 means it is likely to beat the Big Board for the third year in a row.</p><p><blockquote>根据 Dealogic 的数据，截至周五，纳斯达克今年的 IPO 已筹集了 1,910 亿美元，而纽约证券交易所的新上市筹集了 1,090 亿美元。纳斯达克在 2021 年只剩下几周时间的情况下遥遥领先，这意味着它很可能连续第三年击败大董事会。</blockquote></p><p> Advisers to companies holding IPOs say one factor that helped Nasdaq this year was its effort to brand itself as the exchange focused on ESG—environmental, social and governance—criteria. The NYSE, meanwhile, was hurt by Covid-19 restrictions on its historic trading floor, which made it harder for companies to hold splashy bell-ringing ceremonies.</p><p><blockquote>IPO 公司的顾问表示，今年帮助纳斯达克的一个因素是它努力将自己打造成专注于 ESG（环境、社会和治理）标准的交易所。与此同时，纽约证券交易所因其历史悠久的交易大厅的 Covid-19 限制而受到损害，这使得公司更难举行华丽的敲钟仪式。</blockquote></p><p> For years, Nasdaq was the underdog in the two exchanges’ fierce competition for new listings. During the two decades leading up to 2019, there were only three years in which more money was raised at Nasdaq than at the NYSE, Dealogic data show. Two of those years were 1999 and 2000, the peak of the dot-com bubble when buzzy technology companies flocked to Nasdaq.</p><p><blockquote>多年来，在两家交易所激烈的新上市竞争中，纳斯达克一直处于劣势。Dealogic 数据显示，在 2019 年之前的二十年中，只有三年纳斯达克筹集的资金多于纽约证券交易所。其中两年是1999年和2000年，互联网泡沫的顶峰时期，时髦的科技公司纷纷涌入纳斯达克。</blockquote></p><p> In 2021, Nasdaq won the year’s biggest IPO: the $13.7 billion debut of electric-vehicle maker Rivian Automotive Inc.Other IPOs at Nasdaq included the debuts of brokerage Robinhood Markets Inc.,dating-app maker Bumble Inc. and doughnut chain Krispy Kreme Inc.</p><p><blockquote>2021 年，纳斯达克赢得了当年最大的 IPO： 电动汽车制造商Rivian汽车公司以 137 亿美元的价格首次亮相。纳斯达克的其他 IPO 包括经纪公司 Robinhood Markets Inc.、约会应用制造商 Bumble Inc. 和甜甜圈连锁店 Krispy Kreme Inc. 的首次亮相。</blockquote></p><p> Nasdaq vaulted ahead of NYSE in the booming business of listing special-purpose acquisition companies, or SPACs—shell companies that go public to raise cash for mergers and acquisitions. Nasdaq has won 63% of proceeds raised in SPAC IPOs so far in 2021, up from 39% last year, Dealogic data show. Listings of new SPACs have accounted for about half of the roughly $300 billion raised in IPOs this year.</p><p><blockquote>纳斯达克在特殊目的收购公司（SPAC）上市业务蓬勃发展方面领先于纽约证券交易所，SPAC是上市为并购筹集资金的空壳公司。Dealogic 数据显示，2021 年迄今为止，纳斯达克已赢得 SPAC IPO 筹集资金的 63%，高于去年的 39%。在今年 IPO 筹集的约 3000 亿美元资金中，新 SPAC 的上市约占一半。</blockquote></p><p> “This has been a tremendous year for new listings at the New York Stock Exchange, setting our second-straight record for proceeds raised and welcoming many of the world’s most innovative and well-governed companies to our NYSE community,” an NYSE spokesman said.</p><p><blockquote>“纽约证券交易所发言人说：”今年是纽约证券交易所新上市的巨大一年，创下了我们连续第二次筹集资金的记录，并欢迎许多世界上最具创新性和治理良好的公司加入我们的纽约证券交易所社区。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2ec4898484b044033f746d0c7e979481\" tg-width=\"1317\" tg-height=\"686\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The NYSE’s biggest IPOs this year have been those of South Korean e-commerce company Coupang Inc. and Chinese ride-hailing group Didi Global Inc.Didi said last week it plans to delist its shares in the U.S. and pursue a listing in Hong Kong.</p><p><blockquote>今年纽约证券交易所最大的IPO是韩国电子商务公司Coupang Inc. 滴滴上周表示，计划在美国退市，并寻求在香港上市。</blockquote></p><p> Last year, IPOs raised a total of $168 billion across both exchanges, according to Dealogic, which was then a record.</p><p><blockquote>根据 Dealogic 的数据，去年两家交易所的 IPO 总共筹集了 1,680 亿美元，创下了当时的纪录。</blockquote></p><p> It makes little difference to investors whether a stock is listed on Nasdaq or NYSE. But it is a big business for the two exchanges.</p><p><blockquote>一只股票是在纳斯达克上市还是在纽约证券交易所上市对投资者来说没有什么区别。但这对两家交易所来说是一笔大生意。</blockquote></p><p> During the first nine months of this year, Nasdaq earned $282 million from listing fees, while NYSE parent Intercontinental Exchange Inc. made $356 million. The NYSE generally charges higher listing fees than Nasdaq; fees at both exchanges are determined on a sliding scale based on a company’s number of shares outstanding. Attracting new listings also can boost an exchange’s trading and market-data revenues.</p><p><blockquote>今年前九个月，纳斯达克从上市费中赚取了 2.82 亿美元，而纽约证券交易所母公司洲际交易所赚取了 3.56 亿美元。纽约证券交易所收取的上市费用通常高于纳斯达克；这两个交易所的费用都是根据公司的流通股数量按浮动比例确定的。吸引新上市还可以增加交易所的交易和市场数据收入。</blockquote></p><p> To woo companies, the NYSE and Nasdaq offer investor-relations services, such as tools for hosting earnings calls, and marketing packages that include advertising time with various media outlets. On IPO days, the NYSE typically drapes the front of its building in lower Manhattan with giant banners hailing the company that is going public, while Nasdaq emblazons the company’s logo on its digital billboard overlooking Times Square.</p><p><blockquote>为了吸引公司，纽约证券交易所和纳斯达克提供投资者关系服务，例如托管收益评级的工具，以及包括与各种媒体的广告时间在内的营销套餐。在 IPO 当天，纽约证券交易所通常会在曼哈顿下城大楼的正面挂上巨大的横幅，为即将上市的公司欢呼，而纳斯达克则会在俯瞰时代广场的数字广告牌上印上公司的标志。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45af1c572e7831fa58fd4351c11f0ccf\" tg-width=\"1050\" tg-height=\"701\" width=\"100%\" height=\"auto\"><span>Nelson Griggs, Nasdaq Stock Exchange president, at the exchange operator’s Times Square headquarters.</span></p><p><blockquote><p class=\"t-img-caption\"><span>纳斯达克证券交易所总裁 Nelson Griggs 在交易所运营商时代广场总部。</span></p></blockquote></p><p> Many of the companies that called themselves “mission driven” or invoked ESG in their IPO filings listed on Nasdaq this year. Those included sneaker maker Allbirds Inc.,clothing-rental company Rent the Runway Inc. and Rivian. Yogurt maker Chobani Inc. said in a recent regulatory filing that it, too, plans to list shares on the Times Square exchange.</p><p><blockquote>许多自称 “使命驱动 ”或在 IPO 文件中援引 ESG 的公司今年都在纳斯达克上市。其中包括运动鞋制造商 Allbirds Inc.、服装租赁公司 Rent the Runway Inc. 和Rivian。酸奶制造商乔巴尼公司在最近的一份监管文件中表示，它也计划在时代广场交易所上市。</blockquote></p><p> A person close to many do-gooder company IPOs said Nasdaq made a stronger pitch in regards to ESG, helping sway some executives to choose the exchange.</p><p><blockquote>一位接近许多 do gooder 公司 IPO 的人士表示，纳斯达克在 ESG 方面做出了更强有力的宣传，有助于说服一些高管选择该交易所。</blockquote></p><p></p><p> In August, the Securities and Exchange Commission approved a change to Nasdaq’s listing rules aimed at pushing companies to achieve more gender and racial diversity on their boards. The rule has provoked ire from Republican lawmakers and lawsuits from conservative groups, and Nasdaq executives acknowledge that it prompted complaints from some companies. Still, IPO advisers say the rule helped Nasdaq attract companies led by younger management teams focused on ESG goals.</p><p><blockquote>今年 8 月，美国证券交易委员会批准了对纳斯达克上市规则的修改，旨在推动公司在董事会中实现更多的性别和种族多元化。该规定激起了共和党议员的愤怒和保守派团体的诉讼，纳斯达克高管承认这引发了一些公司的投诉。尽管如此，IPO 顾问表示，该规则帮助纳斯达克吸引了由专注于 ESG 目标的年轻管理团队领导的公司。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/173d0001af94502e0b885e292c38f6d1\" tg-width=\"445\" tg-height=\"569\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “Nasdaq looks more progressive in the area of corporate governance,” said Patrick Healy, CEO of Issuer Network LLC, which advises companies on their choice of listing exchange. “The diversity rule is helping them.”</p><p><blockquote>“为公司选择上市交易所提供建议的发行人网络有限责任公司首席执行官 Patrick Healy 说：”纳斯达克在公司治理领域看起来更加进步。“多元化规则正在帮助他们”。</blockquote></p><p> The NYSE set up an advisory council in 2019 that aims to help its listed companies identify board candidates from diverse groups. But the Big Board has stopped short of mandating greater diversity through its listing rules.</p><p><blockquote>纽约证券交易所于2019年成立了一个顾问委员会，旨在帮助其上市公司从不同群体中物色董事会候选人。但大董事会并没有通过其上市规则强制要求更大的多元化。</blockquote></p><p> The 229-year-old NYSE operates one of the world’s last stock-exchange trading floors, unlike Nasdaq, which runs an electronic market. The Big Board has long said that the blue-jacketed traders on its floor help ensure smooth trading by providing human oversight at critical moments such as IPOs and the daily open and close of trading.</p><p><blockquote>与经营电子市场的纳斯达克不同，拥有 229 年历史的纽约证券交易所是世界上最后的证券交易所交易大厅之一。大板块长期以来一直表示，其大厅里的蓝夹克交易员通过在IPO和每日开盘和收盘交易等关键时刻提供人工监督来帮助确保交易顺利进行。</blockquote></p><p> It became tougher to make that argument after the pandemic forced a two-month shutdown of the NYSE floor last year. The exchange’s markets ran in all-electronic mode and functioned smoothly. “It’s hard to tell people that you need the floor when you didn’t have it for a long time,” Nasdaq Stock Exchange President Nelson Griggs said in an interview.</p><p><blockquote>去年疫情迫使纽约证券交易所关闭两个月后，提出这一论点变得更加困难。交易所的市场在全电子模式下运行，运行平稳。“纳斯达克证券交易所总裁尼尔森-格里格斯（Nelson Griggs）在接受采访时说：”当你很久没有发言权时，很难告诉人们你需要发言权。</blockquote></p><p> The NYSE spokesman said: “Everyone knows stocks trade better on the NYSE, and our trading floor is a key reason why.”</p><p><blockquote>纽约证券交易所发言人说： “每个人都知道股票交易在纽约证券交易所更好，我们的交易大厅是一个重要原因”。</blockquote></p><p> The floor partly reopened in June 2020, and its population is now at about 75% of pre-pandemic levels. Covid-19-related restrictions remain in effect, including a requirement that visitors show proof of vaccination. So while bell ringings have resumed, it has been harder for the Big Board to host lavish IPO parties like those before the pandemic. That has reduced an edge that the NYSE long enjoyed over Nasdaq, which hosts its own bell ringings in a modern, television-studio-like space off Times Square.</p><p><blockquote>该楼层于2020年6月部分重新开放，其人口目前约为疫情前水平的75%。与新冠肺炎相关的限制仍然有效，包括要求游客出示疫苗接种证明。因此，虽然钟声已经恢复，但大董事会更难举办像大流行之前那样的奢华IPO派对。这削弱了纽约证券交易所长期以来相对于纳斯达克的优势，后者在时代广场外一个现代化的电视演播室般的空间举办自己的钟声。</blockquote></p><p> Not all companies care about the bell. When chip maker GlobalFoundries Inc. was choosing between Nasdaq and the NYSE, the services that the exchanges offered after the IPO were more important than the ceremony itself, said Sukhi Nagesh, the company’s vice president of corporate development and investor relations.</p><p><blockquote>不是所有的公司都关心钟声。该公司负责企业发展和投资者关系的副总裁 Sukhi Nagesh 说，当芯片制造商 GlobalFoundries Inc. 公司在纳斯达克和纽约证券交易所之间做出选择时，交易所在 IPO 后提供的服务比仪式本身更重要。</blockquote></p><p> GlobalFoundries made its debut on Nasdaq in October. “It’s a point in time,” Mr. Nagesh said. “A lot of people want to ring the bell at the NYSE, but it is nice to push the button at Nasdaq, too.”</p><p><blockquote>GlobalFoundries 于 10 月在纳斯达克首次亮相。“纳格什先生说：”这是一个时间点。“很多人想在纽约证券交易所敲钟，但在纳斯达克按下按钮也很好。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/nasdaq-is-on-track-to-beat-nyse-in-record-year-for-ipos-11638786600?mod=hp_lead_pos4\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/nasdaq-is-on-track-to-beat-nyse-in-record-year-for-ipos-11638786600?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113363433","content_text":"Focusing on environmental, social and governance criteria has helped Nasdaq draw listings of $191 billion\nNasdaq Inc. is poised to beat the New York Stock Exchange in initial public offerings this year, far outpacing its crosstown rival during a record year for capital raised in U.S. public markets.\nIPOs at Nasdaq have raised $191 billion this year through Friday, compared with $109 billion for new listings at the NYSE, according to Dealogic. Nasdaq’s commanding lead with only a few weeks left in 2021 means it is likely to beat the Big Board for the third year in a row.\nAdvisers to companies holding IPOs say one factor that helped Nasdaq this year was its effort to brand itself as the exchange focused on ESG—environmental, social and governance—criteria. The NYSE, meanwhile, was hurt by Covid-19 restrictions on its historic trading floor, which made it harder for companies to hold splashy bell-ringing ceremonies.\nFor years, Nasdaq was the underdog in the two exchanges’ fierce competition for new listings. During the two decades leading up to 2019, there were only three years in which more money was raised at Nasdaq than at the NYSE, Dealogic data show. Two of those years were 1999 and 2000, the peak of the dot-com bubble when buzzy technology companies flocked to Nasdaq.\nIn 2021, Nasdaq won the year’s biggest IPO: the $13.7 billion debut of electric-vehicle maker Rivian Automotive Inc.Other IPOs at Nasdaq included the debuts of brokerage Robinhood Markets Inc.,dating-app maker Bumble Inc. and doughnut chain Krispy Kreme Inc.\nNasdaq vaulted ahead of NYSE in the booming business of listing special-purpose acquisition companies, or SPACs—shell companies that go public to raise cash for mergers and acquisitions. Nasdaq has won 63% of proceeds raised in SPAC IPOs so far in 2021, up from 39% last year, Dealogic data show. Listings of new SPACs have accounted for about half of the roughly $300 billion raised in IPOs this year.\n“This has been a tremendous year for new listings at the New York Stock Exchange, setting our second-straight record for proceeds raised and welcoming many of the world’s most innovative and well-governed companies to our NYSE community,” an NYSE spokesman said.\n\nThe NYSE’s biggest IPOs this year have been those of South Korean e-commerce company Coupang Inc. and Chinese ride-hailing group Didi Global Inc.Didi said last week it plans to delist its shares in the U.S. and pursue a listing in Hong Kong.\nLast year, IPOs raised a total of $168 billion across both exchanges, according to Dealogic, which was then a record.\nIt makes little difference to investors whether a stock is listed on Nasdaq or NYSE. But it is a big business for the two exchanges.\nDuring the first nine months of this year, Nasdaq earned $282 million from listing fees, while NYSE parent Intercontinental Exchange Inc. made $356 million. The NYSE generally charges higher listing fees than Nasdaq; fees at both exchanges are determined on a sliding scale based on a company’s number of shares outstanding. Attracting new listings also can boost an exchange’s trading and market-data revenues.\nTo woo companies, the NYSE and Nasdaq offer investor-relations services, such as tools for hosting earnings calls, and marketing packages that include advertising time with various media outlets. On IPO days, the NYSE typically drapes the front of its building in lower Manhattan with giant banners hailing the company that is going public, while Nasdaq emblazons the company’s logo on its digital billboard overlooking Times Square.\nNelson Griggs, Nasdaq Stock Exchange president, at the exchange operator’s Times Square headquarters.\nMany of the companies that called themselves “mission driven” or invoked ESG in their IPO filings listed on Nasdaq this year. Those included sneaker maker Allbirds Inc.,clothing-rental company Rent the Runway Inc. and Rivian. Yogurt maker Chobani Inc. said in a recent regulatory filing that it, too, plans to list shares on the Times Square exchange.\nA person close to many do-gooder company IPOs said Nasdaq made a stronger pitch in regards to ESG, helping sway some executives to choose the exchange.\nIn August, the Securities and Exchange Commission approved a change to Nasdaq’s listing rules aimed at pushing companies to achieve more gender and racial diversity on their boards. The rule has provoked ire from Republican lawmakers and lawsuits from conservative groups, and Nasdaq executives acknowledge that it prompted complaints from some companies. Still, IPO advisers say the rule helped Nasdaq attract companies led by younger management teams focused on ESG goals.\n\n“Nasdaq looks more progressive in the area of corporate governance,” said Patrick Healy, CEO of Issuer Network LLC, which advises companies on their choice of listing exchange. “The diversity rule is helping them.”\nThe NYSE set up an advisory council in 2019 that aims to help its listed companies identify board candidates from diverse groups. But the Big Board has stopped short of mandating greater diversity through its listing rules.\nThe 229-year-old NYSE operates one of the world’s last stock-exchange trading floors, unlike Nasdaq, which runs an electronic market. The Big Board has long said that the blue-jacketed traders on its floor help ensure smooth trading by providing human oversight at critical moments such as IPOs and the daily open and close of trading.\nIt became tougher to make that argument after the pandemic forced a two-month shutdown of the NYSE floor last year. The exchange’s markets ran in all-electronic mode and functioned smoothly. “It’s hard to tell people that you need the floor when you didn’t have it for a long time,” Nasdaq Stock Exchange President Nelson Griggs said in an interview.\nThe NYSE spokesman said: “Everyone knows stocks trade better on the NYSE, and our trading floor is a key reason why.”\nThe floor partly reopened in June 2020, and its population is now at about 75% of pre-pandemic levels. Covid-19-related restrictions remain in effect, including a requirement that visitors show proof of vaccination. So while bell ringings have resumed, it has been harder for the Big Board to host lavish IPO parties like those before the pandemic. That has reduced an edge that the NYSE long enjoyed over Nasdaq, which hosts its own bell ringings in a modern, television-studio-like space off Times Square.\nNot all companies care about the bell. When chip maker GlobalFoundries Inc. was choosing between Nasdaq and the NYSE, the services that the exchanges offered after the IPO were more important than the ceremony itself, said Sukhi Nagesh, the company’s vice president of corporate development and investor relations.\nGlobalFoundries made its debut on Nasdaq in October. “It’s a point in time,” Mr. Nagesh said. “A lot of people want to ring the bell at the NYSE, but it is nice to push the button at Nasdaq, too.”","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":4194,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/608747680"}
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