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2021-12-06

Nasdaq Is On Track to Beat NYSE in Record Year for IPOs<blockquote>纳斯达克有望在IPO创纪录的一年中击败纽约证券交易所</blockquote>

Focusing on environmental, social and governance criteria has helped Nasdaq draw listings of $191 bi

Nasdaq Is On Track to Beat NYSE in Record Year for IPOs<blockquote>纳斯达克有望在IPO创纪录的一年中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.<blockquote>Dealogic的数据显示，截至周五，今年纳斯达克的IPO已筹集了1,910亿美元，而纽约证券交易所新上市的IPO筹集了1,090亿美元。纳斯达克在2021年仅剩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主板。</blockquote> 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.<blockquote>IPO公司的顾问表示，今年帮助纳斯达克的一个因素是该交易所努力打造自己的品牌，因为该交易所专注于ESG（环境、社会和治理）标准。与此同时，纽约证券交易所在其历史悠久的交易大厅受到了Covid-19限制的影响，这使得公司更难举行引人注目的敲钟仪式。</blockquote> 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.<blockquote>多年来，在两家交易所激烈的新股上市竞争中，纳斯达克一直处于劣势。Dealogic数据显示，在2019年之前的20年里，只有三年纳斯达克筹集的资金超过了纽约证券交易所。其中两年是1999年和2000年，这是互联网泡沫的顶峰，当时炙手可热的科技公司涌向纳斯达克。</blockquote> In 2021, Nasdaq won&nbsp;the year’s biggest IPO: the $13.7 billion debut of electric-vehicle maker&nbsp;Rivian Automotive&nbsp;Inc.Other IPOs at Nasdaq included the debuts of brokerage&nbsp;Robinhood Markets&nbsp;Inc.,dating-app maker&nbsp;Bumble&nbsp;Inc.&nbsp;and doughnut chain&nbsp;Krispy Kreme&nbsp;Inc.<blockquote>2021年，纳斯达克赢得了当年最大的IPO：电动汽车制造商Rivian汽车公司首次公开募股137亿美元。纳斯达克的其他IPO包括经纪公司Robinhood Markets Inc.、约会应用程序制造商Bumble Inc.和甜甜圈连锁店Krispy Kreme Inc.的首次亮相。</blockquote> 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.<blockquote>在特殊目的收购公司（SPAC）上市业务蓬勃发展的领域，纳斯达克超越了纽约证券交易所，SPAC是上市筹集并购现金的空壳公司。Dealogic数据显示，2021年迄今为止，纳斯达克赢得了SPAC IPO募集资金的63%，高于去年的39%。新SPAC的上市约占今年IPO筹集的约3000亿美元资金的一半。</blockquote> “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.<blockquote>纽约证券交易所发言人表示：“对于纽约证券交易所新上市公司来说，今年是重要的一年，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> <img src=\"https://static.tigerbbs.com/2ec4898484b044033f746d0c7e979481\" tg-width=\"1317\" tg-height=\"686\" width=\"100%\" height=\"auto\"><blockquote></blockquote> The NYSE’s biggest IPOs this year have been those of South Korean e-commerce company&nbsp;Coupang&nbsp;Inc.&nbsp;and Chinese ride-hailing group&nbsp;Didi Global&nbsp;Inc.Didi said last week it&nbsp;plans to delist its shares in the U.S.&nbsp;and pursue a listing in Hong Kong.<blockquote>纽约证券交易所今年最大的IPO是韩国电子商务公司Coupang Inc.和中国网约车集团滴滴出行。滴滴上周表示，计划将其股票在美国退市，并寻求在香港上市。</blockquote> Last year, IPOs raised a total of $168 billion across both exchanges, according to Dealogic, which was then a record.<blockquote>根据Dealogic的数据，去年两家交易所的IPO共筹集了1680亿美元，创下了当时的纪录。</blockquote> 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.<blockquote>股票是在纳斯达克还是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> During the first nine months of this year, Nasdaq earned $282 million from listing fees, while NYSE parent&nbsp;Intercontinental Exchange&nbsp;Inc.&nbsp;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.<blockquote>今年前9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公司则赚取了3.56亿美元。纽交所收取的上市费用普遍高于纳斯达克；两个交易所的费用都是根据公司已发行股票的数量浮动确定的。吸引新上市公司还可以增加交易所的交易和市场数据收入。</blockquote> 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.<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，以及包括各种媒体广告时间的营销套餐。在IPO日，纽约证券交易所通常会在曼哈顿下城大楼的正面挂上巨型横幅，为即将上市的公司欢呼，而纳斯达克则在俯瞰时代广场的数字广告牌上印上该公司的标志。</blockquote> <img src=\"https://static.tigerbbs.com/45af1c572e7831fa58fd4351c11f0ccf\" tg-width=\"1050\" tg-height=\"701\" width=\"100%\" height=\"auto\">Nelson Griggs, Nasdaq Stock Exchange president, at the exchange operator’s Times Square headquarters.<blockquote>纳斯达克证券交易所总裁Nelson Griggs在该交易所运营商时代广场总部。</blockquote> Many of the companies that called themselves&nbsp;“mission driven” or invoked ESG&nbsp;in their IPO filings listed on Nasdaq this year. Those included sneaker maker&nbsp;Allbirds&nbsp;Inc.,clothing-rental company&nbsp;Rent the Runway&nbsp;Inc.&nbsp;and Rivian. Yogurt maker Chobani Inc. said in a recent regulatory filing that it, too, plans to list shares on the Times Square exchange.<blockquote>许多自称“使命驱动”或在IPO文件中援引ESG的公司今年在纳斯达克上市。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Chobani Inc.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> 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.<blockquote>一位接近许多行善公司IPO的人士表示，纳斯达克在ESG方面做出了更强有力的宣传，帮助一些高管选择了该交易所。</blockquote> In August, the Securities and Exchange Commission approved&nbsp;a change to Nasdaq’s listing rules&nbsp;aimed at pushing companies to achieve more gender and racial diversity on their boards. The rule has provoked&nbsp;ire from Republican lawmakers&nbsp;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.<blockquote>八月，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样性。该规定引发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> <img src=\"https://static.tigerbbs.com/173d0001af94502e0b885e292c38f6d1\" tg-width=\"445\" tg-height=\"569\" width=\"100%\" height=\"auto\"><blockquote></blockquote> “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.”<blockquote>“纳斯达克在公司治理领域看起来更加进步，”Issuer Network LLC首席执行官Patrick Healy表示，该公司为公司选择上市交易所提供建议。“多元化规则正在帮助他们。”</blockquote> 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.<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确定董事会候选人。但主板并没有通过其上市规则强制要求更大的多样性。</blockquote> 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.<blockquote>拥有229年历史的纽约证券交易所运营着世界上最后的证券交易所交易大厅之一，与经营电子市场的纳斯达克不同。主板长期以来一直表示，其场内的蓝夹克交易员通过在首次公开募股和每日开盘和收盘等关键时刻提供人工监督，帮助确保交易顺利进行。</blockquote> 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.<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。交易所的市场以全电子模式运行，运作顺畅。纳斯达克证券交易所总裁Nelson Griggs在接受采访时表示：“当你很久没有地板时，很难告诉人们你需要地板。”</blockquote> The NYSE spokesman said: “Everyone knows stocks trade better on the NYSE, and our trading floor is a key reason why.”<blockquote>纽交所发言人表示：“每个人都知道股票在纽交所交易更好，我们的交易大厅是一个关键原因。”</blockquote> The floor partly reopened&nbsp;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&nbsp;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.<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，尽管钟声已经恢复，但主板很难像大流行之前那样举办奢华的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，后者在时代广场附近的一个现代化的、类似电视演播室的空间里举办自己的钟声。</blockquote> Not all companies care about the bell. When chip maker&nbsp;GlobalFoundries&nbsp;Inc.&nbsp;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.<blockquote>不是所有的公司都关心铃声。芯片制造商GlobalFoundries Inc.负责企业发展和投资者关系的副总裁Sukhi Nagesh表示，当芯片制造商GlobalFoundries Inc.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> 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.”<blockquote>格芯于10月在纳斯达克首次亮相。“这是一个时间点，”纳格什先生说。“很多人都想敲响纽约证券交易所的钟声，但在纳斯达克按下按钮也很好。”</blockquote>","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创纪录的一年中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创纪录的一年中击败纽约证券交易所</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-12-06 20:36\n\n</h4>\n</header>\n<article>\nFocusing on environmental, social and governance criteria has helped Nasdaq draw listings of $191 billion<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> Nasdaq&nbsp;Inc.&nbsp;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.<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> 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.<blockquote>Dealogic的数据显示，截至周五，今年纳斯达克的IPO已筹集了1,910亿美元，而纽约证券交易所新上市的IPO筹集了1,090亿美元。纳斯达克在2021年仅剩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主板。</blockquote> 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.<blockquote>IPO公司的顾问表示，今年帮助纳斯达克的一个因素是该交易所努力打造自己的品牌，因为该交易所专注于ESG（环境、社会和治理）标准。与此同时，纽约证券交易所在其历史悠久的交易大厅受到了Covid-19限制的影响，这使得公司更难举行引人注目的敲钟仪式。</blockquote> 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.<blockquote>多年来，在两家交易所激烈的新股上市竞争中，纳斯达克一直处于劣势。Dealogic数据显示，在2019年之前的20年里，只有三年纳斯达克筹集的资金超过了纽约证券交易所。其中两年是1999年和2000年，这是互联网泡沫的顶峰，当时炙手可热的科技公司涌向纳斯达克。</blockquote> In 2021, Nasdaq won&nbsp;the year’s biggest IPO: the $13.7 billion debut of electric-vehicle maker&nbsp;Rivian Automotive&nbsp;Inc.Other IPOs at Nasdaq included the debuts of brokerage&nbsp;Robinhood Markets&nbsp;Inc.,dating-app maker&nbsp;Bumble&nbsp;Inc.&nbsp;and doughnut chain&nbsp;Krispy Kreme&nbsp;Inc.<blockquote>2021年，纳斯达克赢得了当年最大的IPO：电动汽车制造商Rivian汽车公司首次公开募股137亿美元。纳斯达克的其他IPO包括经纪公司Robinhood Markets Inc.、约会应用程序制造商Bumble Inc.和甜甜圈连锁店Krispy Kreme Inc.的首次亮相。</blockquote> 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.<blockquote>在特殊目的收购公司（SPAC）上市业务蓬勃发展的领域，纳斯达克超越了纽约证券交易所，SPAC是上市筹集并购现金的空壳公司。Dealogic数据显示，2021年迄今为止，纳斯达克赢得了SPAC IPO募集资金的63%，高于去年的39%。新SPAC的上市约占今年IPO筹集的约3000亿美元资金的一半。</blockquote> “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.<blockquote>纽约证券交易所发言人表示：“对于纽约证券交易所新上市公司来说，今年是重要的一年，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> <img src=\"https://static.tigerbbs.com/2ec4898484b044033f746d0c7e979481\" tg-width=\"1317\" tg-height=\"686\" width=\"100%\" height=\"auto\"><blockquote></blockquote> The NYSE’s biggest IPOs this year have been those of South Korean e-commerce company&nbsp;Coupang&nbsp;Inc.&nbsp;and Chinese ride-hailing group&nbsp;Didi Global&nbsp;Inc.Didi said last week it&nbsp;plans to delist its shares in the U.S.&nbsp;and pursue a listing in Hong Kong.<blockquote>纽约证券交易所今年最大的IPO是韩国电子商务公司Coupang Inc.和中国网约车集团滴滴出行。滴滴上周表示，计划将其股票在美国退市，并寻求在香港上市。</blockquote> Last year, IPOs raised a total of $168 billion across both exchanges, according to Dealogic, which was then a record.<blockquote>根据Dealogic的数据，去年两家交易所的IPO共筹集了1680亿美元，创下了当时的纪录。</blockquote> 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.<blockquote>股票是在纳斯达克还是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> During the first nine months of this year, Nasdaq earned $282 million from listing fees, while NYSE parent&nbsp;Intercontinental Exchange&nbsp;Inc.&nbsp;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.<blockquote>今年前9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公司则赚取了3.56亿美元。纽交所收取的上市费用普遍高于纳斯达克；两个交易所的费用都是根据公司已发行股票的数量浮动确定的。吸引新上市公司还可以增加交易所的交易和市场数据收入。</blockquote> 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.<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，以及包括各种媒体广告时间的营销套餐。在IPO日，纽约证券交易所通常会在曼哈顿下城大楼的正面挂上巨型横幅，为即将上市的公司欢呼，而纳斯达克则在俯瞰时代广场的数字广告牌上印上该公司的标志。</blockquote> <img src=\"https://static.tigerbbs.com/45af1c572e7831fa58fd4351c11f0ccf\" tg-width=\"1050\" tg-height=\"701\" width=\"100%\" height=\"auto\">Nelson Griggs, Nasdaq Stock Exchange president, at the exchange operator’s Times Square headquarters.<blockquote>纳斯达克证券交易所总裁Nelson Griggs在该交易所运营商时代广场总部。</blockquote> Many of the companies that called themselves&nbsp;“mission driven” or invoked ESG&nbsp;in their IPO filings listed on Nasdaq this year. Those included sneaker maker&nbsp;Allbirds&nbsp;Inc.,clothing-rental company&nbsp;Rent the Runway&nbsp;Inc.&nbsp;and Rivian. Yogurt maker Chobani Inc. said in a recent regulatory filing that it, too, plans to list shares on the Times Square exchange.<blockquote>许多自称“使命驱动”或在IPO文件中援引ESG的公司今年在纳斯达克上市。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Chobani Inc.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> 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.<blockquote>一位接近许多行善公司IPO的人士表示，纳斯达克在ESG方面做出了更强有力的宣传，帮助一些高管选择了该交易所。</blockquote> In August, the Securities and Exchange Commission approved&nbsp;a change to Nasdaq’s listing rules&nbsp;aimed at pushing companies to achieve more gender and racial diversity on their boards. The rule has provoked&nbsp;ire from Republican lawmakers&nbsp;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.<blockquote>八月，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样性。该规定引发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> <img src=\"https://static.tigerbbs.com/173d0001af94502e0b885e292c38f6d1\" tg-width=\"445\" tg-height=\"569\" width=\"100%\" height=\"auto\"><blockquote></blockquote> “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.”<blockquote>“纳斯达克在公司治理领域看起来更加进步，”Issuer Network LLC首席执行官Patrick Healy表示，该公司为公司选择上市交易所提供建议。“多元化规则正在帮助他们。”</blockquote> 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.<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确定董事会候选人。但主板并没有通过其上市规则强制要求更大的多样性。</blockquote> 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.<blockquote>拥有229年历史的纽约证券交易所运营着世界上最后的证券交易所交易大厅之一，与经营电子市场的纳斯达克不同。主板长期以来一直表示，其场内的蓝夹克交易员通过在首次公开募股和每日开盘和收盘等关键时刻提供人工监督，帮助确保交易顺利进行。</blockquote> 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.<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。交易所的市场以全电子模式运行，运作顺畅。纳斯达克证券交易所总裁Nelson Griggs在接受采访时表示：“当你很久没有地板时，很难告诉人们你需要地板。”</blockquote> The NYSE spokesman said: “Everyone knows stocks trade better on the NYSE, and our trading floor is a key reason why.”<blockquote>纽交所发言人表示：“每个人都知道股票在纽交所交易更好，我们的交易大厅是一个关键原因。”</blockquote> The floor partly reopened&nbsp;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&nbsp;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.<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，尽管钟声已经恢复，但主板很难像大流行之前那样举办奢华的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，后者在时代广场附近的一个现代化的、类似电视演播室的空间里举办自己的钟声。</blockquote> Not all companies care about the bell. When chip maker&nbsp;GlobalFoundries&nbsp;Inc.&nbsp;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.<blockquote>不是所有的公司都关心铃声。芯片制造商GlobalFoundries Inc.负责企业发展和投资者关系的副总裁Sukhi Nagesh表示，当芯片制造商GlobalFoundries Inc.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> 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.”<blockquote>格芯于10月在纳斯达克首次亮相。“这是一个时间点，”纳格什先生说。“很多人都想敲响纽约证券交易所的钟声，但在纳斯达克按下按钮也很好。”</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".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":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3432,"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,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Nasdaq Is On Track to Beat NYSE in Record Year for IPOs<blockquote>纳斯达克有望在IPO创纪录的一年中击败纽约证券交易所</blockquote>

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