港交所想要并购伦交所，若成功其规模将仅次于纽交所和纳斯达克

Hong Kong Exchange and Clearing Limited (HKEx) announced this afternoon that it had proposed to the London Stock Exchange Group Board of Directors (LSEG) to merge the HKEx and the London Stock Exchange.

香港交易及结算所有限公司（港交所）在今天下午发布公告，称其已向伦敦证券交易所集团董事会（LSEG）提议，将港交所以及伦敦证券交易所两家公司进行合并。

In a subsequent press conference, Hong Kong Stock Exchange President Li Xiaojia said that the Hong Kong Stock Exchange had made preliminary contacts with LSEG.

在随后的新闻发布会中，港交所总裁李小加表示港交所已经与LSEG进行初步接洽。

Bloomberg said that under the Hong Kong Stock Exchange's merger proposal with the London Stock Exchange Group, the LX shareholders would hold about 41% of the merged company. The assumption is that after the exercise of employee options, 354.5 million shares of the London Stock Exchange Group have been issued and 1.26 billion shares of the Hong Kong Stock Exchange are available.

彭博社称，按照香港交易所对伦敦证券交易所集团的并购提议，伦交所股东将持有合并后公司约41%的股份。计算的假设前提是，在员工期权行使之后伦敦证券交易所集团有3.545亿股已发行股票、香港交易所现有12.6亿股股票。

Li Xiaoga said that the London Stock Exchange and Hong Kong Stock Exchange transactions can fully support data and index strategies, but the premise of the transaction is to suspend the London Stock Exchange's acquisition of Refinitiv.

李小加称，伦敦证交所和港交所的交易可以充分支持数据和指数策略，但该交易的前提是暂停伦敦证交所对Refinitiv的收购。

The board of directors of the HKEx issued a statement on the offer, noting the statement of the HKEx and confirming that the HKEx has put forward an initiative, preliminary and "highly conditional plan" to acquire all the shares of LSEG. The board will consider the plan and make further statements in due course. LSEG is still committed to making good progress in the acquisition of Refinitiv and is expected to issue a circular to LSEG shareholders in November to seek approval of the deal.

对港交所发出的要约，伦交所董事会发表声明称，注意到港交所的声明，并证实港交所已提出了主动、初步且“高度有条件的方案”，以收购LSEG的全部股本。董事会会考虑该方案，并将在适当的时候发表进一步的声明。LSEG仍然致力于在对Refinitiv的收购方面取得良好进展，预计将于11月向LSEG股东发布通函以寻求其对该交易的批准。

Refinitiv is a financial data analyst. LSEG announced in August that it would acquire Refinitiv for $27 billion, but the deal still needs approval from the United States and the European Union. The suspension of Refinitiv acquisition by HKEx may be a precondition for both sides to merge, which may be an unexpected factor in the case of Refinitiv acquisition.

Refinitiv是一家金融数据分析机构。今年8月LSEG宣布将以270亿美元并购Refinitiv，但这一并购协议还需要得到美国和欧盟方面的批准。港交所以伦交所暂停并购Refinitiv为双方合并前提，可能是担心Refinitiv并购案带来意外因素。

According to the World Federation of Exchanges, the Hong Kong Stock Exchange and the London Stock Exchange ranked fifth and seventh respectively in 2018. After the merger, the total market value of listed companies is expected to exceed $7 trillion, surpassing the Tokyo Stock Exchange and becoming the third largest exchange in the world, second only to the NYSE and Nasdaq in the United States.

据世界交易所联合会统计，2018年香港证交所和伦敦证交所分别排名全球证交所第五和第七名。双方合并后，上市公司总市值预计超过7万亿美元，超过东京证交所，成为全球第三大交易所，规模仅次于美国的纽交所和纳斯达克。

According to Bloomberg, the London Stock Exchange's acquisition price will reach 36.6 billion US dollars. As of publication, shares on the London Stock Exchange had risen by 4.67%, with a market value of about 24.9 billion pounds. Based on this calculation, the M&A premium of HKEx is about 20%.

据彭博社报道，伦敦证交所的并购价格将达到366亿美元。截至发稿，伦敦交易所的股价上涨4.67%，市值约为249亿英镑。以此计算，港交所的并购溢价达到20%左右。

The merger of the Hong Kong Stock Exchange and the London Stock Exchange will provide better infrastructure services for the internationalization of the RMB and Chinese capital markets.

港交所与伦敦证交所合并，将对人民币和中国资本市场的国际化提供更加完善的基础设施服务。

In its announcement, the HKEx said that the merger would help Britain seize new opportunities in the process of internationalization of the Chinese market and RMB internationalization, and consolidate London's position as the world's leading offshore dollar and offshore RMB centre.

港交所在公告中表示，双方合并，能够帮助英国在中国市场国际化和人民币国际进程中捕捉新机遇，巩固伦敦作为全球领先离岸美元和离岸人民币中心的地位。

In 2018, London became the world's largest offshore RMB trading center. According to the Global Association of Interbank Financial Communications, in December 2018, more than 36% of RMB transactions were conducted in the United Kingdom, while France and Singapore accounted for about 6% respectively.

2018年，伦敦成为全球最大的离岸人民币交易中心。据环球银行间金融通信协会称，2018年12月，超过36%的人民币交易是在英国进行的，而法国和新加坡各占约6%。

In June this year, Huluntong was officially opened. A qualified listed company on the London and Shanghai Stock Exchanges may issue Depositary Receipt (DR) and trade in the other market in accordance with the laws and regulations of the other market.

今年6月，沪伦通正式开通。符合条件的伦敦和上海交易所的上市公司，依照对方市场的法律法规，可以发行存托凭证（DR）并在对方市场上市交易。

Li Xiaojia said: "Based on the regulatory mutual assistance mechanism already established between the Mainland and Hong Kong, strong cooperation between the two will become a vital investment transaction and risk management financial infrastructure for the free flow of capital and market integration of the world's East and West."

李小加表示：“基于内地与香港已建立的监管互助机制，两者强强联手会成为全球东西资本自由流动与市场融合至关重要的投资交易及风险管理金融基础设施。”

The merger offer of HKEx to LX can also be regarded as the former's long-term efforts to expand its business territory and realize business diversification. In 2016, it was reported that the Hong Kong Stock Exchange tried to compete with the Qatar Stock Exchange for a premium on the Lun Stock Exchange. In 2017, the Deutsche Exchange tried to merge with the Luen Stock Exchange. According to the Wall Street Journal, the Hong Kong Stock Exchange paid close attention to this issue, and it was possible to prevent the merger of the two sides by bidding, so as to avoid the emergence of a stronger competitor. Later, the matter ended because the mergers and acquisitions of Deutsche Stock Exchange and Luen Stock Exchange failed to pass the approval of the European Union.

港交所对伦交所的并购要约也可以视为前者为扩大其业务版图以及实现业务多元化的长期努力。2016年曾传出港交所试图与卡塔尔交易所溢价竞购伦交所。2017年，德国交易所尝试与伦交所合并，据《华尔街日报》报道，当时港交所对此密切关注，并有可能通过竞价的方式阻止双方合并，避免诞生一个更加强大的竞争对手。后来此事因德交所和伦交所并购未通过欧盟审批告终。

In addition, the Hong Kong Stock Exchange acquired the London Metal Exchange in 2012, gaining influence in global commodity pricing, demonstrating its long-term presence in the UK financial sector.

此外，港交所2012年并购了伦敦金属交易所，获得了在全球大宗商品定价方面的影响力，显示出它在英国金融业已有长期布局。