The Hong Kong exchange has dismissed investor concerns over the timing of its 1.4bn acquisition of the London Metal Exchange, indicating that the end of the commodity supercycle will have little impact on future returns from the deal.
       香港交易所(HKEx)对投资者关于其以14亿英镑收购伦敦金属交易所(LME)时机不当的担忧不以为然，指出大宗商品超级周期结束将不会对该交易的未来回报产生影响。
       Shareholders in the LME agreed to sell to Hong Kong Exchanges and Clearing in July, setting it on a course to attract more customers from China where demand for commodity hedging was predicted to grow rapidly because of the countrys appetite for metals and other commodities.
       今年7月，LME股东同意将LME出售给港交所，此举将使LME开始吸引更多的中国客户。由于中国对金属和其它大宗商品的需求强劲，预计中国的大宗商品对冲需求将会迅速增长。
       China accounts for 40 per cent of worldwide demand for metals and HKEx believes it has a chance to use its connections there to boost Chinese participation on the LME beyond its current 25 per cent level.
       中国占到全球金属需求的40%，港交所相信，它有机会利用与内地的联系，将LME中中国参与的交易比例扩大至当前的25%以上。
       However, the acquisition came as many economists started to call the end of the supercycle in commodities.
       然而，港交所收购LME之际，许多经济学家开始宣称大宗商品超级周期即将结束。
       Charles Li, chief executive of HKEx, said growth from the acquisition would not depend on the ups and downs of commodity prices.
       港交所行政总裁李小加(Charles Li)表示，收购带来的增长将不会依赖大宗商品价格的起起落落。
       We are not in the pure commodities side of the business. The ups and downs of commodities are not that important to the market structure, he told the Financial Times.
       李小加向英国《金融时报》表示：我们并不是纯粹的大宗商品业务。大宗商品价格的涨跌对这种市场结构而言并不那么重要。
       He pointed out that stock exchanges do not increase their business only when share prices are inflated or are rising, but on the level of business going through them.
       他指出，证券交易所的业务并不是只有在股价飙升后或上涨时才会增加，而是建立在交易规模之上。
       We are trying to see whether we are able to convert our market from a single revenue stream [of equity-based business] to a multi-asset revenue stream with associated synergies, Mr Li said.
       李小加表示：我们正在努力探索能否将我们的市场从（股票业务）单一收入流，转变为拥有相关协同效应的多资产收入流。
       HKEx derives most of its revenues from trading in Hong Kong shares, warrants and stock index futures, and from initial public offerings.
       港交所的大部分收入来源于香港股票、权证和股指期货交易以及首次公开发行(IPO)。
       Mr Li was in Singapore for a conference hosted by Goldman Sachs, at which Julian Zhu, managing director of the US banks Asia-Pacific investment research, expanded on a call the bank had made in May that Chinas commodities supercycle was over. Mr Zhu said it would be over for three to five years.
       李小加在新加坡出席了一场由高盛(Goldman Sachs)举办的会议。在此次会议上，高盛亚太投资研究部门董事总经理朱地武(Julian Zhu)进一步阐述了该公司在今年5月所做的关于中国大宗商品超级周期即将结束的断言。朱地武表示，超级周期的结束期为三至五年。
       The Hong Kong exchange would still be able to expand the LMEs business as Chinas capital account opened, Mr Li said. It will allow us to provide China with a level of comfort and opportunity to consider selected opening, to experiment [with] freer flows [of] funds on the capital account with respect to trading in commodities.
       李小加表示，随着中国开放资本账户，港交所仍将可以扩大LME的业务。它将使我们能为中国提供一定程度的便利和机遇，来考虑选择性开放，以及尝试允许资本账户中大宗商品交易资金更自由地流动。
       He also said HKEx would like to collaborate with rather than compete against the Shanghai Futures Exchange, which is domestically focused but expected to gain in importance to China as Shanghai grows as an Asian financial centre.
       李小加还表示，港交所希望与上海期货交易所(SHFE)展开合作，而非竞争。上海期货交易所主要致力于国内市场，但随着上海发展为亚洲金融中心，预计它对中国的重要性将有所增强。
       For a long time in the future the onshore and offshore markets will still be very different. Theres always going to be a need for us in Hong Kong to provide [for] needs that are different, Mr Li said.
       李小加称：就未来长期而言，在岸和离岸市场仍将存在很大差异。香港的交易所始终有必要满足不同的需求。
       译者:邹策