Here's how hard and fast Hong Kong's IPO star has fallen in this past year.
       我们来看看过去一年香港的IPO魅力是如何迅速消失的。
       After securing the accolade as the top listing destination from 2009 to 2011, the value of IPOs listing in Hong Kong has dropped sharply this year. According to a report from Haitong Securities, funds raised from IPOs in Hong Kong, which once played host to the mega-listings of China's state-owned lenders as well as insurer AIA Group, have tumbled 77% year-to-date to HK$43 billion ($5.8 billion) from HK$190.4 billion the year before. That marks a 10-year low.
       在2009年到2011年成为全球第一上市目的地之后，今年香港的IPO规模已经大幅下降。海通证券(Haitong Securities)的一篇报告显示，曾经见证中国国有银行及友邦保险(AIA Group)超大规模上市交易的香港，今年以来的IPO融资额仅为430亿港元（合58亿美元），较去年同期1,904亿港元下降77%，同时也降至10年最低。
       So far this year, 47 companies have gone public in Hong Kong, down 25% from the same period last year, said Haitong. Among the big deals propping up Hong Kong's IPO market this year was Haitong Securities' own IPO in April, which raised $1.68 billion. The company, China's second-largest brokerage, is down 18% since April 30. In July Inner Mongolia Yitai Coal raised $903 million, though its IPO was 'hard-underwritten' by one Chinese brokerage managing the deal, and had heavy cornerstone support.
       海通证券说，今年以来在香港上市的公司有47家，比去年同期少25%。今年香港IPO市场规模较大的上市活动之一，是海通证券自己在4月份融资16.8亿美元的IPO。该公司是中国第二大券商，目前其股价较4月30日下跌了18%。今年7月，内蒙古伊泰煤炭股份有限公司(Inner Mongolia Yitai Coal)融资9.03亿美元，不过它的IPO是由一家中资券商包销的，而且有基础投资者的强大支持。
       The bad macroeconomic news around the world hasn't helped equity markets anywhere, but the continuing slowdown of China's economy is weighing on Hong Kong's stock market. Just Monday, the HSBC China manufacturing Purchasing Managers' Index fell to 47.6, the lowest since March 2009.
       全球惨淡的宏观经济消息对各地的股市都不是好事，但中国经济的持续减速给香港股市带来了压力。就在本周一，汇丰(HSBC)中国制造业采购经理人指数跌至2009年3月份以来的最低水平47.6。
       That's driving Hong Kong's once equity-crazy investors to fixed income or to the sidelines, says Haitong. Trading volume in August was a mere HK$43.48 billion, a record low since March 2009. Year-to-date, daily turnover stands at HK$54.74 billion on average, down 25% year-over-year. Poor sentiment also has pushed valuations in the Hang Seng Index down to 9.9 times price to earnings, which is holding companies back from listing in Hong Kong. That has put a dent in the stock exchange's ability to attract companies from around the world, following listings from the likes of Russia's United Co. Rusal, Italy's Prada and Switzerland's Glencore.
       海通证券说，受此影响，香港一度痴迷于股市的投资者转向固定收益市场，或离场观望。8月份日平均成交额只有434.8亿港元，为2009年3月以来最低水平。今年以来的日均成交额为547.4亿美元，同比下降25%。低迷的情绪也使恒生指数(Hang Seng Index)市盈率降至9.9倍，让原本打算在香港上市的企业望而止步。这影响了港交所吸引世界各地企业前来上市的能力。港交所之前曾吸引了俄罗斯联合铝业(United Co. Rusal)、意大利普拉达(Prada)和瑞士Glencore等公司上市。
       The heightened scrutiny over listing companies as a result of the explosion of accounting scandals at private Chinese companies has also made it harder for listings to get the green light, says Haitong. So far this this year six companies have had their applications refused, compared to one during the same period in 2011.
       海通证券说，中国私营企业爆发会计丑闻使上市公司受到仔细审查，也让上市计划更难获得批准。今年到目前为止，已有六家企业的上市申请被拒，而去年同期只有一家被拒。
       Bankers are looking to the Chinese state to help buoy Hong Kong's IPO market as two state-backed companies are still set to list. After postponing it from July, People's Insurance Co. (Group) of China is trying for a $4 billion listing in September, and China Galaxy Securities hopes to raise at least $1 billion, though bankers say the IPO will unlikely take place this year.
       银行家们指望中国政府帮助提振香港IPO市场，因为有两家国有背景企业仍然计划上市。继7月份推迟之后，中国人民保险集团股份有限公司(People's Insurance Co. (Group) of China)仍希望在9月份上市融资40亿美元；中国银河证券(China Galaxy Securities)也希望至少融资10亿美元。不过银行家们表示银河证券今年上市希望不大。