????過去幾年，首次公開募股（IPO）的全球市場日漸成熟。2015年第一季度，全球IPO活動進展雖相對較慢，但大中華地區的IPO上市步伐則加快起來。深圳及上海兩大證券交易所完成的IPO宗數全球居首，而上海證券交易所募集到的資本金額居全球第一。

????就IPO融資額計算，2014年港交所在全球排名第三，僅次于紐交所與倫敦證券交易所；港交所的IPO數量亦位列第三，共有115間公司在此上市。普華永道公司估計，從2015年的發展前景來看，香港仍會是全球IPO上市的三大交易所之一，至少會有120間公司于香港上市。

????香港是中國內地通往國際市場的大門，亦一直是中國內地企業尋求國際資本上市融資的首選目的地。2014年，在香港成功上市且融資額排名前五的公司中，有四家是中國內地企業。滬港通于2014年11月開通，推動國際投資者及內地投資者于大中華地區進行跨境投資，標志著一個資本流通新時代的來臨。

????眾多公司在香港尋求上市，但只有同時擁有機構及散戶投資者青睞的公司才能脫穎而出。

????投資者的情緒會受公司品牌中無形及有形的因素影響，而公司品牌對塑造正面的市場形象尤其關鍵。在最簡單的形式下，品牌確實只是股東心目中的一系列認知。但在IPO的情境下，公司要有效地利用品牌，便需把這些認知塑造成積極的敘事，幫助消費者定義公司，鼓勵投資者成為公司股東。安永(Ernst & Young) 指出，品牌力量是影響IPO股票投資相關決策的重要因素之一。

????正如我們從阿里巴巴上市中看到的，IPO會為投資者帶來巨大回報，非常吸引投資者。我們相信，更多有潛質的公司會在上市之前就優化其品牌，增加其附加價值。小米科技乃現時全球第三大智能手機生產經銷商，但最近其公司董事長兼CEO雷軍被指控抄襲蘋果公司的理念，甚至是產品。這樣的負面指控讓小米喪失了對其品牌敘事的掌控。如果未來小米科技決定開展IPO計劃，那么重新奪回其品牌的輿論陣地是關鍵性的一步，譬如強調公司的創新及專利優勢，以及該公司如何根據消費者的反饋定制用戶體驗軟件等。

????強大的品牌加上令人信服的敘事，可保障公司不被投資者、監管機構及公眾誤解。2014年，萬洲國際在香港進行IPO，但其崎嶇的上市過程就是經典的負面案例。該公司乃以肉類加工為主的大型食品集團，原名為雙匯國際，于2013年以47.2億美元收購了總部設于美國的史密斯菲爾食品公司。6個月后，即2014年4月，萬洲國際在合并后嘗試進行首次IPO，計劃融資約50億美元。但一方面投資者憂慮其規模、業務增長、債務、定價，另外加上當時市場預估兩個公司合并后還沒有完全凝聚，投資者對其品牌的種種擔憂致使該次IPO慘遭“滑鐵盧”。2014年7月，該公司進行第二次IPO，削減融資額至20.5億美元，同時管理層和員工更了解及融入新品牌，公司最終成功上市。

????萬洲國際最初雄心勃勃，但其首次IPO的失敗，揭示了企業不能匆忙進入資本市場，必須先建立扎實的品牌敘事，并定義強而有力的價值主張，才能贏得投資者以及股東的信心。

????與往年相比，今年尋求香港上市的大部分中國企業，對于香港投資者來說更陌生，那么建立明確的品牌故事及市場認知更為重要。這些公司需要做什么呢？簡述以下：

????1. 清楚了解重要股東目前對品牌的認知，即消費者和投資者如何看待品牌，包括正面及負面的意見。

????2. 建立引人注目、容易理解及具說服力的品牌敘事。

????3. 清楚地了解如何根據不同的敘事對象而調整品牌故事，如機構及散戶投資者、股東、公眾、監管機構等。

????4. 利用視覺及語言，充分傳達公司放眼全球的雄心壯志。

????簡而言之，要提高 IPO 的價值，便要定義清晰的品牌及加強品牌資產。Prophet 品牌專家兼副主席 David Aaker 表示：“品牌資產每增長1% ，股票回報同比增加約1% ?！庇纱丝梢?，如果公司可以想投資者之所想，抓住他們的心，那么IPO就有可能帶來巨額的回報。

????Over the past few years, the global market for initial public offerings has been strengthening. In the first quarter of 2015, the pace of new IPOs coming to market in Greater China accelerated, despite global IPO activity getting off to a relatively slower start. The Shenzhen and Shanghai exchanges topped the global listing for deal numbers, while the Shanghai exchange led by capital raised.

????The Hong Kong Stock Exchange ranked third in terms of IPO fund raising in 2014, after the New York Stock Exchange and London Stock Exchange. It also ranked third by number of IPOs, with 115 new listings. As for the 2015, outlook, Hong Kong will remain among the world’s top three exchanges for IPOs, with at least 120 new listings, according to estimates from PWC.

????In its role as the gateway between Mainland China and international markets, Hong Kong has long been the chosen listing venue for Mainland Chinese companies looking to access international capital. In 2014, four out of the top five companies by IPO funds raised in Hong Kong were Mainland Chinese companies. The launch of the Shanghai-Hong Kong Stock Connect in November 2014 marked a new era in facilitating international investors and Mainland investors to conduct cross border investments inside Greater China.

????With so many companies looking to list in Hong Kong, companies that stand out and resonate with both institutional and retail investors will win.

????Investor sentiment is driven by intangible as well as fundamental tangible factors, which means that a company’s brand is key to shaping positive perceptions. At its simplest form, a brand is nothing more than a collection of perceptions that live in the minds of key stakeholders. To effectively leverage your brand and in an IPO context a company needs to shape these perceptions into a narrative that defines the company for consumers and motivates investors to become shareholders. According to Ernst & Young, brand strength is one of the most important factors in decision making related to IPO stocks.

????We believe that there is an opportunity for more potential listing companies to optimize their brand pre-IPO to drive additional value. Xiaomi Technology Co. Ltd., now the world’s third largest smartphone distributor, has lost some control over its brand narrative recently amid charges that the company’s chairman and CEO, Lei Jun, has copied Apple’s philosophy and perhaps even some of Apple’s products. When the company decides to schedule its initial public offering, it will be critical for Xiaomi to regain the narrative high ground by reinforcing the company’s innovator heritage with proofpoints like how it customizes its UX software based on consumer feedback.

????A strong brand, backed by a compelling narrative, also protects companies from being misunderstood by investors, regulators and the general public. A case in point is WH Group Ltd.’s tortuous path to an IPO in Hong Kong in 2014. The Chinese meat producer, formerly known as Shuanghai International, bought US-

????based Smithfield for US$4.72 billion in 2013, and six months later, in April 2014, attempted an IPO of the combined entity priced at about US$5 billion. That offering was ultimately pulled because of investor concerns over its size, growth, debt and pricing, as well as market conditions at the time and the perception that the combined company was still not fully cohesive. A scaled-back IPO raised US$2.05 billion in a second, successful attempt in July 2014, by which time the company’s management and employees had grown more comfortable with the new brand.

????The lesson from WH Group Ltd.’s failure in its first ambitious IPO listing is that companies cannot rush into the capital markets, but must first build up a solid brand narrative and define a strong value proposition to win the confidence not only of investors but of all their stakeholders.

????Many Chinese companies seeking to go public this year will be less well known to the Hong Kong investor market than in previous years, making the need for a clear brand story and professional look and feel even more important. What do such companies need? Below is a quick check-list.

????1. A clear understanding of current brand perceptions across key stakeholder groups, i.e., how consumers and investors perceive the brand, both positive and negative.

????2. A compelling brand narrative that is easy to understand and persuasive.

????3. A clear understanding of how the narrative needs to be adapted for key audiences, such as institutional versus retail investors, shareholders, public, regulators, etc.

????4. A visual and verbal identity that fully articulates the company’s global aspirations.

????Simply put, defining a clear brand and strengthening brand equity can drive up the value of an IPO. “Every 1 percent increase in brand equity is associated with a roughly 1 percent increase in stock return,” says David Aaker, Brand Expert and Vice Chairman, Prophet. It is clear that IPOs which capture investors’ hearts as well as their minds will have the potential to deliver outsized returns, just as what Alibaba listing has taught.

????Jay Milliken is a Senior Partner at Prophet, a strategic branding and marketing consultancy. He is based in Hong Kong.