观点新股发行

Tokyo Metro is not offering a high-speed ride
Lex专栏:东京地铁较长期增长前景有限

With longer-run growth prospects limited, investors should not count on a long-term rally
投资者不应指望东京地铁上市首日的飙升预示着长期涨势,因为日本的人口结构挑战仍是重大问题。

At a time when artificial intelligence has been driving market rallies, Japan’s biggest listing in six years is an old-school affair. Shares of Tokyo Metro, the country’s biggest underground railway network, soared as much as 47 per cent in its trading debut on Wednesday giving it a market value of $6.7bn. But investors should not count on the pop turning into a long-term rally.

在人工智能推动市场上涨的当今时代,日本六年来规模最大的上市堪称是一笔老派交易。该国最大的地铁网络——东京地铁(Tokyo Metro)周三上市,其股价首日飙升,盘中最高上涨47%,使公司的市值达到67亿美元。但投资者不应指望这一飙升会演变为长期涨势。

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