[摘要] 中国房地产网站运营商搜房网自上周五首次公开募股1.25亿美元以来，股票一路飙升，开盘价创新高。
中文译文：
中国房地产网站运营商搜房网自上周五首次公开募股1.25亿美元以来，股票一路飙升，开盘价创新高。
中国的房地产网络运营商搜房控股上周五在纽交所上市当天即爆收于73.5美元每股，比每股42.5美元的首次公开发行价大涨了72.9%。搜房网通过发行股票募集的资金达1.25亿，位居全美IPO增长的公司之首。
搜房网是本月在美国主要市场发行股票的中国企业，在利好消息的带动下，其他的中国企业随即也将陆续登陆美国市场。
总部设于北京的搜房网有好的发展前景。“搜房网”的中文字面意思是“搜索房子”，它涵盖了房地产信息：从每平米10万元人民币（合1.47万美元）的北京核心区住宅到每月租金仅300元人民币（合44美元）的广东工厂区普通住宅，尽收搜房网。搜房网同时为用户提供了房地产市场走势预测。
根据中国互联网信息的数字，2009年中国互联网用户达3.83亿，2010年上半年又增至4.2亿，比英联邦总人口还多6倍。这个数字随着中国的城市化进程将有望继续增长。
此外，据艾瑞预估，中国的线上广告市场本年度将达到人民币309亿，2012年将达人民币585亿，而2004年，这个数字仅有23亿。
良好的市场增长远景也使搜房网股票位一跃成为发行价40.5美元和42.5美元之间增长的一支。Bloomberg称，搜房网将实现14.3倍。
搜房网售出了293.3万股的美国存托股份（ADS），每股相当于四个普通股。发行股票包含8.4%的主要股指和91.6%的二级股指。其中，搜房网现有股东、澳大利亚国际澳电讯公司发行了182.6万的二级ADSs。交易主办方为由德意志银行和高盛公司。
搜房网计划利用约七百万的股票净作为其主要的企业运营发展资金来源。
搜房网80%的利润来自房地产开发商、房地产代理公司、经纪人和业主，他们在其网站发布和推广自己的楼盘和房屋，搜房网收取一定费用。大多数的中国房地产开发商在推广新项目时都会选择搜房网。这是搜房网收入的主要来源。此外，搜房网的家居和装修的广告也是其赢利点。
“据收入估算，2009年搜房网占据46.3%的房地产线上广告市场份额，为中国迅速发展的房地产、家居和装修市场提供了市场营销、发布和其他产品和服务。”引自搜房网在美国安全和交流委员会的文件。
2009年搜房网达1.27亿，今年上半年达6800万。然而，中国政府意在打击过热的房地产市场的调控政策也影响了搜房网的收入。三套房及多套房贷款的限制、二套房首付比例和贷款利率的提高都使房地产开发商的利润大降低了，这也将搜房网的广告收入有所损失。
英文原文：
The Chinese real estate website operator watched its shares soar last Friday after raising $125 million from an IPO that priced at the top of the range.
Shares in SouFun Holdings, the operator of China’s largest real estate searching website, closed at $73.50 in their New York Stock Exchange (NYSE) trading debut last Friday, 72.9% above the initial public offering price of $42.50. The company raised $125 million by selling shares at the top end of an indicated range in the US IPO.
SouFun is the first of several Chinese companies looking to sell shares in the US primary markets this month and the good response is also likely to encourage companies with similar businesses to float shares.
The Beijing-based company has strong prospects. SouFun, which literally means “searching house”in Mandarin, runs a dazzling website that contains a variety of real estate information from all over China -- from luxury apartments in prime areas of Beijing selling at Rmb100,000 ($14,705) per square metre, to plain flats in Guangdong’s manufacturing areas that can be rented at Rmb300 ($44) per month. It also provides users with property market forecasts and feng shui predications of new apartments.
According to China Internet Network Information Center, the number of internet users in China grew to 384 million in 2009 and increased further to 420 million in the first half of this year. That is more than six times of the entire population of the United Kingdom. And the number is expected to continue to grow following the country's urbanisation.
Moreover, the online advertising market in China is estimated to reach Rmb30.9 billion this year and Rmb58.5 billion in 2012, compared with Rmb2.3 billion in 2004, data from consulting firm iResearch, show.
The growth prospects helped SouFun to price its IPO at the top end of an indicated price range between $40.50 and $42.50. At the midpoint price, SouFun was valued at 14.3 times earnings, according to Bloomberg.
SouFun sold 2.933 million ADSs (American depositary shares) which each represent four ordinary shares. The offering consisted of 8.4% primary shares and 91.6% secondary shares. Some 1.826 million of the secondary ADSs were sold by Australia's Telstra International, which is an existing shareholder of SouFun.
The deal was arranged by Deutsche Bank and Goldman Sachs.
SouFun plans to use the net proceeds of approximately $7 million from the sale of primary shares for capital expenditure relating to the expansion of business operations.
SouFun generates 80% of its profits from charging fees from property developers, real estate agents, brokers and property owners that list and promote their properties on its website. Most Chinese property developers promote their new projects on SouFun's website -- a business that contributes a large proportion of its revenue. It also earns money from advertising by furniture and home renovation companies on the website.
The company had a 46.3% market share of the online real estate advertising market in China in 2009, by estimated revenues. It provides marketing, listing and other value-added services and products for China’s fast-growing real estate and home furnishing and improvement sectors, SouFun said in a filing with the US Securities and Exchange Commission.
It had revenue of $127 million in 2009, and $68 million in the first half of this year. However, the Chinese government's tightening measures targeted at the over-heated property market do affect SouFun's earnings. Policies such as restrictions on the provision of loans for buyers of their third or subsequent home, an increase of the imum down-payment amount and higher lending rates for purchasers of second homes, are squeezing property developers' sales and will in turn erode SouFun's revenues from advertising services.
相关新闻：
Bloomberg:中国搜房网美国首次公开发行1.25亿美元
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