Despite a few attempts to introduce the concept to European markets, cornerstone investors are still essentially a phenomenon limited to three jurisdictions within Asia: Hong Kong, Malaysia, and Singapore. However, they have become so essential to the success of initial public offerings (IPOs) that I thought now was perhaps an opportune time to explain in some detail who they are, as well as the process that is used to gather from them the equity bids that make or break new listings in these marketplaces.

Even though the geographical footprint of cornerstone investors remains limited, the influence they have today on global capital markets activity cannot be ignored, not least because Hong Kong has once again become the world’s most active exchange for new equity listings, and cornerstone investors now increasingly dominate demand for IPOs there.

尽管有一些尝试将这个概念引入欧洲市场，但基石投资者仍然本质上是一个现象，限于亚洲境内的三个司法管辖区：香港、马来西亚和新加坡。然而，它们对首次公开发行（ipo）的成功至关重要，我认为现在或许是一个很好的时机来详细解释它们是谁，以及从中收集在这些市场上新上市或破发的股权出价的过程。

尽管基石投资者的地理足迹仍然有限，但它们对全球资本市场活动的影响是不容忽视的，尤其是因为香港再次成为世界上最活跃的新股票上市交易所，而基石投资者现在越来越占据了新股上市的需求。