成渝高速上市首日股價(jià)暴漲202%

Investors were warned of speculative froth in the Chinese market after Sichuan Expressway, the first company to list on the Shanghai exchange in almost a year, more than tripled on its trading debut.

近一年來(lái)在上海證交所上市的首家公司——成渝高速(Sichuan Expressway)上市首日漲幅超過(guò)3倍，對(duì)此，專家警告投資者：中國(guó)股市存在投機(jī)泡沫。

The shares in the Chinese toll road operator closed up 202 per cent at Rmb10.90 from its initial public offering price of Rmb3.60 after trading was suspended twice when it hit a high of 323 per cent.

這家中國(guó)收費(fèi)公路運(yùn)營(yíng)商的股票收于10.9元人民幣，較3.6元人民幣的首次公開(kāi)發(fā)行(IPO)價(jià)格上漲202%，盤(pán)中股價(jià)漲幅達(dá)到323%時(shí)，曾被兩次停牌。

The steep gains bode well for the trading debut of China State Construction Engineering Corporation, the largest home builder, which is expected to start trading tomorrow, and for companies that will list on Shenzhen's planned new board.

成渝高速的暴漲為中國(guó)最大住宅建筑公司——中國(guó)建筑工程總公司(CSCEC)明日的首日交易，以及將在擬議中的深圳創(chuàng)業(yè)板上市的各家公司帶來(lái)好兆頭。

China State Construction's IPO – the world's largest since Visa's offering of $19bn in March 2008 – raised Rmb50.16bn ($7.34bn) after pricing the shares at Rmb4.18 apiece.

中國(guó)建筑工程總公司的IPO是自Visa去年3月上市融資逾190億美元以來(lái)，全球規(guī)模最大的首發(fā)上市。此次IPO定價(jià)為每股4.18元人民幣，共融資501.6億元人民幣（合73.4億美元）。

But observers warned of speculative risks. “We have excess liquidity and many investors appear to see the resumption of the long-suspended listings as an invitation to speculate,” said one analyst who asked not to be named. “These gains are not sustainable.”

但觀察人士就投機(jī)性風(fēng)險(xiǎn)發(fā)出警告。一位不愿透露姓名的分析師表示：“我們有過(guò)剩的流動(dòng)性。許多投資者似乎把暫停多時(shí)后的上市重啟，看作一份投機(jī)邀請(qǐng)。”“這種漲幅是不可持續(xù)的。”

Sichuan Expressway's explosive debut also raised doubts about China's ability to build a mature market environment because a circuit-breaker mechanism – rules meant to discourage speculative trading – failed to stop the share price jump. Sichuan Expressway sold 500m new shares in its IPO, raising Rmb1.8bn.

成渝高速的首日暴漲，也引起了人們對(duì)于中國(guó)能否構(gòu)建一個(gè)成熟市場(chǎng)環(huán)境的質(zhì)疑，因?yàn)橐粋€(gè)斷路器機(jī)制（即旨在防止投機(jī)交易的各項(xiàng)規(guī)定）未能阻止股價(jià)飆升。成渝高速的IPO發(fā)行新股5億股，融資18億元人民幣。

The offering was 414 times subscribed in its retail portion. Although analysts had predicted double-digit gains on the stock's debut, the highest forecast was Rmb6, far below the Rmb15.25 at which the share price peaked

此次發(fā)行中，散戶申購(gòu)部分獲得414倍的超額認(rèn)購(gòu)。雖然分析師此前預(yù)測(cè)，交易首日股價(jià)將有兩位數(shù)漲幅，但最高預(yù)測(cè)值為6元人民幣，遠(yuǎn)低于該股所觸及的15.25元人民幣的峰值。

Since Beijing lifted its ban on new listings last month, three companies have listed on Shenzhen's main board and debuted with large first-day gains.

自上月北京取消新股發(fā)行禁令以來(lái)，已有3家公司在深圳主板上市，交易首日均有大幅上漲。

譯者/章晴