中國(guó)公司將“過(guò)山車式”市場(chǎng)震蕩帶到美國(guó)

Chinese start-ups are bringing the volatility of their homeland markets to New York.

中國(guó)的初創(chuàng)企業(yè)將本土市場(chǎng)的波動(dòng)帶到了美國(guó)。

The Tencent-backed news aggregator Qutoutiao more than doubled its share price on its first day of Nasdaq trading, before tumbling on the second. The luxury electric-car maker Nio, which has a market capitalization of almost $9 billion, seesawed almost as much. Small free floats and untested business models are partly to blame, but the erratic behavior will hurt future debuts.

在納斯達(dá)克上市首日，背后有騰訊支持的新聞聚合服務(wù)趣頭條股價(jià)翻了一番以上，第二日又出現(xiàn)暴跌。市值近90億美元的高端電動(dòng)汽車制造商蔚來(lái)汽車股價(jià)幾乎也是一樣大漲大跌。小規(guī)模的自由浮動(dòng)和未經(jīng)檢驗(yàn)的商業(yè)模式是造成這種情況的部分原因，但這種不穩(wěn)定的表現(xiàn)會(huì)對(duì)未來(lái)的上市造成傷害。

Qutoutiao, an unprofitable start-up that gives cash rewards to its readers, priced its shares at the bottom end of a marketed range last week. Investors, it seemed, were put off by a lack of important operating licenses, and other signs of a rushed sale. But the shares rose nearly 130 percent from their listing value on the first day — only to crash 40 percent in the next session. Nio, China’s answer to Tesla, had a similar ride. It priced at the low end of an ambitious range and had a damp start, but its shares soared nearly 80 percent on the second day.

趣頭條是一家尚未實(shí)現(xiàn)盈利的初創(chuàng)企業(yè)，它給讀者現(xiàn)金獎(jiǎng)勵(lì)，該公司上周將股價(jià)定在了定價(jià)區(qū)間的最低點(diǎn)。因?yàn)樗狈χ匾倪\(yùn)營(yíng)執(zhí)照，加之其他匆忙上市的跡象，投資者似乎對(duì)該公司興趣缺缺。但該公司股價(jià)首日上漲近130%——第二天卻下跌40%。中國(guó)版特斯拉(Tesla)蔚來(lái)汽車的情況與之類似。該公司股價(jià)定在一個(gè)頗有雄心區(qū)間的低點(diǎn)，上市開局不利，但第二天股價(jià)暴漲近80%。

In both cases, the oscillations — more frequently seen in mainland exchanges — triggered trading halts.

在這兩起案例中，它們所引發(fā)的震蕩——在中國(guó)大陸的交易所較為常見——均觸發(fā)熔斷。

One credible explanation for the roller coaster effect is the small quantity of shares actually sold by Chinese debutantes, either because of stubborn founders, weak investor demand or both. Just 16 percent of Nio was sold. Qutoutiao put roughly 5 percent of itself on the market. That amplifies market mood swings.

對(duì)這種過(guò)山車效應(yīng)一個(gè)較為可靠的解釋是，這些初次亮相的中國(guó)企業(yè)實(shí)際出售的股份規(guī)模較小，這樣的原因可能是創(chuàng)始人較為固執(zhí)，也可能是投資者需求不足，或是兩者皆有。蔚來(lái)汽車的股份僅有16%用來(lái)出售。趣頭條則僅把該公司約5%的股份放在股市上。這樣的做法加劇了市場(chǎng)波動(dòng)。

Overall, the eight largest Chinese companies making U.S. debuts this year sold between 4 and 19 percent of their shares, according to the data provider Dealogic. That compares to between 14 and 86 percent for the top non-Chinese companies listing on the Nasdaq and the New York Stock Exchange.

據(jù)數(shù)據(jù)提供商迪羅基(Dealogic)，整體來(lái)看，今年在美國(guó)上市的八家大型中國(guó)企業(yè)僅出售了4%至19%的股份。相比之下，在納斯達(dá)克和紐約證交所上市的非中國(guó)大型企業(yè)拿出了14%至86%的股份用于交易。

Of course, weak pricing relative to early headlines will have contributed too.

當(dāng)然，早期大肆宣傳的低定價(jià)也是促成這種情況的因素之一。

Either way, trading with Chinese characteristics has damaging consequences. With even companies like the $27 billion shopping app Pinduoduo whipsawing this year, large institutional investors may be put off further listings, making it ever harder to build credible shareholder books. That would only accentuate the gambling problem further.

無(wú)論如何，帶有中國(guó)特色的交易會(huì)造成破壞性后果。即便市值270億美元的購(gòu)物應(yīng)用程序拼多多這樣的公司，股價(jià)都出現(xiàn)了起伏動(dòng)蕩，因此大型機(jī)構(gòu)投資者可能會(huì)對(duì)未來(lái)的上市失去興趣，這會(huì)讓打造可信的股東賬簿變得更加困難。而這只會(huì)進(jìn)一步加劇這種賭博問(wèn)題。