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財(cái)經(jīng)翻譯節(jié)選
Last summer, the China Securities Regulatory Commission, the market regulator, eased restrictions on foreign investment in the A share market , enabling bigger investments from a broader range of funds.
去年夏天，市場監(jiān)管機(jī)構(gòu)中國證監(jiān)會放松了對外國人投資A股市場的限制，數(shù)量更多的基金由此能對A股市場進(jìn)行更大規(guī)模的投資。
Chinese authorities have in the past tried to fix the B share market. In 2001, they changed the rules to allow domestic investors to buy in, prompting a doubling in the Shenzhen index within the space of a few weeks.
過去，中國官方曾試圖改進(jìn)B股市場。2001年，官方修改了規(guī)定，允許國內(nèi)投資者購買B股，導(dǎo)致深圳B股指數(shù)在幾周內(nèi)翻了一番。
However, too few domestic investors held sufficient foreign currency to make the project sustainable and China now appears content to let the market fade away.
然而，擁有充足外幣的國內(nèi)投資者數(shù)量太少，B股計(jì)劃難以為繼?，F(xiàn)在，中國似乎樂于看到B股市場淡出。
The conversion process is relatively complex. Companies need approval from the CSRC and must offer existing investors the option to sell their shares rather than swap them for H shares, explains Ringo Choi, leader of initial public offerings at Ernst & Young in Hong Kong. They must also meet the listing requirements of the Hong Kong Stock Exchange.
“B轉(zhuǎn)H”的流程比較復(fù)雜。安永(Ernst & Young)亞洲IPO主管蔡偉榮(Ringo Choi)解釋稱，企業(yè)需要得到中國證監(jiān)會的批準(zhǔn)，而且必須允許現(xiàn)有投資者能夠選擇出售手中的B股、而不是將手中的B股轉(zhuǎn)為H股。企業(yè)還必須滿足香港交易所(HKEx)制定的上市要求。
But there are encouraging signs. Last month, the CSRC relaxed restrictions on overseas listings for Chinese companies in an attempt to ease the pressure caused by the more than 800 companies waiting to list on the mainland. It also gave the green light to the CIMC move.
不過，我們也看到了一些鼓舞人心的跡象。上個(gè)月，中國證監(jiān)會放松了對中國公司赴海外上市的限制，以圖減輕內(nèi)地800多家公司排隊(duì)等待上市帶來的壓力。它還批準(zhǔn)了中集集團(tuán)的“B轉(zhuǎn)H”計(jì)劃。
For the companies themselves, there are good reasons to convert from Bs to Hs. Besides joining a far more active market, the valuations of B shares have been below those of other Chinese stocks. China Vanke’s B shares currently trade at a price to earnings ratio of 9.9 times, compared with 10.7 times for its A shares.
“B轉(zhuǎn)H”對企業(yè)自身也有好處。除了能進(jìn)入活躍得多的香港股市之外，B股的估值也一直低于中國其他種類的股票。中國萬科B股目前的市盈率是9.9倍，而其A股為10.7倍。
