IPO重启 A股连续下跌

IPO重启 A股连续下跌

　　BEIJING, Jan. 7 (Xinhuanet) -- Chinese stocks extended their losses from last week and sank to a five-month low on Monday amid lackluster economic data and fears that the flood of new listings that will soon hit the market will stretch liquidity¹.

　　The benchmark Shanghai Composite Index fell 1.8 percent to 2,045.71 points, the lowest level since Aug 2.

　　Important gauges² of the manufacturing and service industries fell in December, triggering doubts about the prospects³ for China's economic growth and its stock market performance this year.

　　On Monday, HSBC Plc's service sector⁴ Purchasing Managers' Index fell to 50.9 in December from 52.5 the previous month.

　　But State-owned oil and gas giants PetroChina Co Ltd and Sinopec Ltd cushioned the index's fall by rising more than 1 percent each in the last minutes of trading, said Zhang Qi, a Shanghai-based analyst⁵ at Haitong Securities Co Ltd.

　　The increases came after the Oriental Morning Post reported on Monday that the Chinese securities regulator urged blue chip companies to start a "capitalization management" process to reverse the recent market losses.

　　The Shanghai Composite Index has lost more than 7 percent since Nov 30, when the China Securities Regulatory Commission released a reform plan for the nation's IPO mechanism⁶ and promised to end a 15-month IPO hiatus this month.

　　Investors⁸ are also selling because they are afraid that the IPOs will take funds away from existing shares and depress the market, analysts⁹ said.

　　"Market sentiment is at a low point and will remain so this week, as investors wait to see what the IPO resumption will do to the market," said Zhang.

　　Twenty-seven companies had started IPO procedures as of Jan 5, part of the first batch¹⁰ of 50 IPOs expected in January.

　　Eleven of those companies are now in the middle of their roadshows and initial pricing operations, while the rest have released their IPO prospectuses¹¹.

　　Neway Valve (Suzhou) Co Ltd and Anhui Yingliu Electromechanical Co Ltd are slated¹² for a listing on the Shanghai Stock Exchange, while the other 25 companies will go public on the Shenzhen Stock Exchange.

　　The securities watchdog said on Nov 30 that it would allow at least 50 companies to float shares this month after releasing a plan mapping out reforms for the nation's IPO market. At the moment, more than 760 candidates are waiting to be listed. The regulator said it will take almost a year to assess them all.

　　PricewaterhouseCoopers forecast that up to 300 companies will float shares this year, raising a total of 250 billion yuan (41 billion U.S. dollars).

　　In a statement posted on Monday on the CSRC's website, the watchdog's Chairman Xiao Gang vowed¹³ again to better protect individual investors. He also promised to raise dividends¹⁴ and keep issuing prices in check and to punish firms guilty of irregularities. He added that protecting investors is the watchdog's top priority.

　　In light of the recent CSRC policies to crack down on artificially high issuing prices, PricewaterhouseCoopers predicted that price-to-earnings ratios will fluctuate in a range of 20 to 40, from a high of about 100 in the pre-reform era.

　　However, some still feel that the CSRC is not doing enough.

　　"As a stock market investor⁷, I'm very disappointed," said Xin Yu, president of the Guangzhou-based Zequan Investment Co Ltd.

　　Xin added that investors' rights still mainly exist on paper.

　　It's true that the regulator has issued guidelines to boost supervision¹⁵ on information disclosure and to crack down on fraud and insider trading, but the fundamental issue of the market is that it's still too easy for the firms backing the IPOs to cash out, Xin added.

1 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

2 gauges   

n.规格( gauge的名词复数 )；厚度；宽度；标准尺寸v.（用仪器）测量( gauge的第三人称单数 )；估计；计量；划分

参考例句：

• A thermometer gauges the temperature. 温度计可测量温度。 来自《简明英汉词典》
• The fuel gauges dropped swiftly. 燃料表指针迅速下降。 来自《简明英汉词典》

3 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。

4 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

5 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

6 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

7 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

10 batch   

n.一批(组，群)；一批生产量

参考例句：

• The first batch of cakes was burnt.第一炉蛋糕烤焦了。
• I have a batch of letters to answer.我有一批信要回复。

11 prospectuses   

n.章程，简章，简介( prospectus的名词复数 )

参考例句：

• Forms and prospectuses will be available at53 bank branches. 申请表和招股书可于五十三家银行分行索取。 来自互联网
• Galaxy Yintai fiscal dividend securities investment funds to update placement prospectuses. 银河银泰理财分红证券投资基金更新招募说明书。 来自互联网

12 slated   

用石板瓦盖( slate的过去式和过去分词 )

参考例句：

• Yuki is working up an in-home phonics program slated for Thursdays, and I'm drilling her on English conversation at dinnertime. Yuki每周四还有一次家庭语音课。我在晚餐时训练她的英语口语。
• Bromfield was slated to become U.S. Secretary of Agriculture. 布罗姆菲尔德被提名为美国农业部长。

13 vowed   

起誓，发誓（vow的过去式与过去分词形式）

参考例句：

• He vowed quite solemnly that he would carry out his promise. 他非常庄严地发誓要实现他的诺言。
• I vowed to do more of the cooking myself. 我发誓自己要多动手做饭。

14 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

15 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。