2019年经济学人 美国的中国股票—远离故土(1)

 

American investors¹ wanting a piece of Chinese firms,

想从中国公司分一杯羹的美国投资者，

whether state-owned oil majors or tech stars, need not stray beyond Wall Street.

不论是国有石油巨头还是科技新星，不需要走出华尔街。

Over the past two decades some 200 Chinese firms have gone public in America, more than from any other foreign country.

在过去20年中，约200家中国公司在美国上市，比任何其他国家都多。

(Most have their main listing there; a few have a "secondary" one, with a main listing in China.)

（大部分公司主板上市这里；一些公司是“二次”上市，主板在中国。）

These firms' total market value is more than $1trn. For America's stock exchanges, that is a great triumph.

这些公司的上市总价值超过万亿美元。对美国证券交易所而言，这是一个巨大的胜利。

But trade hawks² are starting to describe it as a great liability.

但贸易鹰派人士开始将其描述为一个巨大的负担。

In a letter in April a bipartisan group of politicians led by Marco Rubio, a Republican senator,

由共和党议员马尔科·卢比奥领导的两党政治家小组在四月的一份信中说到，

said American investors faced risks because of exposure to Chinese companies

由于与中国公司有关联，美国投资者面临风险—

"that pose national-security dangers or are complicit in human-rights abuses".

“对国家安全构成威胁或以及串通共同侵犯人权”。

Steve Bannon, President Donald Trump's former chief strategist,

唐纳德·特朗普总统的前幕僚长史蒂夫·巴农

expanded the focus to all Chinese stocks in America in an interview published on May 22nd in the South China Morning Post.

在5月22日发表于《南华早报》的一篇采访中将焦点扩大到所有在美的中国股票。

"The next move we make is to cut off all the IPOS (initial public offerings),

“我们的下一步是中断所有IPO（首次公募），

unwind all the pension funds and insurance companies in the US that provide capital to the Chinese Communist Party," he said.

解除美国所有为中国提供资本的养老基金和保险公司，”他说道。

Those threats might be dismissed as idle, but for the actions of a couple of their targets.

要不是他们的几个目标行动，那些威胁可能被认为是毫无意义的。

On May 24th Semiconductor³ Manufacturing International Corp (SMIC), China's largest maker⁴ of semiconductors⁵,

5月24日，中国最大的半导体制造商中芯国际（SMIC）

said it would delist from the New York Stock Exchange.

表示将从纽约证券交易所退市。

Then on May 28th Bloomberg reported that Alibaba, a New York-listed Chinese e-commerce giant,

然后在5月28日，《彭博》报道称一家在纽约上市的中国电商巨头阿里巴巴

was considering a second listing in Hong Kong.

正考虑在香港进行二次上市。

There are unglamorous corporate⁶ explanations for both moves.

对于这两项举措，公司给出了平淡无奇的解释。

SMIC's securities are rarely traded in America (its main listing is in Hong Kong),

SMIC的股票很少在美国交易（其主板在香港），

and Alibaba has long considered selling shares in either Hong Kong or mainland China, partly to broaden its capital base.

而阿里巴巴长期以来一直考虑在香港或中国内地发行股票，部分原因是为了扩大其资本基础。

But it was also easy to discern political motives⁷.

但也很容易看出其中的政治动机。

The two companies will gain some insulation⁸ from America's capital markets and show support for their home side.

两家公司将在一定程度上和美国资本商场绝缘，并展现对本土市场的支持。

1 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

2 hawks   

鹰( hawk的名词复数 )； 鹰派人物，主战派人物

参考例句：

• Two hawks were hover ing overhead. 两只鹰在头顶盘旋。
• Both hawks and doves have expanded their conditions for ending the war. 鹰派和鸽派都充分阐明了各自的停战条件。

3 semiconductor   

n.半导体

参考例句：

• In the beginning,engineers hoped to use semiconductor lasers.在开始时，工程师们希望能够利用半导体激光器。
• The main agent of the company brand semiconductor sales.本公司主要代理各品牌半导体销售。

4 maker   

n.制造者，制造商

参考例句：

• He is a trouble maker，You must be distant with him.他是个捣蛋鬼，你不要跟他在一起。
• A cabinet maker must be a master craftsman.家具木工必须是技艺高超的手艺人。

5 semiconductors   

n.半导体( semiconductor的名词复数 )

参考例句：

• Crystals may be insulators, semiconductors, or conductors. 晶体可以是绝缘体，半导体，或导体。 来自辞典例句
• Semiconductors containing such impurities are called p-type semiconductors. 含有这类杂质的半导体叫做P型半导体。 来自辞典例句

6 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

7 motives   

n.动机，目的( motive的名词复数 )

参考例句：

• to impeach sb's motives 怀疑某人的动机
• His motives are unclear. 他的用意不明。

8 insulation   

n.隔离；绝缘；隔热

参考例句：

• Please examine the insulation of the electric wires in my house.请检查一下我屋子里电线的绝缘情况。
• It is always difficult to assure good insulation between the electric leads.要保证两个电触头之间有良好的绝缘总是很困难的。