2021年经济学人 中国股市--清理尸骸(2)

That has recently begun to change. Regulators relaxed controls over initial public offerings, paving the way for hundreds of new listings. The value of being a shell diminished. The delisting reform, introduced on the final day of 2020, attacks the problem from the other end. Companies with share prices below 1yuan ($0.15) for 20 consecutive¹ days will now face automatic delisting. Those that fraudulently overstate their earnings² by 100% for three years are on the chopping block, too.

这种情况最近开始发生变化。监管机构放松了对IPO的管控，为数百家新股上市铺平了道路，壳公司的价值降低了。在2020年最后一天推出的退市改革，从另一个角度解决了这个问题。股票收盘价连续20日低于1元(0.15美元)的公司将面临自动退市，连续三年虚报利润超过100％的公司也会被砍掉。

The process will also become much faster, eliminating an intervening trading suspension—when troubled companies could find buyers. China's delistings could increase to about 50 a year. Some investors³ complain the rules are still too lenient⁴. For example, Luckin Coffee, a Chinese would-be rival to Starbucks, was kicked off Nasdaq for fabricating transactions; in China its listing probably could have survived. But Zhou Maohua of China Everbright Bank counsels patience, saying the rules will be adjusted over time.

这一进程的推进速度也将大大加快，省去了退市前停牌这一步一一问题公司可能会在此期间找到买家。中国每年退市公司的数量可能会增加至约50家，但仍有一些投资者抱怨这些规定太过宽松。例如，星巴克在中国的潜在竞争对手瑞幸咖啡因伪造交易被纳斯达克踢出，但在中国的话，它或许能够保住上市公司的地位。不过，中国光大银行的周茂华建议要有耐心，他认为今后相关规定还会再次调整。

In Gangtai's case, the company over-stretched itself. The gold-miner and jewellery-maker got pulled into property, even planning a skyscraper⁵, and bought Buccellati, an Italian jeweller. But as it racked up huge losses, it defaulted on bonds and sold its best assets. Delisting is its latest humiliation⁶. At least it can console itself that it will soon have plenty of company.

在刚泰的例子中，这家公司步子迈得太大了。本来经营金矿和和珠宝制造的它卷入了房地产行业，甚至计划建造一栋摩天大楼，还收购了意大利珠宝公司布契拉提。随着巨额亏损不断累积，它出现了债券违约，并出售了自己最好的资产。摘牌是它最新的耻辱。至少它可以聊以自慰的是，很快就会有很多公司与其作伴。

1 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

2 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

3 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

4 lenient   

adj.宽大的，仁慈的

参考例句：

• The judge was lenient with him.法官对他很宽大。
• It's a question of finding the means between too lenient treatment and too severe punishment.问题是要找出处理过宽和处罚过严的折中办法。

5 skyscraper   

n.摩天大楼

参考例句：

• The skyscraper towers into the clouds.那幢摩天大楼高耸入云。
• The skyscraper was wrapped in fog.摩天楼为雾所笼罩。

6 humiliation   

n.羞辱

参考例句：

• He suffered the humiliation of being forced to ask for his cards.他蒙受了被迫要求辞职的羞辱。
• He will wish to revenge his humiliation in last Season's Final.他会为在上个季度的决赛中所受的耻辱而报复的。