卖空者对香港上市股票发起的两起最新袭击，正在考验该市的一项努力，有关机构正寻求限制上市公司在没有回应指控情况下将股票停牌的能力。

　　CT Environmental Group requested a trading halt yesterday, after the publication of a critique by Glaucus Research sent its shares down 18.1 per cent within minutes. The Chinese waste water manager asked for the suspension pending news and its rebuttal.

　　中滔环保(CT Environmental Group)昨日请求暂停交易，此前Glaucus Research发表了一份批评报告，使该公司股价在几分钟内下挫18.1%。这家中国废水处理公司以准备发布新闻和反驳为由请求股票停牌。

　　CTEG’s decision to suspend its shares came just days after an anonymous attack posted online against China Hongqiao, the world’s largest aluminium producer by capacity. Hongqiao, which has not halted trading in its shares, yesterday described the report’s allegations as “one-sided and misleading speculation” and reserved the right to take legal action.

　　中滔环保决定请求停牌的几天前，有人在网上匿名攻击全球产能最大的铝生产商中国宏桥(China Hongqiao)。没有请求股票停牌的宏桥昨日形容匿名报告的指控是“单方面及误导性猜测”，并保留采取法律行动的权利。

　　Several companies previously targeted by short sellers, who aim to profit from share price falls, have taken weeks and occasionally months to prepare a response — and left their shares suspended during that period.

　　卖空者的目的是从股价下跌中获利；以往成为他们目标的多家公司往往花费几周甚至数月时间准备自己的回应，在此期间让自己的股票一直处于停牌状态。

　　Hong Kong’s regulator, the Securities and Futures Commission, has long leaned towards share suspensions as a means of meeting its obligation to prevent false or disorderly markets but investors have complained the practice also leaves them trapped in untraded securities.

　　香港监管机构——证券及期货事务监察委员会(SFC)长期偏向于股票停牌，视之为履行自身防止虚假或无序市场之职责的一种手段，但投资者抱怨称，这种做法使他们被不能买卖的证券套牢。

　　The Hong Kong Exchange sought earlier this year to cap the length of such suspensions. It told companies that it would not demand to vet all clarification statements before their release, and that halts must absolutely be kept to a minimum.

　　香港交易所(HKEx)今年早些时候曾寻求限制停牌期限。该交易所告诉上市公司，它不会要求对所有澄清声明在发布之前进行审查，并且停牌必须维持在最低限度。

　　The attack against Hongqiao was launched through a website that gives no clues to the accuser’s identity apart from an acknowledgment of a short position on the stock. The company has promised a more detailed rebuttal.

　　对宏桥的攻击是通过一个网站发起的，该网站没有提供有关指控者身份的线索，只承认指控者持有该股的空头头寸。宏桥已承诺作出更详细的澄清。

　　Hongqiao yesterday began trading down 4.3 per cent but rallied to close 2.5 per cent higher. Trading volume was four times its average for this year.

　　宏桥股票昨日开盘下跌4.3%，但后来出现反弹，收涨2.5%。成交量达到今年以来平均值的四倍。

　　Shares in CTEG were down 12.6 per cent when trading was halted and it did not restart. The company has not released a rebuttal. Its accuser, Glaucus, has a record in Hong Kong. Its last target, Tech Pro Tech, fell almost 90 per cent the day Glaucus published its research while a previous mark, China Metal Recycling, was subsequently wound up by the SFC.

　　中滔环保股价在停牌前下跌12.6%，当日没有复牌。该公司还没有发布澄清公告。其指控者Glaucus在香港已多次出手。其上一个目标德普科技(Tech Pro Tech)在Glaucus发表研究报告当日暴跌近90%，而之前一个目标——中国金属再生资源(China Metal Recycling)——后来被证监会清盘。

　　Hong Kong’s regulator is under pressure to crack down on “problematic” public companies following a sharp rise in complaints about poor governance and disclosure.

　　由于对治理和披露不良的投诉急剧上升，香港监管机构正受到压力，要求其打击“有问题”的上市公司。

　　It has also stepped up its policing of the short seller community. This year Andrew Left of Citron Research was found culpable of market misconduct by a Hong Kong tribunal in the first example of the watchdog pursuing unregulated published commentary.

　　监管机构也加强了对卖空者群体的管束。今年，香港市场失当行为审裁处裁定香橼(Citron Research)的安德鲁.莱福特(Andrew Left)犯有误导市场的不当行为，这是监管机构惩处不受监管发表评论的首例。

　　Mr Left is appealing against the ruling, which banned him from trading in the city for five years and demanded at least $700,000 in disgorgement of profits and payment of costs.

　　莱福特正对上述裁决提起上诉，他被下了5年内禁入香港市场的禁令，并且被要求交出至少70万美元的利润和费用。