2021年经济学人 中国股市--清理尸骸(2)（在线收听）

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 consecutive days will now face automatic delisting. Those that fraudulently overstate their earnings 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 investors complain the rules are still too lenient. 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 skyscraper, 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 humiliation. 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。