中國上證綜指大跌4.1% 股民相約天台

Mainland China's main equity index has closed more than 4 per cent lower, amid reports that domestic stockbrokers are pulling back from lending clients money to buy shares, as regulators become increasingly concerned about the fierce nature of a recent stock-market rally.

中國內地主要股指收跌逾4%。與此同時，有報告稱，由於監管機構對於近期中國股市的激烈上漲勢頭日益擔心，中國多家券商正在減少向客戶出借購股資金的現象。

The Shanghai Composite, which has increased in value by almost 120 per cent over the past year, fell 4.1 per cent to 4,308 points. That is the index's biggest drop since January 19, and the seventh biggest fall over five years.

過去一年裏上漲近120%的上證綜指(Shanghai Composite)下跌4.1%，跌至4308點。這是該指數自1月19日以來的最大跌幅，也是五年內的第7大單日跌幅。

The dramatic rise in equity valuations has unsettled China's securities regulators and even some companies raising funds via IPOs.

中國股市的暴漲已令中國證券監管機構十分不安，甚至也引起了部分通過首次公開招股(IPO)籌集資金的企業的憂慮。

The China Securities Regulatory Commission has issued several warnings about stockmarket risks, and boardroom executives are loyally repeating the official language.

中國證券監督管理委員會(China Securities Regulatory Commission，簡稱CSRC)已針對股市風險數次發出警告。與此同時，各董事會高管也在忠實地重複着官方的說法。

The management team of Chinese online video company Beijing Baofeng Technology urged the public to "invest rationally", after its stock jumped by 44 per cent on the first day of trading on the nation's mid-cap market in the wealthy southern Chinese city of Shenzhen.

中國在線視頻公司北京暴風科技公司(Beijing Baofeng Technology)的管理團隊曾敦請公衆“理性投資”。在此之前，該公司股票在中國華南深圳市的創業板市場上市，上市首日其股票就躍升44%。

According to the Shanghai Securities News, an official publication, Chinese stockbrokers including Huatai Securities, a house popular with retail investors, have raised their requirement for collateral on margin loans.

根據官方的《上海證券報》(Shanghai Securities News)報道，包括深受散戶投資者歡迎的華泰證券(Huatai Securities)在內，中國多家券商已提高了對融資抵押品的要求。

The fierce rally on the Shanghai Composite is worrying domestic regulators, in part, because many investors' gains have been achieved with leverage.

中國國內監管機構對上證綜指的暴漲十分擔心，一定程度上因許多投資者的收益是通過槓桿化投資獲得的。

Margin financing, a relatively new phenomenon in China that involves domestic brokers lending their clients money to buy stocks, in the same manner banks extend mortgages to property buyers, rose to a fresh record of RMb1.24tn on May 4, data from the Shanghai Stock Exchange showed.

相對來說，融資融券在中國是個新生事物。在這一過程中，與銀行向購房者貸款類似，國內券商會將資金借給客戶購買股票。來自上海證券交易所(Shanghai Stock Exchange)的數據顯示，5月4日中國融資融券的規模已升至1.24萬億元人民幣的新記錄。

Analysts have also long been predicting a correction in the Shanghai market based on ever-rising valuations and increasing participation in the rally by taxi drivers and market traders. A photo that was heavily shared on social media last week apparently showed a Chinese banana vendor trading on his laptop. The provenance of the image is unclear, but the symbol caught analysts' attention nonetheless.

長期以來，分析師也一直預計滬市會出現一輪調整。他們的根據一方面是滬市不斷攀升的市值，另一方面的原因則是：從出租車司機到街頭小販，人們對股市這輪漲勢的參與熱情日益增加。就在上週，在一張被社交網站大量轉載的照片上，一位中國香蕉商販正在其筆記本電腦上炒賣股票。這張圖片的來源並不清楚，不過分析師已注意到了圖片背後的象徵意義。

As RBS strategist Alberto Gallo wrote in a late-April note:“Housewives, taxi drivers and street vendors busy trading stocks are common sight in China these days. It appears the banana guy has a few friends, around 12 million who opened A-Share trading accounts since March 20, and after the government allowed investors to hold multiple accounts with different brokers in early April.”

蘇格蘭皇家銀行(RBS)策略師阿爾貝託•加洛(Alberto Gallo)曾在4月底的一份報告中寫道：“這幾天，忙着炒股的家庭主婦、出租車司機及街頭小販已成爲中國的常見景象。這位香蕉商販似乎很有一些同伴。自3月20日以來，尤其是在4月初中國政府允許投資者在不同券商處持有多個賬戶之後，開設A股交易賬號的人數達到了大約1200萬人。”