證監會重啓IPO 中國股市將復甦

China's securities regulator said on Friday it would allow the resumption of initial public offerings in China, lifting a suspension put into effect in July as regulators desperately tried to slow a devastating stock market crash.

本週五，中國證監會宣佈其將重啓IPO（首次公開募股）。今年七月，證監會暫停IPO來減緩股市行情暴跌所帶來的的衝擊。

China Securities Regulatory Commission (CSRC) spokesman Deng Ge made the announcement at a weekly news conference in Beijing.

中國證監會的發言人鄧舸於本週五的新聞例會上宣佈了此消息。

The CSRC said that 28 companies which had seen their already-approved listings halted by the freeze would be the first out of the gate, adding they have two weeks to prepare for the resumption, with the first batch of 10 companies launching after November 20.

證監會稱此前暫緩發行的28家公司將率先完成發行，並補充說這些公司有兩週時間做準備，第一批上市的10間公司將在11月20日之後發行股票。

The announcement comes after signs Chinese stock markets have finally stabilized after a rocky summer; this week the CSI300 index 300 posted its best weekly performance since June.

此公告標誌着中國股市在夏季的動盪之後終於趨於穩定，本週的滬深300指數達到了六月以來的最好水準。

Mainland stock indexes are up by more than 20 percent from the bottom of a crash struck in August, technically marking a return to a bull market.

在八月份跌至谷底之後，中國大陸股指攀升超20%，預示着牛市的迴歸。

"This is a good news for the stock market in the mid-to-long term as it will introduce fresh cash, though it will also bring some psychological pressure to investors as they are afraid of diversion of the cash in the short term," said Xiao Shijun, analyst at Guodu Securities in Beijing.

國都證券的分析師肖世俊表示：“在中長期內，這對於股市來說是利好消息。因爲它會引入新鮮資金。然而這也會給投資者們帶來一些心理壓力，他們擔心短期內會有現金分流的狀況發生。”

The stock market crash over the summer was partly blamed on a spate of IPOs hitting an already frothy and heavily leveraged market.

今夏股市的崩盤的部分原因是大量的IPO衝擊泡沫化和高度槓桿化的市場。

Companies in mainland China had raised $23.4 billion in IPOs in 2015 through mid June before regulators suspended deals, far surpassing the $13.2 billion in all of 2014, Thomson Reuters data showed.

湯森路透的數據顯示，截至六月中旬。即證監會暫停IPO以前，中國大陸的公司已經在IPO募得資金共234億美元，遠遠超過2014年的總額132億美金。

At one point the CSRC was letting 40 companies list every week and there were even more secondary issuances.

證監會曾一度在每週通過40家公司的申請，而二次發售的獲准數量則更多。

"I don't think the resumption will cause a market stampede again," said Xiao. "In June, the fundamentals were distorted by high leverage, which does not quite exist in the current market after regulator's aggressive moves."

肖世俊稱：“我認爲此次重啓會再次引發股市潰敗。六月份的高槓杆已經破壞了基本面。在監管者冒進的舉措之下，如今的市場根本不存在基本面了。”

Zhang Qi, analyst at Haitong Securities in Shanghai, said he expected retail investors to be skeptical of how much they will benefit from the resumption of IPOs, which were highly distorted by pricing restrictions and other policies.

海通證券的分析師張琦表示，儘管IPO重啓，但仍受到定價受限和其他政策的影響，他希望散戶們能夠認真定奪究竟能在其中獲得多少利益。

"I am also expecting further changes to IPO rules, including to the quota for major stakeholders share of subscriptions."

“我也希望IPO規則能有更多的變化，包括對於主要利益相關人的股份認購配額的規定”

The CSRC has said it would migrate away from its current approval system for IPOs to system in which companies merely register to list without requiring regulatory clearance.

中國證監會稱其將改變當前IPO審批機制，將審慎監管條件改爲信息披露要求。

However, rules aimed at preventing insiders from fleecing investors suppressed IPO pricing, unintentionally creating an easy profit for those investors able to subscribe.

然而，本意是防止內部人員欺詐投資者的規定抑制了IPO股價，給具有認購資格的投資者們牟利空間。

Nearly every listing in China rose by the maximum allowable 44 percent on the first day, and most went on to rise into triple digits in the following weeks.

首日，幾乎所有上市公司的股指都上升了最大限度44%，並且大多數在接下來幾周內持續走高，上升了三位數。

As a result, IPOs went oversubscribed by an average of 130 times, and the escrowing of cash by aspiring subscribers temporarily sucked trillions out of the money markets and distorted interest rates.

IPO被超額認購，超出了130倍的數目。並且來自熱情高漲的認購者的第三方資金暫時引入了數萬億價外期權，從而使利率扭曲。

The regulator said in a document posted on its website that it was eliminating the escrow requirement, and also eliminating the bookbuilding period for IPOs with fewer than two million shares, to reduce costs for smaller listing companies.

證監會稱在其官網的一份文件指明，爲減少小型上市公司的負擔，其將取消第三方託管要求，並取消少於200萬股的IPO的建檔時間。