驟然暴跌加劇A股多空紛爭

This year’s stunning rise in Chinese share prices experienced a dramatic shift in fortune yesterday, with the Shanghai market recording one of its steepest declines in 15 years.

今年以來漲勢驚人的中國股市昨日遭遇命運突變，上海股市出現15年來最大的單日跌幅之一。

The speed at which many stocks have risen to dizzying valuations has prompted concerns that the market is in a bubble and the decline in prices may mark the start of a broader correction. However, some also cautioned that such sharp corrections are typical in China’s fast-paced, retail-driven market.

此前許多股票的價格快速飆升至令人目眩的估值水平，令人擔憂股市已形成一個泡沫，此次下滑可能標誌着一輪全面回調的開始。但也有一些人警告說，在快節奏、散戶驅動的中國市場上，如此劇烈的調整是家常便飯。

The Shanghai market snapped a seven-day winning streak with a bang, tumbling 6.5 per cent, which was the 10th largest in the past 15 years. The tech-heavy Shenzhen Composite, which had more than doubled this year alone, lost 5.5 per cent — its third-biggest fall in five years — while in Hong Kong, the Hang Seng index shed 2.2 per cent.

上海股市連續7日的上漲態勢嘎然而止，昨日下挫6.5%，這是15年來第10大單日跌幅。科技股權重較大的深成指(Shenzhen Composite)今年以來飆升一倍以上，昨日也下跌5.5%，這是5年來第三大單日跌幅。在香港，恆生指數(Hang Seng index)下跌2.2%。

Share prices in Shanghai and for the tech-heavy Shenzhen Composite have comfortably outpaced global markets and analysts’ forecasts so far this year. Investors have piled into the market since January, with bullish momentum fuelled by monetary easing by the People’s Bank of China, the central bank — and hopes of more to come.

今年迄今，無論是上海股市的股價，還是深成指，都輕鬆跑贏全球市場和分析師預測。自1月份以來，投資者大舉進場，而中國央行(PBoC)放鬆貨幣政策的舉措——以及人們對於更多此類舉措的期待——助燃了看漲勢頭。

This week, analysts at Credit Suisse warned clients away from investing in Shenzhen. “At some point, there will be a massive correction of these stocks,” they said. “Avoid this space!!!”

本週早些時候，瑞信(Credit Suisse)分析師警告客戶不要投資深圳股市：“我們認爲，深市將在某一時點發生劇烈回調。請注意迴避！”

Analysts pointed to a number of possible factors behind the sudden bout of selling. Investors were rattled by steps to drain liquidity by the PBoC, and local media reports of requests from the banking regulator for more information from lenders on their stock market exposure. A number of mainland brokers have also announced a tightening of margin requirements this week.

分析師們指出，這場突如其來的拋售背後有多個可能的因素。中國央行吸收流動性的操作，以及中國媒體有關銀行業監管機構要求銀行更詳盡報告各自股市敞口的報道，可能驚嚇了投資者。本週中國多家券商還宣佈收緊融資交易保證金要求。

Another source of concern was a move to sell shares in ICBC and China Construction Bank by Central Huijin Holdings, a state investment fund. It marked the first time the fund has reduced its stakes in the country’s large banks. “The size of the sale is not that huge, but the impact on the market is maybe a bit bigger,” said François Perrin, head of China equities at BNP Paribas Investment Partners.

另一件令人擔憂的事情是，中央匯金公司(Central Huijin)進行了出售中國工商銀行(ICBC)和中國建設銀行(CCB)股票的操作。這是這隻國有投資基金首次減持中國大銀行股份。“售股的規模並不是很大，但對市場的影響也許有點大，”法國巴黎銀行投資夥伴(BNP Paribas Investment Partners)中國股票部主管弗朗索瓦•佩蘭(François Perrin)表示。

Individual stocks in Shanghai can fall by no more than 10 per cent. Of the 1,083 stocks on the index, 260 hit that limit on Thursday, according to Bloomberg data. Large energy and financial stocks were among the biggest drags on the overall market, with ICBC down 5 per cent and PetroChina off 8.4 per cent. Turnover in the Shanghai market hit a new high of $190bn.

上海股市的個股單日跌幅不能超過10%。根據彭博(Bloomberg)的數據，在上證綜指的1083只成份股中，週四有260只股票跌停。大型能源和金融類股票領跌，拖累大盤，工行下跌5%，中石油(PetroChina)下跌8.4%。上海股市的成交量創下1900億美元的新高。

Additional reporting by Patrick McGee and Peter Wells

帕特里克•麥吉(Patrick McGee)和彼得•韋爾斯(Peter Wells)補充報道