中國股市中科技股熱潮創新高

China’s technology stock mania scaled new heights yesterday when shares in a Shanghai-listed real estate company rose by the maximum 10 per cent daily limit after it changed its name to P2P Financial Information Service Co.

中國的科技股熱潮昨日創下新高，一家在上海上市的房地產公司更名爲匹凸匹金融信息服務（上海）股份有限公司(P2P Financial Information Service Co)後，股價上漲10%而漲停。

The company, formerly known as Shanghai Duolun Industry, acknowledged in filings that it had not started developing a peer-to-peer lending business.

這家原名爲上海多倫實業股份有限公司(Shanghai Duolun Industry)在監管申報文件中承認，其尚未開始發展個人對個人(P2P)貸款業務。

But the company estimated that an internet domain it recently registered, , was worth $100m.

但該公司估計，其最近註冊的互聯網域名價值1億美元。

The website currently features a few photos and a Chinese caption stating “This domain is worth $100m.”

目前該網站上有幾張照片和一句中文說明文字“這是一個價值1億美金的域名”。

While Duolun might be the most extreme example of the irrational exuberance for tech stocks sweeping China’s market, it is not unique.

多倫股份或許是席捲中國股市的科技股非理性繁榮的最極端案例，但它並未唯一的例子。

The tech-heavy ChiNext board in Shenzhen rose 5.6 per cent yesterday to an all-time high. In total, 33 ChiNext-listed stocks hit their upper limit and the index has risen 109 per cent this year.

科技股佔比較高的深圳創業板(ChiNext)昨日上漲5.6%，達到歷史最高水平。共有33支創業板上市股票漲停，今年以來創業板指數上漲109%。

The Shenzhen Composite index — which includes ChiNext as well as the $1.3tn Shenzhen main board and the $1.5tn Small and Medium Enterprise Board — is now up 67 per cent in 2015 compared with 34 per cent for the Shanghai Composite.

包含創業板、總市值1.3萬億美元的深圳主板和總市值1.5萬億美元的中小企業板的深證綜合指數2015年以來上漲67%，而上證綜指今年迄今的漲幅爲34%。

“Shenzhen shares represent the trend of economic transformation,” said Li Qilin, equity analyst at Minsheng Securities in Beijing. “Just like the real estate sector in 1996 to 2010, now it’s internet and telecommunications that are intimately linked to China’s overall economy. That’s getting investors excited.”

“深圳股票代表着經濟轉型的趨勢，”位於北京的民生證券(Minsheng Securities)股票分析師李奇霖說，“就如1996年到2010年的房地產業一樣，現在與中國整體經濟緊密相連的是互聯網和電信行業。這讓投資者感到興奮。”

China’s bigger stock indexes also surged following an interest-rate cut announced over the weekend. The $5.5tn Shanghai Composite Index, which is tilted towards large, state-owned companies, yesterday rose 3.1 per cent.

上週末央行宣佈降息後，中國較大的股指也大幅上漲。總市值5.5萬億美元、偏重於大型國企的上證綜指昨日上漲3.1%。

The rate cut announced on Sunday was the central bank’s third since November, and most analysts expect at least one more this year. They also expect further reductions to banks’ required reserve ratio, which, unlike rate cuts, directly inject base money into the banking system.

上週日宣佈的降息是央行自去年11月以來第三次降息，大多數分析師預計今年至少還會降息一次。他們還預計存款準備金率將進一步下調。和降息不同，存款準備金率的下調會直接向銀行體系注入基礎貨幣。

But fears of a crackdown on margin financing hit the Shanghai index, which tilts towards large, state-owned companies, last week.

但上週，對保證金融資可能遭整頓的擔憂衝擊了上證指數。

Tech stocks largely escaped last week’s correction, however, as loans from brokers to investors to play the markets are mostly linked to investment in large-cap shares.

然而，由於券商借給投資者炒股的貸款主要用於大盤股投資，科技股基本上躲過了上週的回調。

“On the policy front, investors think the deleveraging push from regulators will mostly affect the big board. If you look at the list of target stocks for margin trading, it’s all big companies,” said an equity trader at a top securities broker in Shanghai.

“在政策層面，投資者認爲監管機構的去槓桿化舉措將主要影響主板市場。如果你看一看保證金交易的目標股票名單，就會發現那些都是大公司，”上海一家主要券商的一名股票交易員表示。