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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.
中国的科技股热潮昨日创下新高，一家在上海上市的房地产公司更名为匹凸匹金融信息服务（上海）股份有限公司(P2P Financial Information Service Co)后，股价上涨10%而涨停。
The company, formerly known as Shanghai Duolun Industry, acknowledged in filings that it had not started developing a peer-to-peer lending business.
这家原名为上海多伦实业股份有限公司(Shanghai Duolun Industry)在监管申报文件中承认，其尚未开始发展个人对个人(P2P)贷款业务。
But the company estimated that an internet domain it recently registered, www.p2p.com, was worth $100m.
但该公司估计，其最近注册的互联网域名www.p2p.com价值1亿美元。
The website currently features a few photos and a Chinese caption stating “This domain is worth $100m.”
目前该网站上有几张照片和一句中文说明文字“这是一个价值1亿美金的域名”。
While Duolun might be the most extreme example of the irrational exuberance for tech stocks sweeping China’s market, it is not unique.
多伦股份或许是席卷中国股市的科技股非理性繁荣的最极端案例，但它并未唯一的例子。
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.
科技股占比较高的深圳创业板(ChiNext)昨日上涨5.6%，达到历史最高水平。共有33支创业板上市股票涨停，今年以来创业板指数上涨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.
包含创业板、总市值1.3万亿美元的深圳主板和总市值1.5万亿美元的中小企业板的深证综合指数2015年以来上涨67%，而上证综指今年迄今的涨幅为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.”
“深圳股票代表着经济转型的趋势，”位于北京的民生证券(Minsheng Securities)股票分析师李奇霖说，“就如1996年到2010年的房地产业一样，现在与中国整体经济紧密相连的是互联网和电信行业。这让投资者感到兴奋。”
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.
上周末央行宣布降息后，中国较大的股指也大幅上涨。总市值5.5万亿美元、偏重于大型国企的上证综指昨日上涨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.
上周日宣布的降息是央行自去年11月以来第三次降息，大多数分析师预计今年至少还会降息一次。他们还预计存款准备金率将进一步下调。和降息不同，存款准备金率的下调会直接向银行体系注入基础货币。
But fears of a crackdown on margin financing hit the Shanghai index, which tilts towards large, state-owned companies, last week.
但上周，对保证金融资可能遭整顿的担忧冲击了上证指数。
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，由于券商借给投资者炒股的贷款主要用于大盘股投资，科技股基本上躲过了上周的回调。
“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.
“在政策层面，投资者认为监管机构的去杠杆化举措将主要影响主板市场。如果你看一看保证金交易的目标股票名单，就会发现那些都是大公司，”上海一家主要券商的一名股票交易员表示。
