成渝高速上市首日股价暴涨202%

Investors were warned of speculative froth in the Chinese market after Sichuan Expressway, the first company to list on the Shanghai exchange in almost a year, more than tripled on its trading debut.

近一年来在上海证交所上市的首家公司——成渝高速(Sichuan Expressway)上市首日涨幅超过3倍，对此，专家警告投资者：中国股市存在投机泡沫。

The shares in the Chinese toll road operator closed up 202 per cent at Rmb10.90 from its initial public offering price of Rmb3.60 after trading was suspended twice when it hit a high of 323 per cent.

这家中国收费公路运营商的股票收于10.9元人民币，较3.6元人民币的首次公开发行(IPO)价格上涨202%，盘中股价涨幅达到323%时，曾被两次停牌。

The steep gains bode well for the trading debut of China State Construction Engineering Corporation, the largest home builder, which is expected to start trading tomorrow, and for companies that will list on Shenzhen's planned new board.

成渝高速的暴涨为中国最大住宅建筑公司——中国建筑工程总公司(CSCEC)明日的首日交易，以及将在拟议中的深圳创业板上市的各家公司带来好兆头。

China State Construction's IPO – the world's largest since Visa's offering of $19bn in March 2008 – raised Rmb50.16bn ($7.34bn) after pricing the shares at Rmb4.18 apiece.

中国建筑工程总公司的IPO是自Visa去年3月上市融资逾190亿美元以来，全球规模最大的首发上市。此次IPO定价为每股4.18元人民币，共融资501.6亿元人民币（合73.4亿美元）。

But observers warned of speculative risks. “We have excess liquidity and many investors appear to see the resumption of the long-suspended listings as an invitation to speculate,” said one analyst who asked not to be named. “These gains are not sustainable.”

但观察人士就投机性风险发出警告。一位不愿透露姓名的分析师表示：“我们有过剩的流动性。许多投资者似乎把暂停多时后的上市重启，看作一份投机邀请。”“这种涨幅是不可持续的。”

Sichuan Expressway's explosive debut also raised doubts about China's ability to build a mature market environment because a circuit-breaker mechanism – rules meant to discourage speculative trading – failed to stop the share price jump. Sichuan Expressway sold 500m new shares in its IPO, raising Rmb1.8bn.

成渝高速的首日暴涨，也引起了人们对于中国能否构建一个成熟市场环境的质疑，因为一个断路器机制（即旨在防止投机交易的各项规定）未能阻止股价飙升。成渝高速的IPO发行新股5亿股，融资18亿元人民币。

The offering was 414 times subscribed in its retail portion. Although analysts had predicted double-digit gains on the stock's debut, the highest forecast was Rmb6, far below the Rmb15.25 at which the share price peaked

此次发行中，散户申购部分获得414倍的超额认购。虽然分析师此前预测，交易首日股价将有两位数涨幅，但最高预测值为6元人民币，远低于该股所触及的15.25元人民币的峰值。

Since Beijing lifted its ban on new listings last month, three companies have listed on Shenzhen's main board and debuted with large first-day gains.

自上月北京取消新股发行禁令以来，已有3家公司在深圳主板上市，交易首日均有大幅上涨。

译者/章晴