中国公司将“过山车式”市场震荡带到美国

Chinese start-ups are bringing the volatility of their homeland markets to New York.

中国的初创企业将本土市场的波动带到了美国。

The Tencent-backed news aggregator Qutoutiao more than doubled its share price on its first day of Nasdaq trading, before tumbling on the second. The luxury electric-car maker Nio, which has a market capitalization of almost $9 billion, seesawed almost as much. Small free floats and untested business models are partly to blame, but the erratic behavior will hurt future debuts.

在纳斯达克上市首日，背后有腾讯支持的新闻聚合服务趣头条股价翻了一番以上，第二日又出现暴跌。市值近90亿美元的高端电动汽车制造商蔚来汽车股价几乎也是一样大涨大跌。小规模的自由浮动和未经检验的商业模式是造成这种情况的部分原因，但这种不稳定的表现会对未来的上市造成伤害。

Qutoutiao, an unprofitable start-up that gives cash rewards to its readers, priced its shares at the bottom end of a marketed range last week. Investors, it seemed, were put off by a lack of important operating licenses, and other signs of a rushed sale. But the shares rose nearly 130 percent from their listing value on the first day — only to crash 40 percent in the next session. Nio, China’s answer to Tesla, had a similar ride. It priced at the low end of an ambitious range and had a damp start, but its shares soared nearly 80 percent on the second day.

趣头条是一家尚未实现盈利的初创企业，它给读者现金奖励，该公司上周将股价定在了定价区间的最低点。因为它缺乏重要的运营执照，加之其他匆忙上市的迹象，投资者似乎对该公司兴趣缺缺。但该公司股价首日上涨近130%——第二天却下跌40%。中国版特斯拉(Tesla)蔚来汽车的情况与之类似。该公司股价定在一个颇有雄心区间的低点，上市开局不利，但第二天股价暴涨近80%。

In both cases, the oscillations — more frequently seen in mainland exchanges — triggered trading halts.

在这两起案例中，它们所引发的震荡——在中国大陆的交易所较为常见——均触发熔断。

One credible explanation for the roller coaster effect is the small quantity of shares actually sold by Chinese debutantes, either because of stubborn founders, weak investor demand or both. Just 16 percent of Nio was sold. Qutoutiao put roughly 5 percent of itself on the market. That amplifies market mood swings.

对这种过山车效应一个较为可靠的解释是，这些初次亮相的中国企业实际出售的股份规模较小，这样的原因可能是创始人较为固执，也可能是投资者需求不足，或是两者皆有。蔚来汽车的股份仅有16%用来出售。趣头条则仅把该公司约5%的股份放在股市上。这样的做法加剧了市场波动。

Overall, the eight largest Chinese companies making U.S. debuts this year sold between 4 and 19 percent of their shares, according to the data provider Dealogic. That compares to between 14 and 86 percent for the top non-Chinese companies listing on the Nasdaq and the New York Stock Exchange.

据数据提供商迪罗基(Dealogic)，整体来看，今年在美国上市的八家大型中国企业仅出售了4%至19%的股份。相比之下，在纳斯达克和纽约证交所上市的非中国大型企业拿出了14%至86%的股份用于交易。

Of course, weak pricing relative to early headlines will have contributed too.

当然，早期大肆宣传的低定价也是促成这种情况的因素之一。

Either way, trading with Chinese characteristics has damaging consequences. With even companies like the $27 billion shopping app Pinduoduo whipsawing this year, large institutional investors may be put off further listings, making it ever harder to build credible shareholder books. That would only accentuate the gambling problem further.

无论如何，带有中国特色的交易会造成破坏性后果。即便市值270亿美元的购物应用程序拼多多这样的公司，股价都出现了起伏动荡，因此大型机构投资者可能会对未来的上市失去兴趣，这会让打造可信的股东账簿变得更加困难。而这只会进一步加剧这种赌博问题。