中国上证综指大跌4.1% 股民相约天台

Mainland China's main equity index has closed more than 4 per cent lower, amid reports that domestic stockbrokers are pulling back from lending clients money to buy shares, as regulators become increasingly concerned about the fierce nature of a recent stock-market rally.

中国内地主要股指收跌逾4%。与此同时，有报告称，由于监管机构对于近期中国股市的激烈上涨势头日益担心，中国多家券商正在减少向客户出借购股资金的现象。

The Shanghai Composite, which has increased in value by almost 120 per cent over the past year, fell 4.1 per cent to 4,308 points. That is the index's biggest drop since January 19, and the seventh biggest fall over five years.

过去一年里上涨近120%的上证综指(Shanghai Composite)下跌4.1%，跌至4308点。这是该指数自1月19日以来的最大跌幅，也是五年内的第7大单日跌幅。

The dramatic rise in equity valuations has unsettled China's securities regulators and even some companies raising funds via IPOs.

中国股市的暴涨已令中国证券监管机构十分不安，甚至也引起了部分通过首次公开招股(IPO)筹集资金的企业的忧虑。

The China Securities Regulatory Commission has issued several warnings about stockmarket risks, and boardroom executives are loyally repeating the official language.

中国证券监督管理委员会(China Securities Regulatory Commission，简称CSRC)已针对股市风险数次发出警告。与此同时，各董事会高管也在忠实地重复着官方的说法。

The management team of Chinese online video company Beijing Baofeng Technology urged the public to "invest rationally", after its stock jumped by 44 per cent on the first day of trading on the nation's mid-cap market in the wealthy southern Chinese city of Shenzhen.

中国在线视频公司北京暴风科技公司(Beijing Baofeng Technology)的管理团队曾敦请公众“理性投资”。在此之前，该公司股票在中国华南深圳市的创业板市场上市，上市首日其股票就跃升44%。

According to the Shanghai Securities News, an official publication, Chinese stockbrokers including Huatai Securities, a house popular with retail investors, have raised their requirement for collateral on margin loans.

根据官方的《上海证券报》(Shanghai Securities News)报道，包括深受散户投资者欢迎的华泰证券(Huatai Securities)在内，中国多家券商已提高了对融资抵押品的要求。

The fierce rally on the Shanghai Composite is worrying domestic regulators, in part, because many investors' gains have been achieved with leverage.

中国国内监管机构对上证综指的暴涨十分担心，一定程度上因许多投资者的收益是通过杠杆化投资获得的。

Margin financing, a relatively new phenomenon in China that involves domestic brokers lending their clients money to buy stocks, in the same manner banks extend mortgages to property buyers, rose to a fresh record of RMb1.24tn on May 4, data from the Shanghai Stock Exchange showed.

相对来说，融资融券在中国是个新生事物。在这一过程中，与银行向购房者贷款类似，国内券商会将资金借给客户购买股票。来自上海证券交易所(Shanghai Stock Exchange)的数据显示，5月4日中国融资融券的规模已升至1.24万亿元人民币的新记录。

Analysts have also long been predicting a correction in the Shanghai market based on ever-rising valuations and increasing participation in the rally by taxi drivers and market traders. A photo that was heavily shared on social media last week apparently showed a Chinese banana vendor trading on his laptop. The provenance of the image is unclear, but the symbol caught analysts' attention nonetheless.

长期以来，分析师也一直预计沪市会出现一轮调整。他们的根据一方面是沪市不断攀升的市值，另一方面的原因则是：从出租车司机到街头小贩，人们对股市这轮涨势的参与热情日益增加。就在上周，在一张被社交网站大量转载的照片上，一位中国香蕉商贩正在其笔记本电脑上炒卖股票。这张图片的来源并不清楚，不过分析师已注意到了图片背后的象征意义。

As RBS strategist Alberto Gallo wrote in a late-April note:“Housewives, taxi drivers and street vendors busy trading stocks are common sight in China these days. It appears the banana guy has a few friends, around 12 million who opened A-Share trading accounts since March 20, and after the government allowed investors to hold multiple accounts with different brokers in early April.”

苏格兰皇家银行(RBS)策略师阿尔贝托•加洛(Alberto Gallo)曾在4月底的一份报告中写道：“这几天，忙着炒股的家庭主妇、出租车司机及街头小贩已成为中国的常见景象。这位香蕉商贩似乎很有一些同伴。自3月20日以来，尤其是在4月初中国政府允许投资者在不同券商处持有多个账户之后，开设A股交易账号的人数达到了大约1200万人。”