黄剑/文

HuangJian/wen

　　2000年4月13日，新浪在纳斯达克股票市场正式挂牌交易，代码是SINA；6月30日，网易上市；7月12日，搜狐上市。

On April 13, 2000，Sina in the nasdaq stock market, officially listed for trading，The code is SINA；June 30,，Netease listed；July 12,，Sohu listed。

　　这一年也成为“中概股”元年。

This year also become“Are shares of”First year。

　　因为国内证券市场实行审核制，门槛过高，不少上市无门的企业纷纷以三大门户为榜样，赴美上市，实现“赚美国投资人钱”的财富梦想。

Because domestic securities markets of audit system，High thresholds，Many listed enterprises have to not have the three big portal for an example，Listed to，realize“American investors earn money”Wealth dream。

　　但情况从去年起开始有了变化。2011年6月开始，数十家中概股频频遭受做空机构攻击，据理财周报记者统计，2011年8月至今，在美上市的中概股已经退市的数量为23家，其中从纳斯达克退市的有15家。

But since last year has begun to change。Began in June 2011，Dozens of home is frequently do empty institutions from attack，According to financial weekly newspaper reporter statistics，Since August 2011，In the United States are in the listing of the stocks have the number of retreat city for 23 home，From the nasdaq delisting of 15 of the home。

　　即便是那些仍在苦苦挣扎并未退市的企业，也有很多陷入股价暴跌的泥潭中。华视传媒股价下跌超过96%，成为“中概股第一熊”；而曾经是资本市场宠儿、各种财富排行榜常客的赛维彭小峰，身家比最高峰时缩水70亿美元，恐怕再也没有重返富豪榜的希望。

Even those who are still struggling did not retreat city of the enterprise，Also have many into share prices collapse in the mire。China shares fell more than 96% depending on the media，become“In the first bear is shares”；And once the capital market pet、All sorts of rich list of "a regular PengXiaoFeng d，Assets than highest peak shrink $7 billion，I'm afraid never to return to the list's hope。

　　噩梦仍在继续，那些仍怀有“美国梦”的企业家成为下一个受伤的人。

The nightmare is still going on，Those who still have“The American dream”Entrepreneurs become the next the injured man。

　

　中概股杀手 Are shares of killer

　　自2006年起，莱福特共对21家中国海外上市公司发动袭击，其中有16家股价跌幅超过80%

Since 2006，Ford's total 21 home to China's overseas listed company launch attacks，There are 16 home share price dropped more than 80%

　　美国东部时间8月7日上午，香橼(Citron Research)在其官方网站发布一份名为《双面如新》的报告，认为如新在中国国内涉嫌非法“传销”，致其股价一度下跌12.7%。

The United States on August 7, eastern time this morning，citron(Citron Research)In its official website to release a name《Double-sided such as new》report，Think such as new in China's alleged illegal“MLM”，To its share price has dropped by 12.7%。

　　如新是一家在中国做直销的美国纽交所上市公司。它只是香橼众多猎物中不太起眼的一个。

As new do in China is a direct selling American nyse listed companies。It's just not too many citron prey to the humble a。

　　香橼是一家美国做空机构，创始人及唯一员工是一名40岁的犹太人，名为安德鲁·莱福特（Andrew Left）。让香橼和他大名远扬的是今年6月20日，他发动的对恒大地产的做空，这次不成功的猎杀让地产富豪许家印的身家在两个小时里蒸发了130亿港元。

Citron is a us do empty institutions，Founder and the only employees is a 40 year old the jews，Ford named Andrew lai（Andrew Left）。Let citron and his name is one of the 20 June this year，He started to evergrande real estate short，The unsuccessful hunt for real estate XuGuYin's trailing in two hours in the evaporation of hk $13 billion。

　　莱福特和他的香橼外号“中概股杀手”。2001年8月至今，他已累计发布150余份针对上市公司的负面报告，其中绝大多数都是针对在美上市的中概股。

Lai, ford and his citron nickname“Are shares of killer”。Since August 2001，He has accumulated more than 150 papers on release of the listed company of negative reports，Most of these are for the beauty of the listed in almost shares。

　　自2006年起，莱福特共对21家中国海外上市公司发动袭击，其中有16家股价跌幅超过80%，东南融通、中国高速频道等7家中概股都是在其攻击下最终退出美国资本市场。

Since 2006，Ford's total 21 home to China's overseas listed company launch attacks，There are 16 home share price dropped more than 80%，Accommodation of southeast、China's high-speed channel 7 home almost shares are under attack in its final exit the capital market。

　　与香橼齐名的还有浑水、OLP Global、Alfred Little等机构。做空机构与中概股的猎杀与反猎杀游戏，愈演愈烈。尽管这些机构偶有“失手”，但更多时候中概股创始人们只能眼睁睁看着手中的财富慢慢蒸发掉。

And citron of eponymous and muddy water、OLP Global、Alfred Little institution, etc。Do empty institutions and are in the hunt and kill the of the game，intensified。Although these institutions have accidentally“miss”，But more in the founding of people when will only watched the hands of the wealth slowly evaporate。

　　对于东南融通董事局主席贾晓工而言，“美国资本市场之旅”绝对是一次不愉快的回忆。

Board chairman of financing for southeast JiaXiaoGong speaking，“American capital market trip”Absolute is a bad memories。

　　2007年10月，东南融通在纽约证券交易所挂牌，交易代码为“LFT”，IPO共募集了1.49亿美元。当时为其上市保驾护航的是高盛和德意志银行。

October 2007，Southeast financing on the New York stock exchange listing，Transaction code for“LFT”，Total $149 million IPO raised。Then as its listed to escort, Goldman sachs and deutsche bank。

　　这家“中国第一家在纽交所上市的软件企业”，上市后股价即一路上扬，从发行价17.5美元一路飙升至最高42.86美元，市值曾高至25亿美元左右。

the“China's first in nyse-listed software enterprise”，After all the share price rise is listed，Price $17.5 from the soaring to the highest $42.86，Market value has high to about $2.5 billion。

　　随着东南融通成功上市，实际控制人贾晓工一夜暴富，个人财富在2010年底一度达6.7亿美元。在理财周报当年发布的《3000家族财富榜》中，贾晓工以23.66亿元人民币排在128名。

Along with the southeast financing market successfully，The actual control over the JiaXiaoGong overnight，Personal wealth in the end of 2010 was $670 million。In the financial year of release weekly newspaper《3000 family's wealth》in，JiaXiaoGong RMB $2.366 billion row in 128。

　　但上市4年之后，东南融通却被赶出了纽交所。贾晓工的财富之梦也被敲碎了。

But four years after the listing，Accommodation of southeast but were driven out of the nyse。JiaXiaoGong wealth dream was also break the。

　　2011年8月16日，纽约证券交易所宣布，东南融通正式被摘牌。做空机构正是东南融资的退市主力推手。

August 16, 2011，The New York stock exchange announced，The southeast is officially financing delisting。Do empty institutions is the main retreat city southeast financing push。

　　2011年4月26日，香橼在其官网发布一份研究报告，质疑东南融通造假。香橼认为东南融通毛利率远高于同行，涉嫌造假；同时质疑其高管背景、员工聘用关系等问题。

On April 26, 2011，In its official release citron a research report，Questioned southeast financing fraud。Citron think southeast gross margin financing is far higher than peers，In two；Also questioned its executives background、Employment relationship。

　　当日，东南融通股价大跌12.92%，次日，再跌20.28%。东南融通称暂不对香橼质疑发表评论。

On that day，Southeast shares tumbled 12.92% financing，The next day，Then fell 20.28%。Southeast financing for wrong citron questioned said comment。

　　直到第三日，贾晓工有所反应。这一天贾晓工主持召开电话会议，同时决定大规模回购东南融通股票。随后又决定将股票回购规模从5000万美元提高至1亿美元。但贾晓工并没有公开回应香橼的质疑。

Until the third day，JiaXiaoGong to respond。This day JiaXiaoGong is hosting a conference call，And decided to buy back stock financing large-scale southeast。Then decided to scale stock buyback from $50 million to $100 million to improve。But JiaXiaoGong and has not publicly questioned citron response。

　　5月9日，香橼发布了第二篇报告，指控东南融通人力资源管理存在问题。同日，做空机构OLP Global亦加入“围猎”东南融通。当日，东南融通股价再跌8.26%。

May 9,，The second report released citron，The southeast financing charges human resources management problems。the，Do OLP Global also join empty institutions“hunt”Accommodation of southeast。On that day，Share prices fell 8.26% financing southeast again。

　　次日，即香橼首份质疑报告发布两周之后，东南融通才发布了一份姗姗来迟的公告，回应香橼和OLP Global的质疑。

The next day，That first questioned report citron two weeks later，Financing to the southeast issued a belated announcement，OLP Global response to the question and citron。

　　但为时已晚，贾晓工已经无法阻止东南融通的股价雪崩。5月17日，东南融通被迫停牌。此时，其股价已经跌至18.93美元，市值缩水至10.8亿美元。

But it was too late，JiaXiaoGong is already unable to prevent the share prices of southeast financing avalanche。May 17,，Southeast financing was forced to the suspension。At this time，Its share price has fallen to $18.93，Wiping out to $1.08 billion。

　　而东南融通所聘审计机构德勤，早在5月4日即宣布开始调查东南融通造假事宜。调查的结果与香橼的指控相差无几，最终德勤在停牌两天之后宣布辞审。

The southeast and financing advertised auditing institutions deloitte，Early on May 4,, announced that began to investigate the southeast financing for fraud。The results of the survey and citron charges counterparts，Finally after two days of trading in deloitte announced the resignation。

　　几乎与此同时，美国证券交易委员会（SEC）开始对东南融通展开调查。

Almost at the same time，The securities and exchange commission（SEC）Start on the financing the investigation。

　　其间，东南融通4名高管先后辞职，包括首席财务官Thomas Gurnee和3名独立董事。最终，纽交所认为其管理架构已不再符合上市要求，于7月26日启动退市程序。

meanwhile，Southeast four executives has resigned financing，Including chief financial officer Thomas Gurnee and three independent directors。finally，Nyse think its management structure already no longer meet listing requirements，On 26 July start retreat city program。

　　东南融通在退市之后即于8月17日进入美国粉单市场交易。当日收盘价为0.78美元，比停牌前暴跌95.9%，市值仅为0.47亿元。贾晓工的纸上美元财富也随之烟消云散。

In the southeast financing to withdraw from the market after that in August 17, the pink sheet market transactions to enter the United States。On that day the closing price of $0.78，Suspended fell by 95.9% than before，Market value is 047 million yuan only。JiaXiaoGong paper dollars wealth also left behind。

　　与东南融通有着相似经历的，还有中国高速频道、普大煤业、中国电机、旅程天下、盛世巨龙等一系列中概股。财务问题、公司管理问题是这些公司的通病，就像一栋偷工减料的破房子，风和日丽的时候没问题，一旦遇到狂风暴雨，顷刻间倒塌。

And financing had similar experiences of the southeast，And China's high-speed channel、General big coal、China motor、Journey the world、The dragon is a series of events in stocks。Financial problems、The company management is the common problems of these companies，Like a house of jerry the house，The sunny when no problem，Once encountered heavy rain and strong winds，Instantly collapsed。

　　

彭小峰的黑色2012 PengXiaoFeng black 2012

　　赛维市值只有1.91亿美元，蒸发了上百亿；彭小峰的财富也缩水73亿美元，锐减98.11%

"D only $191 million market value，Evaporated tens of billions of；PengXiaoFeng wealth also shrink $7.3 billion，Cut by 98.11%

　　曾是中概股骄子的赛维彭小峰，其财富之路如同一出跌宕起伏的大片。

Was the darling of the will of PengXiaoFeng d，The road like a wealth of the ups and downs of the blockbuster。

　　2007年，赛维LDK在美国纽交所成功上市。这是中国新能源企业在美国市场最大的一次IPO。上市首日，赛维市值为36.45亿美元，而持股72.13%的大股东彭小峰，其个人财富值也高达26.29亿美元。

2007 years，"D LDK in the United States nyse listed success。This is China's new energy enterprise in the American market for one of the biggest IPO。market-watchers，"D selling for $3.645 billion，And the big shareholders PengXiaoFeng 72.13% shareholding，The personal wealth value is as high as 2.629 billion dollars。

　　至当年10月，赛维的市值飞升至102.85亿美元，彭小峰账面财富则达74.18亿美元，迅速蹿升至国内富豪榜前十之列。

To October that year，The market value of the d rise to $10.285 billion，PengXiaoFeng book wealth is $7.418 billion，Quickly flied to domestic list's top ten list。

　　但5年之后的今天，赛维市值只有1.91亿美元，蒸发上百亿；而彭小峰的财富也缩水73亿美元，锐减98.11%。赛维与彭小峰均已深陷泥沼之中，债台高企，而破产传闻也不断传出。

But five years later today，"D only $191 million market value，Evaporation tens of billions of；And PengXiaoFeng wealth also shrink $7.3 billion，Cut by 98.11%。"PengXiaoFeng d and are already sink in，Debt Taiwan high，Also spread rumors went bankrupt。

　　从创立赛维，到年产2G瓦硅片的“世界级规模”，彭小峰只用了2年时间。

From starting the d，The annual output of 2 G watts of silicon chips“World-class scale”，PengXiaoFeng took only a couple of years。

　　彭小峰并不满足仅仅生产硅片，很快他就开始尝试光伏的上下游。

PengXiaoFeng does not meet only silicon wafer production，He soon began to try pv of upstream and downstream。

　　在赛维组建1个月之后，彭小峰即开始筹建多晶硅项目，3个5000吨的项目。而此时，国内各大厂商的多晶硅项目规模，多者也只有几百吨。

In the months after a 1 d，PengXiaoFeng that is designed to poly project，3 5000 tons of project。And right now，The domestic manufacturers of poly project scale，Only a few hundred tons and deserve。

　　激进的彭小峰最终遇到了困境。

Radical PengXiaoFeng finally meet the dilemma。

　　赛维从最初硅片经营，扩大到多晶硅、电池及组件等业务，一直都在快速扩张，但这种扩张并没有体现在业绩中。

"From the initial wafer management dimension，Expanded to polycrystalline silicon、The battery and components etc，Have been fast expansion，But this expansion and not reflected in performance。

　　自去年以来，赛维一直处于巨额亏损之中，而债务压力也难以缓解。

Since last year，"D has been in huge losses in，And the debt to relieve pressure。

　　8月2日，赛维发布2012年上半年业绩公告。财报显示，赛维今年上半年亏损10.8亿元人民币，营业收入为23.86亿元，去年同期营业收入则为78亿元，同比下滑69.41%。而在2011年，赛维净亏损甚至高达54.9亿元。

August 2，"In the first half of 2012 results released d public announcement。Results show，"D in the first half of this year losses is 1.08 billion yuan RMB，Operating income for 2.386 billion yuan，In the same period last year operating income is 7.8 billion yuan，Decline 69.41% year-on-year。And in 2011，"D net loss is as high as 5.49 billion yuan。

　　而赛维的不断亏损也使资金压力不断加大。上半年其负债共为211.6亿元，负债率为80%，到年底还将有20亿元的银行到期借款。

And "d make capital losses of the constantly increasing pressure。The first half of its debt of 21.16 billion yuan，Ratio of 80%，Until the end of the year will also have 2 billion yuan bank loan expires。

　　据悉，为了缩减开支，今年以来，彭小峰已经裁减了5000余名员工，而近一年时间里已裁员9000余名。

It is reported，In order to cut costs，Since this year，PengXiaoFeng has shed more than 5000 employees，But almost a year already more than 9000 job cuts。

　　2008年下半年开始，多晶硅价格大跌。尽管随后有所反弹，但2011年以来，多晶硅价格又快速下跌，这种势头一直延续至今，而整个光伏行业也步入了漫长的“寒冬”。

Since the second half of 2008，Polycrystalline silicon prices plunged。Although then rebounded，But since 2011，Polycrystalline silicon prices fell and quick，This trend has continued ever since，And the whole photovoltaic industry also entered a long“winter”。

　　广发证券(000776,股吧)一名分析师预测，由于多晶硅库存依然在增加，产品价格下滑趋势上会延续，行业回暖的迹象难以看到。

Wide hair negotiable securities(000776,Shares it)A analysts predict，Due to the increase in polysilicon inventories are still，Product prices will continue to decline，To see signs of reverting to industry。

　　当然，彭小峰并不是孤例，他的同行过得也一样不好。无论是尚德电力控制人施正荣，还是晶澳太阳能董事长靳保芳，均面临着公司业绩下滑，个人财富灰飞烟灭的问题。

Of course，PengXiaoFeng is not isolated cases，His colleague had as well。Whether suntech power control person shi said，Crystal solar energy chairman JinBaoFang or Australia，Are facing the company performance to slide，Personal wealth to dust。

　　财报数据显示，尚德电力今年一季度债务高达接近230元（35.8亿美元）。中国英利最新业绩预告显示，其今年二季度预亏1.9亿元（0.3亿美元），去年其亏损了32亿元。

Earnings data shows，Suntech power debt first quarter of this year to nearly $230（$3.58 billion）。China's latest forecast shows yingli performance，The deficit in the second quarter of this year the 190 million yuan（$030 million），Last year its loss 3.2 billion yuan。

　　光伏行业多家上市公司均高居“中概股”跌幅榜前列。截至8月10日，尚德电力市值已从上市之日的27.15亿美元跌至1.88亿，而晶澳太阳能市值也比首发日大跌93.27%。

Photovoltaic industry many listed companies at all“Are shares of”Fall among list。As of August 10,，Suntech power market value has listed on the day of 2.715 billion from the dollar fell to 188 million，And crystal Macao solar market value than starting, 93.27% drop。

　　施正荣的账面财富已经不足一亿美元，蒸发了26亿美元。靳保芳的财富则缩水9成。

The carrying amount of wealth have shi said less than $one hundred million，Evaporation of $2.6 billion。JinBaoFang wealth is 9 to shrink。

　

　“美国梦”破灭 “The American dream”burst

　　今年以来，登陆美国成功的中国企业只有唯品会一家。从去年7月至今，也只有2家中国公司在美国上市

Since this year，The success of China's land us only enterprises only product will be a。From July last year so far，Only two Chinese companies listed in the United States

　　去年下半年以来，美国投资者对中国企业兴趣越来越低，要求越来越苛刻。

Since the second half of last year，American investors in Chinese company interested in more and more low，Demand more and more demanding。

　　越来越多的“中概股”不得不面对退市或濒临退市的命运，而那些在美国证券市场大门之外徘徊的中资企业，想再多迈一步，也愈发艰难。

More and more“Are shares of”Have to face retreat city or are about to retreat city's fate，And those in the securities market outside the gate wandering chinese-invested enterprises，Want to more step，Also increasingly difficult。

　　今年以来，登陆美国成功的中国企业只有唯品会一家。从去年7月至今，也只有2家中国公司在美国上市。

Since this year，The success of China's land us only enterprises only product will be a。From July last year so far，Only two Chinese companies listed in the United States。

　　相比于去年上半年，奇虎360、人人网等5家企业同登美国资本市场的热闹喧嚣，如今的局面可谓凄凄惨惨戚戚。

Compared to the first half of last year，JiHu 360、Everyone nets, and five companies reach the capital market in the United States the noisy noise，Now the situation is QiQiCanCan works。

　　此前，迅雷、拉手网、窝窝团、神州租车和盛大文学等企业都已先后向美国证券交易委员会(SEC)提交公开募股(IPO)申请，而京东商城的赴美IPO也已计划多时。

after，thunderbolt、Shake handshandle nets、Litters group、China car rental and big enterprises such as literature has began to the United States securities and exchange commission(SEC)Submit public offerings(IPO)application，And the IPO also to store the jingdong has long plan。

　　结局无一例外：等候多时，犹在门外。迅雷和拉手网等公司的上市申请都已搁置。着急融资的神州租车甚至等待不及，主动终止了赴美IPO申请。

End without exception：Waiting time，At the door of the。Thunderbolt and shake handshandle nets etc. Application for listing has set aside。Try so hard financing car rental and even waiting for less than the shenzhou，The initiative to end the IPO applications。

　　今年1月，神州租车提交赴美IPO申请，计划募集资金1.58亿美元至3亿美元。

January，China car rental submit application to the United States to IPO，Plans to raise capital of $158 million to $300 million。

　　作为神州租车的创始人与董事长，陆正耀的梦想就是把这家公司送上资本市场。他此前曾表示，作为资金密集型行业，租车企业发展需要雄厚的资金和专业的金融支持。

As the founder of the shenzhou car rental with the President，LiuZhengYao dream is to put the company on capital market。He had earlier said，As capital intensive industries，Car rental enterprise development need abundant capital and professional financial support。

　　神州租车一直在跑马圈地，最缺的即是资金。一位营销分析师认为，神州在战略上首先选择发展规模，加快扩张能获得更大盈利空间。

China has been in the car rental horse race circle，Lack most that is money。A marketing analysts think，In the first choose the shenzhou strategy development scale，To speed up the expansion can get more profit space。

　　据神州租车披露的招股说明书显示，其负债率在2011年底高达95.4%。

According to the shenzhou car rental disclosed in the prospectus of display，Its leverage in the end of 2011 is as high as 95.4%。

　　同时，陆正耀本人持有神州租车股比达30%。以神州租车所确定的10.5美元-12.5美元/股的价格计算，其市值在7.7亿-9.2亿美元之间。陆的个人财富至少在2.3亿美元以上。

At the same time，LiuZhengYao I hold joint shenzhou car rental 30%。To determined the shenzhou car rental of $10.5-$12.5 per share price calculation，Its market value in the 770 million-920 million dollars between。Lu the personal wealth of at least us $230 million。

　　然而，提交上市申请3个月之后，神州租车暂停了计划。5月，神州租车又撤消了申请。

however，Submit application for listing after 3 months，China car rental suspended the plan。may，China car rental and withdraw the application。

　　折戟IPO，神州租车的官方解释是，美国资本市场疲软以及投资人对中概股信心不足所致。

Fold ji IPO，The official explanation is the shenzhou car rental，American capital market is weakening and investors are shares of lack of confidence is the result of。

　　一家于去年从纳斯达克退市的中资企业高管娄峻峰向理财周报记者介绍，美国市场对于中国企业的兴趣和信任度均在降低，所以中国企业赴美上市的条件要比以往严格。

In a last year from nasdaq delisting chinese-invested enterprise executives to finance a weekly newspaper reporters LouJunFeng introduction，The American market for Chinese enterprise interest and trust are falling，So the Chinese enterprise to the United States to the listing of the conditions than ever to strict。

　　“一些中资公司先后出现造假现象，比如东南融资、嘉汉林业等，会让美国投资者对现来的中国公司产生不好印象。”娄峻峰介绍，不少业绩较差的中资企业赴美上市，纯粹为了“圈钱”，容易出现财务造假等多种乱象。

“Some Chinese companies successively appeared fraud phenomenon，Financing such as southeast、Jia han forestry etc，Will allow the U.S. to Chinese investors now have bad impression。”LouJunFeng introduced，Many with poor performance to chinese-invested enterprises listed，Purely for“Encircling money”，Easy to have financial fraud and so on many kinds of the mess。

　　IPO失败，陆正耀财富之梦要推迟了，而神州租车至少融资1.58亿美元的愿望也要暂停一段时期。

Failed IPO，LiuZhengYao wealth dream to put off，And the shenzhou car rental at least $158 million in financing to suspend the desire for a period of time。

　　然而，神州租车不久之前宣布，已获得美国华平投资集团2亿美元股权投资，而随后中国银行业宣布给予其30亿元人民币授信。神州租车对资金的饥渴，暂能缓解。

however，China car rental announced shortly before，The United States has received $$200 million investment group equity investment，And then the China banking announced that gives its 3 billion yuan RMB credit。China car rental of capital hunger，Temporary can alleviate。