中国明星企业纷纷在美退市 China star enterprise in succession in beauty delisted

　　最近一年内，盛大网络、阿里巴巴两家中国概念股中的明星企业已完成私有化退市。投中集团数据统计，包括分众传媒在内，今年至今已有12家在美上市的中国概念股宣布私有化计划，主动选择离开美国资本市场。在2010年，美国资本市场吸纳了40家中国企业上市，成为中国企业第二大海外IPO阵地。而从2011年8月至今只有两家中国企业在美国上市，赴美上市越来越难。

A recent years,Shanda network/Alibaba two Chinese concept stock of the star enterprise has completed privatisation delisted.Hit group data statistics,Including points, all the media,this year has been 12 home in the United States listed Chinese concept stock announced privatisation plan,Active choose to leave the United States capital markets.In 2010,the United States capital markets in the 40 Chinese companies listed,Become China's enterprise's second largest overseas IPO position.From aug 2011 to present only two Chinese companies listed in the United States,United States listed has become more and more difficult.

　　——国际知名创投恩颐投资（NEA）全球合伙人、中国董事总经理蒋晓冬表示，过去几十年中国企业远赴重洋出海上市主要因为国内资本市场不完善，如今随着国内资本市场逐渐成熟，中国企业在国内上市是首选出路。

, the international well-known venture investment already grace(NEA)Global partners/Chinese director general manager JiangXiaoDong said,the past few years China enterprise far go to the sea to sea listed mainly because the domestic capital market is not mature,And now, with the domestic capital market gradually mature,Chinese enterprises in the domestic listed is the best way.

　　前7月300亿资金涌入期货市场 Before July 30 billion money into futures market

　　股市单边跌势情况下，期货市场的双向交易机制显露出“优越性”。今年以来，期货客户保证金存量重拾升势，7月底已经站上1,800亿元，较今年年初净流入300亿元。如果下半年玻璃、焦煤等新品种顺利上市，有望将期市保证金存量推回2010年时2,000亿元的历史高点。

the stock market unilateral fall cases,Futures market two-way trading mechanism show"superiority".Since this year,Futures customer margin stock to regain uptrend,the end of July 1 has website,80 billion yuan,At the beginning of this year net is 30 billion yuan.If the second half of glass/Coking coal and so on new variety smooth listed,Is expected to spot will deposit stock back 2010 2,00 billion yuan historical highs.

　　——据业内人士分析，上半年流入期货市场的资金有一部分来自股市，还有一部分来自企业。由于股市持续低迷，具有做空机制的期市吸引了不少股民，另外，上半年期货市场也出现了明显的趋势性投资机会，也吸引了投资者入场。

- according to the personage inside course of study,the futures market in the first half of the inflow of funds is part from the stock market,And from the part of the enterprise.Due to the stock market sustained downturn,Has the shorting mechanism of spot attracted many people,In addition,the futures market in the first half and there is an obvious trend of investment opportunity,Also attracted the investors.

　　波音等26家美国大企业联邦税不及CEO薪酬 Boeing, etc 26 large American enterprise federal tax as CEO compensation

　　据美联社报道，美国自由派智库政策研究学会（Institute for Policy Studies）公布的调查报告显示，包括AT&T 、波音、花旗集团在内的26家美国大公司去年CEO薪酬超过向联邦政府所缴税收。这些公司的利润平均超过10亿美元，CEO薪酬平均2,040万美元，但所支付的联邦税却寥寥无几或一分不交。

According to the Associated Press reported that,the United States liberal think-tank policy research society(Institute for Policy Studies)Published survey,Including At&t /Boeing/Citigroup, the 26 large American company CEO pay more than last year the federal government pay tax.the company's profit an average of more than 1 billion dollars,CEO pay an average of two,0.4 million dollars,But for the federal tax only a few or a points don't pay.

　　——花旗集团发言人表示，公司在2008、2009年亏损，利用这笔亏损抵扣了今年的利润税。

- citigroup spokesman said,Company in 2008/2009 losses,Use the loss deduction for this year's profits tax.

　　中国企业海外并购逆势上扬 Chinese enterprises overseas mergers and acquisitions contrarian rise

　　普华永道公布的一份名为《2012年上半年并购交易回顾与前瞻》的报告显示，全球宏观经济的不景气并没有影响中国的海外并购交易，尽管并购数量略减6%，但金额是去年同期的近三倍。并购地区排位第一的是北美洲，其次是欧洲，而以往中国海外并购最热的区域是亚洲。

Pricewaterhousecoopers released a name[In the first half of 2012 acquisitions retrospect and prospect]report,Global macro economic recession and have no effect on China's overseas acquisitions,Despite the number of mergers and acquisitions slightly reduced 6%,But the amount of the same period last year is nearly three times.Mergers and acquisitions in the first qualifying is North America,Second is the European,Whereas China's overseas merger and acquisition of the hottest area is Asian.

　　——普华永道中国北京咨询服务部主管合伙人卢玉彪表示，这种现象是由多个因素共同驱动的，其一是中国企业因并购经验而增强了信心；另外对资源和技术的战略性需求和绝佳的海外买入机会都推动并购。

Beijing, China - pricewaterhousecoopers consulting service department competent partner LuYuBiao said,this kind of phenomenon is common from multiple factors driving,One is Chinese enterprises for m&a experience and strengthen the confidence;In addition, the resources and technology strategic needs and perfect overseas buying opportunities are promote mergers and acquisitions.

　　去年我国零售企业并购额374亿元 Last year the retail enterprises in our country 并购额 37.4 billion yuan

　　日前，德勤和中国连锁经营协会联合发布的《中国零售力量2012》报告显示，2011年零售企业并购活动呈上升趋势，零售企业整体并购金额达58.96亿美元，比上一年增长15%。

a,Deloitte and China chain-like management association issued jointly by the state[China's retail power 2012]the report shows that,2011 retail enterprise merger and acquisition activity shows ascendant trend,Retail enterprise merger and acquisition of whole amounted to us $5.896 billion,Up 15% on the previous year.

　　数据显示，2011年，中国零售行业并购交易数量达159起，比去年增长20%。2011年披露的并购金额共计58.96亿美元（约合人民币374亿元），是前一年的1.15倍。

Data display,In 2011,,China's retail industry mergers and acquisitions number 159 up,20% more than last year.2011 disclosure m&a totalling $5.896 billion(37.4 billion yuan),Is a year before 1.15 times.

　　——德勤中国消费与运输行业华北区领导人刘劲柏表示，“内资企业收购内资企业主要是为了区域扩张，外资企业收购内资企业的目的在于拿市场，而海外并购主要是为了扩展品牌。”

- deloitte China's consumer and transport industry leaders in north LiuJinBai said,"Domestic companies to purchase domestic enterprise mainly to regional expansion,the foreign capital enterprise purchase domestic enterprise aims to take market,And overseas mergers and acquisitions is mainly in order to expand the brand."

　　中国社科院：未来20年5亿农民要进城 the Chinese academy of:the next 20 years 500 million farmers to the town

　　近日，中国社会科学院城市发展与环境研究所发布城市蓝皮书《中国城市发展报告（2012）》。蓝皮书指出，今后20年内，中国将有近5亿农民需要实现市民化，为此至少需要40-50万亿元的成本。

recently,the Chinese academy of social sciences institute of urban development and the environment by city blue book[China's urban development report(2012)].Blue book points out that,the next 20 years,China will have nearly 500 million farmers need to realize citizenization,therefore needs at least 40-50 trillion yuan cost.

　　——中国社科院城环所副所长魏后凯研究员表示，目前中国离城市型社会的要求还具有较大的差距。从生活方式标准看，大量进城务工的农民工、郊区就地转化的农转非居民以及县改区中存在的大量农民，没有真正融入城市，其生活方式和消费方式仍然保留着农民的习惯和特征，市民化程度低。

By the Chinese academy of social sciences, the city ring after deputy director wei kai researcher said,At present Chinese from the city type of social requirements also has a big gap.From the way of life standard look,A large number of migrant workers of migrant workers/Suburbs in situ transformation of rural residents become urban residents residents as well as county change existing in the area of a large number of farmers,Not really into the city,their way of life and consumption patterns still retains farmers' habits and characteristics,Low degree of urbanization.

　　594家公司披露半年报9成盈利 594 companies disclose semi-annual report 9 into profit

　　根据WIND统计，截至8月13日，沪深两市共有594家上市公司公布了半年报，占全部上市公司的近四分之一。在这些公司中，340家公司业绩同比增长，532家公司实现盈利，分别占比57.2%和89.6%。相对全球经济总体的不景气，已公布半年报的上市公司在今年上半年取得了相对不错的经营成果。不过，单就第二季度来说，上市公司的业绩成长性表现并不理想，只有经营性现金流净额的强劲增长或许能给投资者带来一些安慰。

According to the WIND statistical,As of August 13,,Shanghai and shenzhen two city a total of 594 listed companies released annual report and a half,Of all the listed company of nearly a quarter.In these companies,340 companies performance year-on-year growth,532 companies realize the profit,Accounted for more than 57.2% and 89.6%.Relative to the global economy overall recession,Published half annals of the listed companies in the first half of this year made relatively good operating results.but,For the second quarter alone,the performance of the listed company growth performance is not ideal,Only business net cash flow of strong growth may bring some comfort to investors.

　　——《证券时报》撰文表示，经营性现金流净额的迅速增长，有可能是上市公司加速回收货款或大力清理库存等积极因素引起，也有可能是企业在大环境不景气的情况下停止产能扩张和新品投入而导致，投资者仍需谨慎判断。

--[Securities times]Said articles,Net operating cash flow of the rapid growth,May be listed companies to accelerate the recovery payment for goods or to clean up inventory positive factors,It is also possible that enterprises in the environment under the stagnant stop capacity expansion and new product into and cause,Investors still needs careful judgment.

　　41家房企现金超1,500亿 41 home room to cash super 1,50 billion

　　截至8月16日，沪深两市共有37家上市地产企业公布2012年中报，港股中前20名房企公布中期业绩的则有4家。链家地产市场部统计显示，上述已公布成绩单的房企现金持有量超过1,500亿元，比年初相比增长超过两成。同时，上述房企的现金达到短期债务的1.51倍，而这一数据在年初仅为1.29倍，调控以来紧绷的房企资金链压力明显有所缓解。

As of August 16,,Shanghai and shenzhen two cities there are 37 listed real estate enterprise announced the 2012 NianZhongBao,Hong Kong stocks top 20 room announced to the medium-term performance of have four.Chain home real estate Marketing Department statistics show,the published report card room to cash holdings more than 1,50 billion yuan,More than twenty percent from a year earlier.At the same time,the above room to cash reach 1.51 times of short term debt,And the data in the beginning of the year is only 1.29 times,Since the regulation tight room enterprise capital chain pressure obviously to ease.

　　——链家地产市场研究部常清认为，万科、中海等龙头房企所持现金均超过短期债务2倍，不仅偿债能力强，而且有足够现金去拿地或收购。

- chain home real estate market research that temperamental predominance,vanke/the leading enterprises such as room the cash than short-term debt 2 times,Not only debt paying ability is strong,And have enough cash to take or acquisition.

　　——华泰证券(601688,股吧)杜佐松认为，房企增大现金持有比例从另一方面反映出对后市的谨慎态度。

- huatai securities(601688,guba)DuZuoSong think,Room to increase cash holding ratio on the other hand for the market outlook reflects the cautious attitude.

　　七成上市公司坏账准备增加 Seventy percent of the listed company bad debt reserve increase

　　日前，东阿阿胶(000423,股吧)、太阳纸业(002078,股吧)等7家山东上市公司公布半年报，除青岛啤酒(600600,股吧)外，其余6家公司的坏账准备均出现上升。而这并非山东一地的现象，WIND资讯统计显示，目前公布半年报的上市公司中，坏账准备增加的占逾七成，阳泉煤业(600348,股吧)半年增加的坏账准备甚至高达1.3亿元。

a,DongA colla(000423,guba)/the sun paper(002078,guba)7 home shandong listed company announced half annals,In addition to Qingdao beer(600600,guba)outside,the remaining six companies of the provision for bad debts all appear to rise.And this is not a phenomenon in shandong province,WIND information statistics show,Half of the annual report published so far in the listed companies,the provision for bad debts increased accounted for more than seventy percent,Yangquan coal(600348,guba)Half a year increase of the provision for bad debts or even as high as 130 million yuan.

　　——中国人民大学经济研究所教授杨春刚表示，坏账准备上升背后，是全球经济下行造成的企业经营困难。如果局面不能好转，将会进一步危及到为这些企业放贷的银行体系。

- China people's university professor economic research institute YangChunGang said,the provision for bad debts behind rising,Is the global economy down cause enterprises face difficulties in their business operation.If the situation can not improve,Will further endanger to the enterprise lending bank system.

　　三大油企海外并购资源 three lard enterprises overseas merger and acquisition of resources

　　最近两年，中国企业赴美并购不断。2012年2月，中石油收购壳牌位于加拿大Groundbirch的页岩气项目20%权益，交易金额超过10亿美元。2012年1月，中石化集团国际石油勘探开发公司投资22亿美元，与Devon Energy Corp创建一家合资公司，获得美国5个页岩油气33%的资产权益，折合净面积约1644平方公里。2011年1月，中海油以13亿美元，收购美国切萨皮克能源公司位于美国科罗拉多东北部和怀俄明州西南部页岩油气项目共33.3%的权益。

Over the past two years,Merger and acquisition of Chinese enterprises to continuously.In February 2012,Petrochina acquisition shell is located in Canada Groundbirch shale gas project 20% interest,transaction value of more than 1 billion dollars.In January 2012,Sinopec group international petroleum exploration and development company investment of us $2.2 billion,And Devon Energy Corp create a joint venture company,Get the United States five shale oil and gas 33% of assets rights,Reduced net area is about 1644 square kilometers.In January 2011,Cnooc to $1.3 billion,Buying American Chesapeake energy company is located in the United States in the northeast and southwest Colorado, Wyoming shale oil and gas project a total of 33.3% of the equity.

　　——中石化石油勘探开发研究院咨询委副主任张抗认为，三大石油公司动辄以数十亿元去美国实施并购，背后意图之一是为了获得美国成熟的页岩气开采技术，以最终运用于国内开发。

- sinopec oil exploration and development research institute advisory committee, deputy director of zhang resistance to think,three big oil companies frequently to billions of dollars to the U.S. to implement mergers and acquisitions,Intentions behind one of the United States is in order to obtain mature shale gas mining technology,Finally used in domestic development.