金融大鳄缘何折戟香港

Financial big alligator fold halberd why Hong Kong

　　发布时间：2012-10-19 作者:仇晓慧

Release time:The 2012-10-19 author: QiuXiaoHui

　　2007年12月29日，投资大师安东尼?波顿在飞往加勒比海的飞机上，开始着手撰写《逆势出击》，陈述自己28年来投资欧洲股市的经验。

On December 29, 2007,Investment master Anthony?Bolton in to the Caribbean on the plane,Started writing[Contrarian attack],His statement 28 years investment European equities experience.

　　他在《逆势出击》的中文版序言中表达了对中国市场的关注。他说自己于2003年秋天首次造访中国，那时就点燃了对中国股市的兴趣，他说这种兴趣将经久不衰。

he[Contrarian attack]In the preface to the Chinese expressed the Chinese market attention.He said he in the autumn of 2003 first visit to China,Then lit on Chinese stock market interest,He says the interest will be enduring.

　　然而，现实的残酷让他痛苦…… however,Cruelty of reality let him pain...

　　东尼?波顿所在的富达基金公司，也是彼得?林奇的老东家，支持他投资中国的计划——2010年4月，他掌舵的“中国特殊情况基金”成立。

Tony?Bolton in the fidelity fund company,Is Peter?Lynch old club,To support his plans to invest in China - 2010, April,He at the helm of the"China's special circumstances fund"established.

　　他投资之初思路与目标清晰——计划把重点放在中国消费行业，主要投资于小型私营企业，而不是大型刻板的国有企业，就像很多偏好成长股的投资者一样。

At the beginning of his investment ideas and goals clear - plan focuses on Chinese consumer industries,Major investment in small private enterprise,Instead of large rigidity of state-owned enterprise,Like many preference growth stocks as investors.

　　然而，他的基金成立后没几个月，他就惊奇地发现自己入手的中资股票都在下跌，普遍比大企业跌幅惨重得多，波顿用了一些杠杆工具，这更加重了他的损失。

however,His fund after the establishment of a few months,He is surprised to discover that their Chinese of stock fell in,Common than the big enterprise fall much more money,Bolton have used some leverage tool,This more heavy his loss.

　　波顿很快发现，他投资的100家左右的企业中，要么存在严重的公司治理问题，要么涉嫌欺诈。他不由对中国经济增长放缓和普遍的欺诈问题深表担心。

Bolton soon found,He invested in 100 or so enterprises,Either exist serious problems of the corporate governance,Or alleged fraud.He can't help to China's economic growth slowed and widespread fraud problems deeply worried about.

　　他买的最糟糕的一家上市公司是西安宝润。当时，他不知道对冲基金已经派遣调查人员偷偷拍摄该公司的生物柴油工厂，证明这些工厂是骗局。2011年西安宝 润声称，它在陕西铜川产能10万吨的工厂正在开足马力运营，要达到这一产能，每天得有十几辆油罐卡车往返。然而，调查人员连续监控四个月，期间只看到6辆 卡车抵达工厂。2010年夏天，审计师毕马威因“质疑”管理层提供的信息而辞职后，西安宝润被纳斯达克摘牌。

He bought the worst of a listed company is xian treasure embellish.At that time,He doesn't know that hedge funds have been sent investigators secretly filming the company's biological diesel oil factory,Prove that these factory is fraud.2011 xian treasure embellish says,It in shaanxi tongchuan capacity 100000 tons of factory is tweak operation,To achieve the capacity,Every day must have more than a dozen tanker truck round.however,Investigators continuous monitoring for four months,Period only see six trucks arrived at the factory.In the summer of 2010,Auditors KPMG for"question"The information management and after resignation,Xian treasure embellish is removed the nasdaq.

　　他频频失利——2011年他投资 的港股——味千中国和霸王集团，分别遭遇了“骨汤门”和“二恶烷事件”，当年股价分别下跌了34.53%和64.08%。2012年3月，波顿投资的博士 蛙爆出涉及财务造假导致股价1日暴跌35%。2012年5月，他买的宝姿公司公告称，“漏报”从2010年至今向公司董事会主席及大股东、子公司董事及关 联人士等提供约7.8亿元人民币免息贷款，这则消息令股价再度暴跌。波顿投资的纳斯达克上市的中国概念股——双威教育，因涉嫌资产腾挪，也经历巨大动荡。

He frequently defeat - 2011 he invested in stocks - taste thousand China and fighter group,Were encountered"Bone soup door"and"Two evil hydride events",The share price fell by 34.53% and 64.08% respectively.In march of 2012,Bolton investment doctor frog was involved in financial fraud lead to share prices fell by 35% in 1.In May 2012,He bought the ports has the company announcement said,"Omission of"Since 2010 to the board of directors of the company chairman and big shareholders/Subsidiary company directors and close union people, such as the provision of about 780 million yuan RMB non-interest bearing loans,The news to share prices collapse in again.Bolton investment listed on nasdaq Chinese concept stock - double wei education,Suspicion of asset transfer to other use,Also experience great unrest.

　　因无法相信中国公司自己公布的财务报告，波顿为此雇佣了五家情报公司对他的股票池里的上市公司展开“深度尽职调查”。

Unable to believe China's own published financial report,Bolton therefore hired five intelligence company for his stock pond on listed companies"Depth due diligence".

　　不过，调查结果让安顿吃惊：他投资的其中一家公司拥有的店铺不足其声称数量的一半，而另一家公司所谓的四家最大的客户中，有三家客户却不知道该公司。

but,The results of the survey to settle surprised:He invested in one company has insufficient stores the claim number of half,And the other a company called four of the biggest clients,There are three customers don't know the company.

　　2011年3月，波顿称：“迁至香港管理一只中国题材基金近一年后，我惊奇地发现市场的氛围变了。投资者似乎没有能力一次在脑子里保留多个想法：对通胀、汇率问题紧张局势及政治不确定性的担忧，取代了对中国增长故事的热情。这可能是我从业以来经历的最糟糕的时期。”

In march of 2011,Bolton says:"Moved to Hong Kong management a Chinese subject fund nearly a year later,I was surprised to find that the market atmosphere changed.Investors seems to have no ability to one in the mind keep more ideas:About inflation/Currency tensions and political uncertainty concerns,Replaced on China's growth in the enthusiasm of the story.This may be I would experience since the worst period."

　　波顿不是唯一一位投资中国股失利的西方投资大师，曾成功押注次贷的知名对冲基金经理约翰?保尔森，在嘉汉林业的投资中损失4.6亿美元。嘉汉林业是一家 中国林业集团，在遭遇到欺诈指控后，在2012年3月申请破产保护。他投资的中国软件集团东南融通，2011年因被审计师德勤指责存在“严重缺陷”，包括 伪造银行对账单等，也被纳斯达克摘牌。

Bolton is not only an investment in Chinese shares lost western investment master,Has successfully bet subprime well-known hedge fund manager John?paulson,In the fine Chinese forestry investment loss of $460 million.Jia han forestry is a Chinese forestry group,In the encounter after accusations of fraud,In March 2012 file for bankruptcy protection.He invested Chinese software group southeast accommodation,In 2011, because by the auditor deloitte accused existence"Serious defect",Include fake bank statements, etc,They were also the nasdaq.

　　金融大鳄索罗斯也承认了自己在香港投资经历的失败。2010年，这位金融大鳄将办公室设在位于香港中环的国际金融中心二期大楼，且公开表示看好中国概念股。

Financial big crocodile soros admits his experience in Hong Kong investment failure.In 2010,,The financial big alligator will office is located in Hong Kong is located in the central of the international financial center building the second phase,And openly bullish on the Chinese concept stock.

　　他在2012年一季度买入了一揽子中国概念股，包括百度、网易、分众传媒控股、携程、当当网、晶澳太阳能以及中国高速频道等。他乐观地认为其市场潜力巨 大。然而，当当网在上半年就下跌了58.47%，晶澳太阳能下跌了19.21%。反倒那些做空中国上市公司的投资者赚了不少资金。那些参与了沽空嘉汉林业 的对冲基金共赚取了数以十亿计的利润。

In 2012 he quarter buying a package of China concept stock,Including the baidu/netease/Points all the media holdings/ctrip/Dangdang network/Crystal Macao solar and Chinese high speed channel, and so on.He is optimistic that the market potential is great.however,Dangdang network in the first half of the year plunged 58.47%,Crystal Macao solar dropped 19.21%.But those who do empty Chinese listed company's investors earn a lot of money.Those who participated in the short selling jia han forestry hedge funds were earned billions of profit.

　　这些对冲基金大佬在中国的不适应症主要体现在两大方面：一方面，因为中国资本市场发展不够完善，很多数据、信息可能不真实，财务造假在中小企业尤其严重。另一方面，中国公司竞争往往过于激烈，由于缺乏专利保护等环境因素，利润极速压缩。

These two hedge funds in China's not indications mainly embodied in two aspects:On the one hand,Because of China's capital market development is not perfect enough,A lot of data/The information may not be true,Financial fraud in the small and medium-sized enterprise especially serious.On the other hand,Chinese companies are often too fierce competition,Due to the lack of patent protection and other environmental factors,Profit fast compression.

　　虽然多次失利，但这些金融大佬还是不愿放弃。有些大鳄认为，中国中产阶层崛起的潜力，将给股价上涨带来巨大动力。他们又开始把目光放到中国豪华车、白酒等股票。

Although many defeat,But these financial bigwigs or don't want to give up.Some big alligator think,The rise of China's middle class potential,Share prices will give great power.They began to look into China's luxury car/Liquor and stock.

　　不过，这些西方金融大鳄能否在转战香港后迅速调整好取得新的辉煌，可能还真取决于他能多大程度上适应中国的投资环境。■

but,These western financial big alligator in Hong Kong can moving rapidly after adjust good achieve new brilliance,May also really depends on how much he can adapt to China's investment environment.s