夏诺斯：在纽约做空中国 Chanos: short China, in New York

Poor Jim Chanos. The man who has made headlines in recent years for his strident bearish call on China has run out of stuff to short.

可怜的吉姆?夏诺斯(Jim Chanos)。近年来因强烈看空中国而成为新闻头条人物的夏诺斯，已经耗尽了看空的理由。

His latest suggestion is to short New York-listed Chinese stocks – if only he could get his hands on them. Other people, it seems, have got there first.

夏诺斯的最新建议是做空在纽约上市的中国股票——要是他能自己做空它们就好了。其他人似乎已经开始率先动手了。

Chanos sees shorting US-listed China stocks as a great way to broaden his wider bet against China as a whole. Bloomberg reports: “Almost all of them have odd looking financial statements,” Chanos, the president and founder of New York-based Kynikos Associates LP, said on Bloomberg Television yesterday. “We wish we could borrow almost all of them.”

夏诺斯将做空在美国上市的中国股票，视为扩大自己整体做空中国的更广泛押注的绝佳途径。这位纽约Kynikos Associates LP总裁兼创始人昨日在彭博电视(Bloomberg Television)上表示，“几乎所有这些中国股票的财务报表看起来都有些古怪，我们希望自己能够借入几乎所有这些中国公司的股票”。

But that’s easier said than done – with some stocks seemingly impossible to get hold of in order to sell/short them. More from Bloomberg: Renren Inc., a Beijing-based social-networking company that went public in the U.S. earlier this month, is among the most expensive U.S. equities to short. The stock is difficult to borrow with 72 percent of the lendable supply out on loan, according to Data Explorers, a New York-based research firm.

但说起来容易做起来难——某些股票似乎不可能借入以进行卖出/做空操作。彭博还报道称：总部位于北京、本月早些时候在美上市的社交网络公司人人网(Renren Inc.)，是做空成本最为高昂的美国股票之一。纽约研究公司Data Explorers表示，由于人人网72%的可借股份已借出，很难借入该公司股票。

Short sellers have borrowed 96 percent of Beijing-based China Shen Zhou Mining & Resources Inc. (SHZ)’s lendable supply, meaning there is almost no equity available for short sellers to bet against. Its shares are also among the most expensive for short-sellers to borrow according to Data Explorers.

做空者已经借入了总部位于北京的中国神舟矿业公司(China Shen Zhou Mining & Resources Inc.)96%的可借股份，这意味着做空者几乎已借不到用于做空的股票。Data Explorers表示，神舟矿业也是做空者借入成本最高的股票之一。

It’s easy to see why. Aside from the growing concerns over financial statements, as highlighted by the SEC probe launched this week into Longtop, the stocks in many cases just aren’t that attractive.

做空原因很容易理解。除了对财务报表日益感到不安外，正如美国证交会(SEC)本周对东南融通(Longtop)展开的调查所突显出的那样，这些中国股票在很多情况下并不那么有吸引力。

Of 453 US-listed Chinese stocks, only 7 of them have ever paid a dividend. Of that same list, only 265 have a booked a dime of profit, while many of them have seen their share price fall off a cliff this year.

453只在美国上市的中国股票中，曾经派过息的只有7只。在这些股票中，只有265家实现了些许盈利，今年以来股价狂跌的却为数不少。

Some of those that haven’t are trading at eerily high multiples. Baidu (BIDU:NSQ) – China’s Google – trades at 71 times this years earnings, while Sina (SINA:NSQ) – other internet portal – trades at 132 times earnings. And then there’s elong (LONG:NMQ) – the travel website – which, despite its impressive growth prospects, already trades at a nose-bleed-inducing altitude of 246 times earnings.

没有暴跌的股票中，有一些市盈率高得出奇。按今年每股收益计算，“中国的谷歌”百度(BIDU:NSQ)的市盈率为71倍；门户网站新浪(SINA:NSQ)的市盈率为132倍；旅游网站艺龙(LONG:NMQ)虽说增长前景良好，但其高达246倍的市盈率简直让人有喷鼻血的冲动。

Which raises the question: what took Chanos so long?

由此引发了这样的问题：夏诺斯的建议为何来得如此之晚？