中國上市企業紛紛更名轉型
Chinese companies are jettisoning core businesses and reinventing themselves as tech companies — and watching their share prices rise as they substitute gaming for the likes of coal and wood flooring.
一些中國企業正在拋棄核心業務，把自己再造爲高科技公司。隨着它們用遊戲取代煤炭和木地板，它們的股價出現上漲。Corporate reincarnations mirror structural shifts in the broader economy, with slower growth denting industries such as manufacturing and real estate.
企業“轉世”映襯了整體經濟的結構性轉變，增長放緩抑制了製造業和房地產等行業。
Newly-minted tech companies also feed into the euphoria which has propelled the Shanghai Composite index up 115 per cent in the last year — even as the economy decelerated and industrial profits, a gauge of health in the manufacturing sector, fell by 2.7 per cent in the first quarter.
新出爐的高科技企業也助燃了股市的興奮情緒。上證綜指(Shanghai Composite)在過去一年大漲115%，即便經濟增長放緩，而工業利潤（製造業健康狀況的衡量標準）在第一季度下降2.7%。
Nearly 100 Chinese listed companies last year changed their official names, mostly on the back of shifts in strategy, and another 40 have done so this year.
近100家中國上市公司去年變更了正式名稱，主要理由是戰略轉變，今年以來另有40家公司更名。“Companies want to let investors know that they are moving away from original business and into emerging industries. It’s like in the US in the 1990s when every company started calling itself dotcom,” said Yao Weiwei, equity strategist at Huatai Securities in Shanghai, acknowledging that most name changes are more than just cosmetic.
“這些公司想讓投資者知道，他們正在告別原來的業務，移師新興產業。這就像美國20世紀90年代時，每家公司都開始自稱爲網絡公司，”華泰證券(Huatai Securities)在上海的股票策略師姚未未（音）表示，他承認多數更名不僅涉及表面上的美化。Tech and emerging industries have been among the biggest winners in the recent share rally. Investors expect tech companies to benefit from government policies aimed at reducing the economy’s reliance on smokestack industries, and promoting the services sector.
高科技和新興產業在近期股價漲勢的最大贏家之列。投資者預期，高科技公司將獲益於旨在減少經濟對煙囪工業的依賴、促進服務業的政府政策。Lossmaking coalminer Shanghai Ace Co demonstrates the drill. In early February it bought an online gaming company and changed its name to Shanghai U9 Game Co — and its stock price has subsequently soared by 140 per cent , even as mining assets still weigh on its balance sheet.
虧損的煤炭企業——上海愛使公司(Shanghai Ace Co)展示了這種轉型。2月初，該公司收購了一家網絡遊戲公司，然後將自己更名爲上海遊久遊戲公司(Shanghai U9 Game Co)。公司股價隨後飆升140%，即便礦業資產仍在拖累其資產負債表。“On the foundation of coal mining and sales, the company’s core business is expanding to include internet gaming,” the company said in a filing.
“公司經營範圍由‘對石油液化氣行業、煤炭及清潔能源等行業的投資與經營’變更爲‘從事遊戲製作、運營的技術開發、技術服務、技術諮詢等’，”該公司在監管申報文件中表示。Lossmaking Panda Fireworks changed its name to Panda Financial Holding in April as it announced plans to launch a peer-to-peer lending platform. Word of Panda’s pending transformation appeared to leak out early as its shares suddenly lept by the maximum 10 per cent for two days before trading was suspended on March 9.
虧損的熊貓煙花(Panda Fireworks)在4月份更名爲熊貓金控(Panda Financial Holding)，並宣佈計劃推出一個P2P貸款平臺。有關熊貓即將轉型的消息似乎提早泄露，因爲該公司的股票在3月9日停牌之前曾連續兩天漲停（觸及10%的單日漲幅上限）。But name changing is not a cure-all.
但是，更名並不能包治百病。Cloud Live Technology Group changed its name from Beijing Xiangeqing Group after it decided to shift out of luxury restaurants and into cloud computing. But last month Cloud Live became the first Chinese company to default on bond principal after it failed to repay Rmb402m ($64m) in debt.
北京湘鄂情集團(Beijing Xiangeqing Group)在決定放棄豪華餐廳業務、進軍雲計算行業後，更名爲中科雲網(Cloud Live Technology Group)。但在上月，中科雲網未能償還4.02億元人民幣（合6400萬美元）債務，成爲首家在債券本金上違約的中國企業。
