China's largest wind power producer yesterday announced plans to float shares in Hong Kong， the latest in a wave of Chinese companies that aim to raise an estimated $25bn in the coming months in the territory and on the mainland.

　　中國最大的風(fēng)力發(fā)電商新疆金風(fēng)科技（Xinjiang Goldwind Science & Technology）昨日宣布計劃赴香港上市，成為最新一家打算未來數(shù)月在香港和內(nèi)地上市的中國公司。這些公司的上市融資額估計將達(dá)250億美元。

　　Xinjiang Goldwind Science & Technology's offering is one of more than 30 announced in Hong Kong in the past month， as companies rush to take advantage of buoyant stock markets and robust investor demand for emerging equities.

　　在過去一個月中，已有30多家公司宣布將在香港上市。眾多公司爭相利用股市上漲和投資者對新興市場股票需求強勁之機上市融資。

　　The trend has accelerated as markets recovered this year and following China's decision in June to resume initial public offerings in Shanghai after a nine-month suspension. Fear that a glut of new share issuance would drain liquidity from the stock market played a role in the Shanghai Composite's 21.8 per cent tumble last month - and some analysts predict it will lead to further falls.

　　隨著今年股市回升，以及中國于6月份決定重啟暫停達(dá)9個月之久的上海市場首次公開發(fā)行（IPO），這一趨勢開始加速。人們擔(dān)憂，新股發(fā)行過量會耗盡股市的流動性。上證指數(shù)上月暴跌21.8%，與這種擔(dān)憂不無關(guān)系——一些分析師預(yù)測，這種擔(dān)憂還會促使股市進一步下跌。

　　But others say the market has more than enough capacity to absorb the new shares without collateral damage to existing stocks， thanks to unsated investor demand for exposure to China's growing economy.

　　但也有人表示，由于投資者仍渴望從中國不斷增長的經(jīng)濟中分一杯羹，因此股市有足夠能力吸收新股，而不至于對現(xiàn)有股票造成損害。

　　Alan Lam， China equity analyst at Julius Baer， the Swiss private bank， said the pipeline of IPOs was likely to have a “minimal” effect on the Hong Kong stock market， but in the less mature Shanghai market “there will be more impact”。

　　瑞士私人銀行寶盛集團（Julius Baer）的中國股市分析師林志遠(yuǎn)（Alan Lam）表示，大量準(zhǔn)備進行的IPO可能只會對香港股市造成“極其微弱的”影響，對不太成熟的上海股市則會造成“更大影響”。

　　Some worry that the large number of offerings will lead to greater market volatility. During the last big wave of IPOs in November 2007， the Hang Seng fell 17 per cent from peak to trough. Adrian Mowat， chief Asian and emerging markets equity strategist at JPMorgan， said that in sectors in which large numbers of new shares will be issued， the share prices of small to medium-sized companies could suffer.

　　一些人擔(dān)心，大量新股上市將增加市場波動性。在2007年11月的上次IPO浪潮期間，恒生指數(shù)從峰頂至低谷的跌幅達(dá)17%.摩根大通（JPMorgan）亞洲及新興市場首席股票策略師莫愛德（Adrian Mowat）表示，在有大量新股將上市的行業(yè)中，中小型公司的股價可能會受到拖累。