经济学人下载:美国的中国股票—远离故土(2)

That message was not lost in China. Several local reports quoted a line by Charles Li,
这一信息并没有在中国丢失。一些本地报道引用了

the head of Hong Kong's stock exchange: "Those who travel far always come home some day."
香港证券交易所CEO李小加的话：“远走的人总有一天回家。”

Yet it is premature to proclaim an end to Chinese voyages to the American stockmarket.
但现在就宣布中国结束对美国股市的航行还为时过早。

Indeed, these have so far looked like an exception to the trade war.
到目前为止，这些看起来像是贸易战的一个例外。

Just about every facet of the two countries' economic relationship has suffered: trade, investment and even tourism have all declined.
两国经济关系的方方面面都受到了影响：贸易、投资，甚至是旅游业都出现下滑。

But last year more than 20 Chinese companies listed in America, an eight-year high. Another dozen have listed this year.
但在去年有20多家中国公司在美国上市，创8年新高。今年又有12家公司上市。

Chinese firms benefit from deeper liquidity than they can get at home, and more flexible regulations.
国企业受益于比国内更深层次的流动性以及更灵活的监管。

Profitability requirements have all but blocked Chinese tech firms from mainland exchanges.
盈利性要求几乎阻碍了中国科技公司进入内地交易所。

Last year Hong Kong drew nearer to the American norm by allowing founders to own shares with superior voting rights.
去年，香港通过允许创始人拥有优先投票权的股票，向美国的标准靠拢。

But several rising tech stars still opted for Nasdaq, including Pinduoduo, an e-commerce firm, and iQiyi, a video-streaming service.
但几家冉冉升起的科技新星仍选择纳斯达克，包括电商公司拼多多和视频流媒体服务公司爱奇艺。

"They view the American market as the gold standard," says Drew Bernstein,
“他们将美国市场视为黄金标准，”会计公司Marcum BP

the co-head of the China practice at Marcum BP, a firm of accountants.
中国业务合伙人Drew Bernstein说到。

America has benefited, too. The presence of strong Chinese companies has reinforced its stockmarket's position as the world leader.
美国也从中受益。强大的中国公司的存在巩固了其股票市场作为世界领导者的地位。

A series of scams, mostly involving smaller companies, have damaged the reputation of Chinese stocks.
一系列骗局，大部分是小型公司，损害了中国股市的名声。

But bigger stocks have fared well (Alibaba trades at more than double its IPO price), providing investors with growth and variety.
但规模较大的股票表现良好（阿里巴巴的股价是其IPO价格的两倍多），为投资者提供了增长和多样性。

America's exchanges would be loth to part with them.
美国交易所将不舍与他们分离。

Shortly after Mr Bannon's interview was published,
巴农的采访发表不久后，

Bob McCooey, a senior vice-president with Nasdaq, sent out a message to his contacts on WeChat, a Chinese messaging service,
纳斯达克高级副总裁鲍勃·麦柯奕向他微信（中国通讯服务app）上的联系人发了一条消息，

which spread quickly among Chinese investors.
这条消息很快在中国投资者中传开。

"Like many of you, I have seen the comments by President Trump's former and discredited adviser Steve Bannon.
他写道，“和你们一样，我也看过很多特朗普总统的那位前不可信顾问史蒂夫·巴农的评论。

I do not believe these words to have any truth," he wrote. Nasdaq, he added, still welcomes Chinese companies.
我认为这些话都不是真的。”他还补充道，纳斯达克将欢迎中国公司。

It is a message he is likely to find himself repeating.
他可能会发现自己在重复这条信息。