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2021-05-26
Time to buy
China’s Next-Generation Tech Firms Hit Hard by Market’s Pullback<blockquote>中国下一代科技公司受到市场回调的沉重打击</blockquote>
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A chill has fallen over China’s new generation of tech giants, with stock in former market darlings such as Meituan,PinduoduoInc.PDD0.31%andKuaishou Technology1024-11.46%dropping by more than one-third from highs reached earlier this year.</p><p><blockquote>美团-W、拼多多和快手等昔日宠儿的股价已较今年早些时候达到的高点下跌了三分之一以上。中国新一代科技巨头遭遇寒流,美团、拼多多Inc.PDD0.31%和快手科技1024-11.46%等昔日市场宠儿的股价从今年早些时候的高点下跌了三分之一以上。</blockquote></p><p> The up-and-comers have proved especially vulnerable to a series of shifts in market sentiment, leading their shares to suffer more than more established rivals such asTencent HoldingsLtd.TCEHY3.31%and Alibaba Group Holding Ltd.</p><p><blockquote>事实证明,后起之秀尤其容易受到市场情绪一系列变化的影响,导致其股价遭受的损失比 asTencent HoldingsLtd.TCEHY3.31% 和阿里巴巴-SW集团控股有限公司等更多老牌竞争对手更大。</blockquote></p><p> Like technology stocks everywhere, those of newer Chinese companies have suffered as investors have regained their appetite for more modestly valued old-economy businesses. Those stocks are likely to do well as the U.S. and other countries rebound from the pandemic. The Chinese companies are also caught up in an official clampdown on China’s tech sector alongside Alibaba and other big players.</p><p><blockquote>与世界各地的科技股一样,随着投资者对估值较低的旧经济企业重新产生兴趣,中国较新公司的股票也受到了影响。随着美国和其他国家从疫情中反弹,这些股票可能会表现良好。中国公司也与阿里巴巴-SW和其他大公司一起陷入了对中国科技行业的官方打压之中。</blockquote></p><p> But these are younger businesses that haven’t become solidly profitable. Analysts polled by FactSet expect Meituan, Pinduoduo and Kuaishou to record net losses this year. That means their valuations are disproportionately sensitive to rising interest rates, which reduce the value of faraway profits more than those that will be earned in the near term.</p><p><blockquote>但这些都是尚未实现稳定盈利的年轻企业。FactSet调查的分析师预计美团-W、拼多多和快手今年将录得净亏损。这意味着它们的估值对利率上升极其敏感,这降低了远期利润的价值,而不是短期利润的价值。</blockquote></p><p> Although everyone is suffering, there is a distinction between China’s profitable and pre-profit tech companies, said Hyde Chen, an equity analyst with the chief investment office ofUBS GroupAG’sglobal wealth-management unit.</p><p><blockquote>Fubs GroupAG 全球财富管理部门首席投资办公室的股票分析师 Hyde Chen 说,虽然每个人都在遭受损失,但中国的盈利科技公司和盈利前科技公司是有区别的。</blockquote></p><p> Shares in Meituan, China’s leading food-delivery group, hit a closing high in mid-February. They had more than quadrupled in the previous 12 months, as investors grew more bullish about the post-pandemic outlook for online food shopping in the country. As of Monday’s close, though, the stock hadretreated 40% from that peak.</p><p><blockquote>中国领先的食品配送集团美团-W的股价在 2 月中旬创下收盘新高。随着投资者越来越看好大流行后该国在线食品购物的前景,这一数字在过去 12 个月里翻了两番多。不过,截至周一收盘,该股已从峰值回落了 40%。</blockquote></p><p> As of Monday, U.S.-listed e-commerce company Pinduoduo had fallen 36% from its recent peak. By the same measure, electric-vehicle makerNIOInc.has fallen 43%, while video-app operator Bilibili Inc. has lost more than a third of its value.</p><p><blockquote>截至周一,美国上市电子商务公司拼多多股价较近期峰值下跌 36%。按照同样的衡量标准,电动汽车制造商 NioInc. 下跌了 43%,而视频应用运营商哔哩哔哩的市值则损失了超过三分之一。</blockquote></p><p> On Tuesday in Hong Kong, Kuaishou stock tumbled after first-quarter results disappointed investors, taking its shares to roughly half their peak closing level from earlier this year. Kuaishou, the operator of a short-video streaming platform,went public in Februaryin a hot initial public offering.</p><p><blockquote>周二在香港,快手第一季度业绩令投资者失望,股价暴跌,使其股价较今年早些时候收盘峰值水平下跌约一半。短视频流媒体平台运营商快手在2月份进行了一场火爆的首次公开募股。</blockquote></p><p> Brendan Ahern, the chief investment officer for KraneShares in New York, said some investors were selling down holdings of high-growth stocks and those that benefited from work-from-home trends.</p><p><blockquote>KraneShares 纽约首席投资官布伦丹·埃亨 (Brendan Ahern) 表示,一些投资者正在抛售高增长股票和受益于在家工作趋势的股票。</blockquote></p><p> He said funds were being redeployed into cyclical-value stocks, meaning those that trade on modest valuations compared with measures such as earnings or book value and that are more sensitive to fluctuations in the economy.</p><p><blockquote>他表示,资金正在重新部署到周期性价值股票中,这意味着与盈利或账面价值等指标相比,这些股票的估值适中,并且对经济波动更加敏感。</blockquote></p><p> \"This is kind of a rebalancing taking place globally, and you’ve seen an element of this in the U.S., in Taiwan, and in South Korea,” Mr. Ahern said. He said that in the U.S. newer players such as cloud-computing companySnowflakeInc.that haven’t become profitable had also sold off more heavily recently.</p><p><blockquote>埃亨说:“这是一种在全球范围内发生的再平衡,你在美国、台湾和韩国都看到了这种情况。”他说,在美国,云计算公司SnowflakeInc.等尚未实现盈利的新公司最近也出现了更严重的抛售。</blockquote></p><p> Money managers said the long-term case for emerging Chinese tech stocks remains strong.</p><p><blockquote>基金经理表示,中国新兴科技股的长期前景依然强劲。</blockquote></p><p> Companies such as Meituan and Pinduoduo have weathered earlier periods of market skepticism. When these and some other Chinese tech stocks went public about three years ago, they didn’t do well initially, said Oliver Cox, portfolio manager of the JPMorgan Pacific Technology Fund.</p><p><blockquote>美团-W和拼多多等公司已经经受住了早期市场的怀疑。摩根大通太平洋科技基金投资组合经理奥利弗-考克斯(Oliver Cox)说,大约三年前,当这些股票和其他一些中国科技股上市时,它们最初的表现并不理想。</blockquote></p><p> But he said these firms later outperformed. “The short-term volatility is the price you pay for long-term returns,” Mr. Cox said.</p><p><blockquote>但他表示,这些公司后来表现优异。“考克斯先生说:”短期波动是你为长期回报付出的代价。</blockquote></p><p> William Fong, head of Hong Kong China equities at Baring Asset Management, said his firm sold some China internet holdings late last year, after valuations had risen but that it had retained an overweight position in the broader Hong Kong- and mainland-listed tech sector.</p><p><blockquote>霸菱资产管理公司(Baring Asset Management)香港中国股票主管方伟明(William Fong)表示,该公司去年年底出售了部分中国互联网持股,此前估值有所上升,但在香港和内地上市的科技行业中仍保留了跑赢大盘地位。</blockquote></p><p> “We think the growth is there,” Mr. Fong said, referring to prospects for longer-term increases in earnings. “But just in the near term, we also see other interesting opportunities in sectors like consumer or industrials.”</p><p><blockquote>“我们认为增长是存在的,”方先生说,他指的是长期盈利增长的前景。“但就在短期内而言,我们还看到了消费或工业等领域的其他有趣机会”。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China’s Next-Generation Tech Firms Hit Hard by Market’s Pullback<blockquote>中国下一代科技公司受到市场回调的沉重打击</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina’s Next-Generation Tech Firms Hit Hard by Market’s Pullback<blockquote>中国下一代科技公司受到市场回调的沉重打击</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-26 09:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p> Stock in former darlings such as Meituan, Pinduoduo and Kuaishou has dropped by more than one-third from highs reached earlier this year. A chill has fallen over China’s new generation of tech giants, with stock in former market darlings such as Meituan,PinduoduoInc.PDD0.31%andKuaishou Technology1024-11.46%dropping by more than one-third from highs reached earlier this year.</p><p><blockquote>美团-W、拼多多和快手等昔日宠儿的股价已较今年早些时候达到的高点下跌了三分之一以上。中国新一代科技巨头遭遇寒流,美团、拼多多Inc.PDD0.31%和快手科技1024-11.46%等昔日市场宠儿的股价从今年早些时候的高点下跌了三分之一以上。</blockquote></p><p> The up-and-comers have proved especially vulnerable to a series of shifts in market sentiment, leading their shares to suffer more than more established rivals such asTencent HoldingsLtd.TCEHY3.31%and Alibaba Group Holding Ltd.</p><p><blockquote>事实证明,后起之秀尤其容易受到市场情绪一系列变化的影响,导致其股价遭受的损失比 asTencent HoldingsLtd.TCEHY3.31% 和阿里巴巴-SW集团控股有限公司等更多老牌竞争对手更大。</blockquote></p><p> Like technology stocks everywhere, those of newer Chinese companies have suffered as investors have regained their appetite for more modestly valued old-economy businesses. Those stocks are likely to do well as the U.S. and other countries rebound from the pandemic. The Chinese companies are also caught up in an official clampdown on China’s tech sector alongside Alibaba and other big players.</p><p><blockquote>与世界各地的科技股一样,随着投资者对估值较低的旧经济企业重新产生兴趣,中国较新公司的股票也受到了影响。随着美国和其他国家从疫情中反弹,这些股票可能会表现良好。中国公司也与阿里巴巴-SW和其他大公司一起陷入了对中国科技行业的官方打压之中。</blockquote></p><p> But these are younger businesses that haven’t become solidly profitable. Analysts polled by FactSet expect Meituan, Pinduoduo and Kuaishou to record net losses this year. That means their valuations are disproportionately sensitive to rising interest rates, which reduce the value of faraway profits more than those that will be earned in the near term.</p><p><blockquote>但这些都是尚未实现稳定盈利的年轻企业。FactSet调查的分析师预计美团-W、拼多多和快手今年将录得净亏损。这意味着它们的估值对利率上升极其敏感,这降低了远期利润的价值,而不是短期利润的价值。</blockquote></p><p> Although everyone is suffering, there is a distinction between China’s profitable and pre-profit tech companies, said Hyde Chen, an equity analyst with the chief investment office ofUBS GroupAG’sglobal wealth-management unit.</p><p><blockquote>Fubs GroupAG 全球财富管理部门首席投资办公室的股票分析师 Hyde Chen 说,虽然每个人都在遭受损失,但中国的盈利科技公司和盈利前科技公司是有区别的。</blockquote></p><p> Shares in Meituan, China’s leading food-delivery group, hit a closing high in mid-February. They had more than quadrupled in the previous 12 months, as investors grew more bullish about the post-pandemic outlook for online food shopping in the country. As of Monday’s close, though, the stock hadretreated 40% from that peak.</p><p><blockquote>中国领先的食品配送集团美团-W的股价在 2 月中旬创下收盘新高。随着投资者越来越看好大流行后该国在线食品购物的前景,这一数字在过去 12 个月里翻了两番多。不过,截至周一收盘,该股已从峰值回落了 40%。</blockquote></p><p> As of Monday, U.S.-listed e-commerce company Pinduoduo had fallen 36% from its recent peak. By the same measure, electric-vehicle makerNIOInc.has fallen 43%, while video-app operator Bilibili Inc. has lost more than a third of its value.</p><p><blockquote>截至周一,美国上市电子商务公司拼多多股价较近期峰值下跌 36%。按照同样的衡量标准,电动汽车制造商 NioInc. 下跌了 43%,而视频应用运营商哔哩哔哩的市值则损失了超过三分之一。</blockquote></p><p> On Tuesday in Hong Kong, Kuaishou stock tumbled after first-quarter results disappointed investors, taking its shares to roughly half their peak closing level from earlier this year. Kuaishou, the operator of a short-video streaming platform,went public in Februaryin a hot initial public offering.</p><p><blockquote>周二在香港,快手第一季度业绩令投资者失望,股价暴跌,使其股价较今年早些时候收盘峰值水平下跌约一半。短视频流媒体平台运营商快手在2月份进行了一场火爆的首次公开募股。</blockquote></p><p> Brendan Ahern, the chief investment officer for KraneShares in New York, said some investors were selling down holdings of high-growth stocks and those that benefited from work-from-home trends.</p><p><blockquote>KraneShares 纽约首席投资官布伦丹·埃亨 (Brendan Ahern) 表示,一些投资者正在抛售高增长股票和受益于在家工作趋势的股票。</blockquote></p><p> He said funds were being redeployed into cyclical-value stocks, meaning those that trade on modest valuations compared with measures such as earnings or book value and that are more sensitive to fluctuations in the economy.</p><p><blockquote>他表示,资金正在重新部署到周期性价值股票中,这意味着与盈利或账面价值等指标相比,这些股票的估值适中,并且对经济波动更加敏感。</blockquote></p><p> \"This is kind of a rebalancing taking place globally, and you’ve seen an element of this in the U.S., in Taiwan, and in South Korea,” Mr. Ahern said. He said that in the U.S. newer players such as cloud-computing companySnowflakeInc.that haven’t become profitable had also sold off more heavily recently.</p><p><blockquote>埃亨说:“这是一种在全球范围内发生的再平衡,你在美国、台湾和韩国都看到了这种情况。”他说,在美国,云计算公司SnowflakeInc.等尚未实现盈利的新公司最近也出现了更严重的抛售。</blockquote></p><p> Money managers said the long-term case for emerging Chinese tech stocks remains strong.</p><p><blockquote>基金经理表示,中国新兴科技股的长期前景依然强劲。</blockquote></p><p> Companies such as Meituan and Pinduoduo have weathered earlier periods of market skepticism. When these and some other Chinese tech stocks went public about three years ago, they didn’t do well initially, said Oliver Cox, portfolio manager of the JPMorgan Pacific Technology Fund.</p><p><blockquote>美团-W和拼多多等公司已经经受住了早期市场的怀疑。摩根大通太平洋科技基金投资组合经理奥利弗-考克斯(Oliver Cox)说,大约三年前,当这些股票和其他一些中国科技股上市时,它们最初的表现并不理想。</blockquote></p><p> But he said these firms later outperformed. “The short-term volatility is the price you pay for long-term returns,” Mr. Cox said.</p><p><blockquote>但他表示,这些公司后来表现优异。“考克斯先生说:”短期波动是你为长期回报付出的代价。</blockquote></p><p> William Fong, head of Hong Kong China equities at Baring Asset Management, said his firm sold some China internet holdings late last year, after valuations had risen but that it had retained an overweight position in the broader Hong Kong- and mainland-listed tech sector.</p><p><blockquote>霸菱资产管理公司(Baring Asset Management)香港中国股票主管方伟明(William Fong)表示,该公司去年年底出售了部分中国互联网持股,此前估值有所上升,但在香港和内地上市的科技行业中仍保留了跑赢大盘地位。</blockquote></p><p> “We think the growth is there,” Mr. Fong said, referring to prospects for longer-term increases in earnings. “But just in the near term, we also see other interesting opportunities in sectors like consumer or industrials.”</p><p><blockquote>“我们认为增长是存在的,”方先生说,他指的是长期盈利增长的前景。“但就在短期内而言,我们还看到了消费或工业等领域的其他有趣机会”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.wsj.com/articles/chinas-next-generation-tech-firms-hit-hard-by-markets-pullback-11621935001\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多","03690":"美团-W","01024":"快手-W"},"source_url":"https://www.wsj.com/articles/chinas-next-generation-tech-firms-hit-hard-by-markets-pullback-11621935001","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183731675","content_text":"Stock in former darlings such as Meituan, Pinduoduo and Kuaishou has dropped by more than one-third from highs reached earlier this year.\n\nA chill has fallen over China’s new generation of tech giants, with stock in former market darlings such as Meituan,PinduoduoInc.PDD0.31%andKuaishou Technology1024-11.46%dropping by more than one-third from highs reached earlier this year.\nThe up-and-comers have proved especially vulnerable to a series of shifts in market sentiment, leading their shares to suffer more than more established rivals such asTencent HoldingsLtd.TCEHY3.31%and Alibaba Group Holding Ltd.\nLike technology stocks everywhere, those of newer Chinese companies have suffered as investors have regained their appetite for more modestly valued old-economy businesses. Those stocks are likely to do well as the U.S. and other countries rebound from the pandemic. The Chinese companies are also caught up in an official clampdown on China’s tech sector alongside Alibaba and other big players.\nBut these are younger businesses that haven’t become solidly profitable. Analysts polled by FactSet expect Meituan, Pinduoduo and Kuaishou to record net losses this year. That means their valuations are disproportionately sensitive to rising interest rates, which reduce the value of faraway profits more than those that will be earned in the near term.\nAlthough everyone is suffering, there is a distinction between China’s profitable and pre-profit tech companies, said Hyde Chen, an equity analyst with the chief investment office ofUBS GroupAG’sglobal wealth-management unit.\nShares in Meituan, China’s leading food-delivery group, hit a closing high in mid-February. They had more than quadrupled in the previous 12 months, as investors grew more bullish about the post-pandemic outlook for online food shopping in the country. As of Monday’s close, though, the stock hadretreated 40% from that peak.\nAs of Monday, U.S.-listed e-commerce company Pinduoduo had fallen 36% from its recent peak. By the same measure, electric-vehicle makerNIOInc.has fallen 43%, while video-app operator Bilibili Inc. has lost more than a third of its value.\nOn Tuesday in Hong Kong, Kuaishou stock tumbled after first-quarter results disappointed investors, taking its shares to roughly half their peak closing level from earlier this year. Kuaishou, the operator of a short-video streaming platform,went public in Februaryin a hot initial public offering.\nBrendan Ahern, the chief investment officer for KraneShares in New York, said some investors were selling down holdings of high-growth stocks and those that benefited from work-from-home trends.\nHe said funds were being redeployed into cyclical-value stocks, meaning those that trade on modest valuations compared with measures such as earnings or book value and that are more sensitive to fluctuations in the economy.\n\"This is kind of a rebalancing taking place globally, and you’ve seen an element of this in the U.S., in Taiwan, and in South Korea,” Mr. Ahern said. He said that in the U.S. newer players such as cloud-computing companySnowflakeInc.that haven’t become profitable had also sold off more heavily recently.\nMoney managers said the long-term case for emerging Chinese tech stocks remains strong.\nCompanies such as Meituan and Pinduoduo have weathered earlier periods of market skepticism. When these and some other Chinese tech stocks went public about three years ago, they didn’t do well initially, said Oliver Cox, portfolio manager of the JPMorgan Pacific Technology Fund.\nBut he said these firms later outperformed. “The short-term volatility is the price you pay for long-term returns,” Mr. Cox said.\nWilliam Fong, head of Hong Kong China equities at Baring Asset Management, said his firm sold some China internet holdings late last year, after valuations had risen but that it had retained an overweight position in the broader Hong Kong- and mainland-listed tech sector.\n“We think the growth is there,” Mr. Fong said, referring to prospects for longer-term increases in earnings. “But just in the near term, we also see other interesting opportunities in sectors like consumer or industrials.”","news_type":1,"symbols_score_info":{"03690":0.9,"01024":0.9,"PDD":0.9}},"isVote":1,"tweetType":1,"viewCount":1299,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["TWX","TIME"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/136893847"}
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