pipiso
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因市场回调而遭受重创</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、拼多多和快手等前宠儿的股价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意,美团-W、拼多多公司(PDD 0.31%)和快手科技(1024-11.46%)等前市场宠儿的股价较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,后起之秀特别容易受到市场情绪一系列变化的影响,导致它们的股价比腾讯控股有限公司(TCEHY)和阿里巴巴-SW集团控股有限公司等老牌竞争对手遭受的损失更大。</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,随着投资者重新燃起对估值较适中的旧经济企业的兴趣,中国新兴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。这些中国公司还与阿里巴巴-SW和其他大型企业一起陷入了官方对中国科技行业的打压。</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>但这些都是较年轻的企业,尚未实现稳定盈利。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异常敏感,利率上升对长期利润价值的降低超过了短期利润价值的降低。</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>富银集团全球财富管理部门首席投资办公室股票分析师Hyde Chen表示,尽管每个人都在遭受损失,但中国盈利和盈利前的科技公司之间是有区别的。</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。随着投资者对该国大流行后在线食品购物的前景越来越乐观,这一数字在过去12个月中翻了两番多。不过,截至周一收盘,该股已较峰值回落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,在美上市的电商公司拼多多已较近期峰值下跌36%。按照同样的标准,电动汽车制造商NIOInc.的股价下跌了43%,而视频应用运营商哔哩哔哩的市值则损失了三分之一以上。</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,快手股价在第一季度业绩令投资者失望后暴跌,使其股价较今年早些时候收盘峰值下跌了约一半。短视频流媒体平台运营商快手二月份首次公开募股火爆。</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驻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所持高增长股票和那些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,即那些与盈利或账面价值等指标相比估值适中且对经济波动更敏感的股票。</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:“这是一种全球范围内正在发生的再平衡,你已经在美国、台湾和韩国看到了这种情况。”他说,在美国,云计算公司SnowflakeInc.等尚未盈利的新公司最近也遭到了更多抛售。</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理由仍然强劲。</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·考克斯表示,大约三年前,当这些股票和其他一些中国科技股上市时,它们最初表现不佳。</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,这些公司后来表现出色。“短期波动是你为长期回报所付出的代价,”考克斯先生说。</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(Baring Asset Management)香港中国股票主管方威廉·方(William Fong)表示,该公司去年年底在估值上涨后出售了部分中国互联网持股,但该公司在更广泛的香港和内地上市科技行业中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,我们还在消费或工业等领域看到了其他有趣的机会。”</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因市场回调而遭受重创</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因市场回调而遭受重创</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、拼多多和快手等前宠儿的股价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意,美团-W、拼多多公司(PDD 0.31%)和快手科技(1024-11.46%)等前市场宠儿的股价较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,后起之秀特别容易受到市场情绪一系列变化的影响,导致它们的股价比腾讯控股有限公司(TCEHY)和阿里巴巴-SW集团控股有限公司等老牌竞争对手遭受的损失更大。</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,随着投资者重新燃起对估值较适中的旧经济企业的兴趣,中国新兴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。这些中国公司还与阿里巴巴-SW和其他大型企业一起陷入了官方对中国科技行业的打压。</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>但这些都是较年轻的企业,尚未实现稳定盈利。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异常敏感,利率上升对长期利润价值的降低超过了短期利润价值的降低。</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>富银集团全球财富管理部门首席投资办公室股票分析师Hyde Chen表示,尽管每个人都在遭受损失,但中国盈利和盈利前的科技公司之间是有区别的。</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。随着投资者对该国大流行后在线食品购物的前景越来越乐观,这一数字在过去12个月中翻了两番多。不过,截至周一收盘,该股已较峰值回落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,在美上市的电商公司拼多多已较近期峰值下跌36%。按照同样的标准,电动汽车制造商NIOInc.的股价下跌了43%,而视频应用运营商哔哩哔哩的市值则损失了三分之一以上。</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,快手股价在第一季度业绩令投资者失望后暴跌,使其股价较今年早些时候收盘峰值下跌了约一半。短视频流媒体平台运营商快手二月份首次公开募股火爆。</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驻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所持高增长股票和那些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,即那些与盈利或账面价值等指标相比估值适中且对经济波动更敏感的股票。</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:“这是一种全球范围内正在发生的再平衡,你已经在美国、台湾和韩国看到了这种情况。”他说,在美国,云计算公司SnowflakeInc.等尚未盈利的新公司最近也遭到了更多抛售。</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理由仍然强劲。</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·考克斯表示,大约三年前,当这些股票和其他一些中国科技股上市时,它们最初表现不佳。</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,这些公司后来表现出色。“短期波动是你为长期回报所付出的代价,”考克斯先生说。</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(Baring Asset Management)香港中国股票主管方威廉·方(William Fong)表示,该公司去年年底在估值上涨后出售了部分中国互联网持股,但该公司在更广泛的香港和内地上市科技行业中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,我们还在消费或工业等领域看到了其他有趣的机会。”</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","01024":"快手-W","03690":"美团-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":{"PDD":0.9,"03690":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":1097,"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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