NINE DRAGONS PAPER lies at the heart of China's booming industrial relations with the rest of the world: it packages exports. The strength of the business was abundantly clear on March 17th, when it announced record first-half earnings. Immediately afterwards, however, its share price tumbled by 40%. That reflects a pattern during the latest earnings season, says Alvin Chong of Sun Hung Kai Financial, a Hong Kong brokerage firm. Good results: awful stockmarket performance.
Amid nervousness in global markets about risky investments, over-leverage and slowing growth, even China's once impregnable stockmarkets seem to be hitting reality with a bump. There is as yet none of the panic that has afflicted Wall Street. But China's stockmarkets are off by about 30% this year (see chart)—by comparison, the S&P 500 is down by 13%.
China appears to be suffering from a home-grown liquidity squeeze that is not so different from the one afflicting the West. As inflation pushes higher, the Chinese government has curbed lending by the banks. On March 18th the reserve ratio for Chinese banks was raised to 15.5%, the latest in a string of tightening measures.
Tighter credit is likely to crimp expansion plans and hence revenue growth. Higher inflation is also creeping into costs. At Nine Dragons, net margins fell to 15.8% from 20.4%; for years they had increased on the strength of higher sales and more efficiency. The drop, say analysts, was enough to spook an already nervous market. A year ago, Nine Dragons' shares traded at up to 40 times earnings. Now, they trade at 13 times, similar to paper firms elsewhere in the world.
The froth is coming off in other parts of the market too—even China Mengniu Dairy, a company that transformed the dietary habits of a vast nation by making milk a staple, is no longer trading like an internet stock; its shares have fallen by almost a half this year. Much of the pain has been felt by Chinese property developers. R&F Properties and Agile Property, to name just two, saw their share price double or triple between 2006 and mid-2007. They have since lost two-thirds of their value. There is growing concern that smaller developers may have problems raising money to complete building works, which could trigger fire sales.
用软件的也要通顺吧
好的话一定加分
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在紧张之中在全球的市场有关危险的投资事, 结束-杠杆作用而且减慢生长, 平坦的中国一次无法攻取的 stockmarkets 似乎打击真实与一撞击。 目前为止有没有人那恐慌哪一有使华尔街痛苦。 但是中国的 stockmarkets 是走开大约 30% 今年 (见图解)-藉着比较， S&P 500 下来 13%.
中国似乎受苦于不是如此不同的本国产的流动性挤压那一使西部痛苦。 当做通货膨胀推比较高的, 那华人政府有抑制借贷被那银行。 在三月 18 日华人的预备品比银行是升起至 15.5%, 最近的在一连串的勒紧措施。
紧的信用对卷缩扩充计划和因此可能收入生长。 较高的通货膨胀进入费用之内也是潜变。 在九条龙，网边缘落到来自 20.4% 的 15.8%; 好几年他们有增加的在比较高售卖的力量上和更多效率。 下降, 分析家说, 是充足对幽灵一已经紧张市场。 一年前, 九龙的股票交易在到上面 40 次所得。 现在, 他们贸易在 13 点次, 相似的到纸公司其他地方在世界上。
那泡是来临走开在其他的部份那市场也-平坦的中国 Mengniu 乳酪农场, 一家公司哪一转换那饮食的习惯藉由制造巨大国家牛奶一主要产物, 不再贸易同类英特网存货; 它的部份有堕落的被几乎一一半今年。 许多痛苦有是毛毡被华人财产开发者。 R&F 特性和敏捷的财产, 对名字只有二, 锯子他们的股价加倍或三倍之数在 2006之间和 2007 中期. 他们有自从失去的以后三分之二他们的价值。 有增加的担心较小的开发者可能有筹钱的问题到完全的建筑物作品, 哪一个可以板机火灾物品拍卖。
打得累死了!!!!!!!!!!!!!!!!!!!!
在紧张情绪在全球市场上约有风险投资，过度举债，并阻碍经济的成长，乃至中国的一次牢不可破的股票市场似乎被击中现实与颠簸。目前仍未有任何的恐慌已经困扰华尔街。但中国的股票市场是起飞约30 ％ ，今年（见图） ，相比之下，标准普尔500指数下降了13 ％ 。
中国似乎是痛苦的，从自家种的流动资金紧缩的其实并非如此不同，一个困扰着西方。由于通货膨胀推向更高了，中国政府已经遏制了贷款的银行。于3月18日准备金率，为中资银行提高到了15.5 ％ ，是最近一系列紧缩措施。
紧缩信贷可能会卷曲的扩展计划，并因此会带来收入的增长。较高的通货膨胀也在不知不觉进入成本。在九个小龙，净利润率下降至15.8 ％ ， 20.4 ％ ;多年来，他们增加了对强度更高的销售和更高的效率。下降，有分析人士称，是不够的过多影响本已紧张的市场。一年前，九个小龙'的股份买卖，以高达40倍的收入。现在，他们的贸易在13倍，类似纸公司在世界其他地方。
泡沫即将起飞的其他部分市场太远，甚至中国蒙牛乳业，该公司改变了饮食习惯的一个地域广阔的大国，使牛奶主食，不再像交易网络股，它的股价已下跌了近半，这一年。大部分的疼痛已经感受到中国地产商。经济论坛2004性能和敏捷的财产，包括两个名字，看到他们的股票价格增加一倍或两倍2006年至2007年年中。他们都因为失去了三分之二的价值。人们越来越关注小型发展商可能有问题，筹集资金，以完成建设工程已经展开，其中可能引发火灾的销售。
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