中概股回归表明中国不差钱?
<p><span word="When">When</span> <span word="a">a</span> <span word="group">group</span> <span word="of">of</span> <span word="investors">investors</span> <span word="including">including</span> <span word="Sequoia">Sequoia</span> <span word="Capital">Capital</span>’<span word="s">s</span> <span word="China">China</span> <span word="unit">unit</span> <span word="and">and</span> <span word="company">company</span> <span word="management">management</span> <span word="took">took</span> <span word="US">US</span>-<span word="listed">listed</span> <span word="Qihoo">Qihoo</span> 360 <span word="Technology">Technology</span>, <span word="a">a</span> <span word="Chinese">Chinese</span> <span word="internet">internet</span> <span word="company">company</span>, <span word="private">private</span> <span word="in">in</span> <span word="December">December</span>, <span word="they">they</span> <span word="were">were</span> <span word="surprised">surprised</span> <span word="how">how</span> <span word="easy">easy</span> <span word="it">it</span> <span word="was">was</span> <span word="to">to</span> <span word="do">do</span> <span word="so">so</span> <span word="at">at</span> <span word="the">the</span> <span word="desired">desired</span> <span word="valuation">valuation</span> <span word="of">of</span> $9.3<span word="bn">bn</span>.</p><p>去年12月，在美国上市的中国互联网公司奇虎360科技有限公司(<span word="Qihoo">Qihoo</span> 360 <span word="Technology">Technology</span>)被一组投资者私有化，这些投资者包括红杉资本中国(<span word="Sequoia">Sequoia</span> <span word="China">China</span>)和奇虎360的管理层，他们意外发现，以令他们满意的93亿美元估值完成私有化是多么的容易。</p><p><span word="Since">Since</span> <span word="then">then</span>, <span word="there">there</span> <span word="have">have</span> <span word="been">been</span> <span word="at">at</span> <span word="least">least</span> <span word="half">half</span> <span word="a">a</span> <span word="dozen">dozen</span> <span word="more">more</span> <span word="such">such</span> <span word="transactions">transactions</span>, <span word="the">the</span> <span word="latest">latest</span> <span word="being">being</span> <span word="Jumei">Jumei</span>, <span word="an">an</span> <span word="online">online</span> <span word="cosmetics">cosmetics</span> <span word="company">company</span>. <span word="Even">Even</span> <span word="as">as</span> <span word="the">the</span> <span word="bears">bears</span> <span word="warn">warn</span> <span word="darkly">darkly</span> <span word="that">that</span> <span word="China">China</span> <span word="is">is</span> <span word="running">running</span> <span word="out">out</span> <span word="of">of</span> <span word="money">money</span>, <span word="Chinese">Chinese</span> <span word="outbound">outbound</span> <span word="acquisitions">acquisitions</span> <span word="set">set</span> <span word="ever">ever</span> <span word="bigger">bigger</span> <span word="records">records</span> <span word="and">and</span> <span word="capital">capital</span> <span word="outflows">outflows</span> <span word="amount">amount</span> <span word="to">to</span> <span word="a">a</span> <span word="possible">possible</span> $800<span word="bn">bn</span> <span word="a">a</span> <span word="year">year</span>. <span word="There">There</span> <span word="is">is</span> <span word="still">still</span> <span word="plenty">plenty</span> <span word="of">of</span> <span word="liquidity">liquidity</span> <span word="in">in</span> <span word="China">China</span>, <span word="as">as</span> <span word="such">such</span> <span word="take">take</span>-<span word="private">private</span> <span word="deals">deals</span> <span word="suggest">suggest</span>. <span word="Moreover">Moreover</span>, <span word="these">these</span> <span word="transactions">transactions</span> <span word="come">come</span> <span word="at">at</span> <span word="a">a</span> <span word="time">time</span> <span word="when">when</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="financial">financial</span> <span word="markets">markets</span> <span word="are">are</span> <span word="seemingly">seemingly</span> <span word="locked">locked</span> <span word="in">in</span> <span word="a">a</span> <span word="tug">tug</span>-<span word="of">of</span>-<span word="war">war</span> <span word="between">between</span> <span word="regulators">regulators</span> <span word="determined">determined</span> <span word="to">to</span> <span word="support">support</span> <span word="the">the</span> <span word="prices">prices</span> <span word="of">of</span> <span word="listed">listed</span> <span word="companies">companies</span> (<span word="however">however</span> <span word="artificial">artificial</span>) <span word="and">and</span> <span word="the">the</span> <span word="naysayers">naysayers</span>, <span word="who">who</span> <span word="believe">believe</span> <span word="there">there</span> <span word="is">is</span> <span word="far">far</span> <span word="worse">worse</span> <span word="to">to</span> <span word="come">come</span>.</p><p>自那以来至少又发生了6起此类交易，最新的是在线化妆品零售企业聚美优品(<span word="Jumei">Jumei</span>)。即便在悲观人士阴沉地警告中国资金即将枯竭之际，中国对外收购仍不断打破纪录，每年的资本流出可能达到8000亿美元。正如此类私有化交易表明的那样，中国仍有大量的流动性。此外，这些交易发生之际，中国金融市场似乎陷入一场角力，一方面是监管机构决心支撑上市公司股价（无论此举多么人为），另一方面是唱衰者认为还会出现更糟糕的情况。</p>
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