China Construction Bank has overtaken JPMorgan, Facebook and Chevron in terms of size, a sign of how a dramatic stock market rally in Hong Kong is reshaping the league table of the world’s largest companies.
中国建设银行(China Construction Bank)已经在市值规模上超越摩根大通(JPMorgan)、Facebook和雪佛龙(Chevron)，这表明，香港股市大涨正在重塑全球最大公司的排行榜。
The surge has come even as Chinese economic indicators worsen. China’s exports slumped 15 per cent in March, raising the prospect of disappointing first-quarter economic growth.
此轮涨势出现之际，中国的各项经济指标正趋于恶化。3月份出口同比下滑15%，使得第一季度经济增长可能令人失望。

The market capitalisation of Hong Kong-listed shares set a new record yesterday, passing the HK$30tn mark for the first time to close at HK$30.55tn (US$3.9tn). The Hong Kong share market has risen 17.6 per cent in the past month, making it the best performer in the world this year outside the Chinese mainland.
香港上市股票的总市值昨日创下新纪录，首次突破30万亿港元大关，收盘为30.55万亿港元（合3.9万亿美元）。香港股市在过去一个月累计上涨17.6%，使其成为今年迄今全球除中国内地以外表现最好的股市。
The surge in valuations comes as investors, wary of frothy valuations in Shanghai and Shenzhen, switch into lower-priced Hong Kong stocks. A move by the Chinese authorities to give mutual funds access to the Hong Kong market via Stock Connect has also boosted share volumes in the territory.
估值飙升的背景是，对上海和深圳的估值“起泡”产生戒心的投资者，纷纷转投相对便宜的港股。中国当局允许共同基金通过“沪港通”进入香港市场的举措，也提振了香港的股票成交量。
As a result, a host of companies now eclipse their global rivals. CCB, China’s second-largest lender by assets, has risen by a fifth in the past month, giving it a market capitalisation of US$248bn. It is now the 15th biggest company on the FTSE All World index, and the third ranked bank after local rival ICBC and US-based Wells Fargo.
其结果是，多家公司现在超越其全球竞争对手。作为中国按资产衡量的第二大银行，建行股价在过去一个月上涨五分之一，使其市值达到2480亿美元。该行现在是富时环球指数(FTSE All World index)上的第15大公司，而且是全球第三大银行，仅次于国内同行中国工商银行(ICBC)和美国的富国银行(Wells Fargo)。
Other price changes have been equally impressive. Online games maker Tencent — up 27 per cent over the past month — is now larger than Amazon, Oracle and Samsung Electronics, while Air China has a bigger market cap than Singapore Air and Cathay Pacific combined, following a 42 per cent rise.
其他个股的价格变化同样令人印象深刻。互联网巨头腾讯(Tencent)股价在过去一个月上涨27%，如今市值大于亚马逊(Amazon)、甲骨文(Oracle)和三星电子(Samsung Electronics)，而中国国航(Air China)在股价上涨42%之后，如今市值大于新加坡航空(Singapore Air)和国泰航空(Cathay Pacific)之和。
Citic Securities, China’s leading brokerage, has gained 45 per cent over the past month. At $61bn, it now has a significantly larger market cap than either Blackstone or Credit Suisse. China Merchants Bank rose 25 per cent yesterday alone, putting it ahead of Barclays, Mitsubishi UFJ and Royal Bank of Canada, with a market cap of $91bn.
中国领先的券商中信证券(Citic Securities)在过去一个月上涨45%。如今其610亿美元的市值显著大于黑石(Blackstone)和瑞士信贷(Credit Suisse)。中国招商银行(China Merchants Bank)仅在昨日就大涨25%，使其达到910亿美元的市值，超越巴克莱银行(Barclays)、三菱日联金融集团(Mitsubishi UFJ)和加拿大皇家银行(Royal Bank of Canada)。
The arrival of billions of dollars from mainland China has triggered a 65 per cent appreciation in the share price of Hong Kong Exchanges and Clearing, valuing the operator at $44bn, comfortably above global rivals.
来自中国内地的巨额资金推动香港交易所(Hong Kong Exchanges and Clearing)股价大涨65%，使这家股市运营商的市值达到440亿美元，轻松领先于全球竞争对手。
The HKEx has now displaced CME Group of the US, with a market capitalisation of $31bn, as the world’s largest exchanges operator in the past month.
过去一个月里，港交所已取代市值310亿美元的美国芝加哥商品交易所集团(CME Group)，成为全球最大的交易所运营商。
The Hong Kong bourse also outstrips fellow US derivatives exchange operator Intercontinental Exchange, which owns the New York Stock Exchange and has a market valuation of $25bn.
港交所也超过了市值250亿美元、旗下拥有纽约证券交易所(New York Stock Exchange)的美国衍生品交易所运营商——洲际交易所(Intercontinental Exchange)。
The increase in activity has raised expectations for the earnings performance of HKEx. The Hang Seng index is now up 12 per cent since the start of the month.
股市交易活动的增加提高了港交所的盈利预期。自本月初以来，恒生指数已上涨12%。