China’s brokers have raised more capital this year than in the past three combined — and more than half the $14bn proceeds are being ploughed straight back into financing the equity boom that enabled them to tap the markets in the first place.
中国券商今年的融资规模超过了过去3年的总和，在140亿美元筹资所得中，超过一半正被直接投入股市热潮，正是这波股市热潮令它们得以利用市场筹资。
The frenzied rallies in Shanghai and Shenzhen this year have been largely fuelled by margin lending, where loans to invest in the market are secured against the stocks purchased.
上海和深圳股市今年的疯狂上涨，在很大程度上是由融资交易推动的，即以购买的股票为担保，向券商贷款投资股市。

Margin-financed long positions in the onshore A-Share market now total Rmb1.9tn, or $307bn — up 84 per cent this year, and four times the level this time last year, according to Macquarie analysts. The sharp rise has stoked fears it could reverse almost as quickly: if the value of margin-financed portfolios were to fall, lenders would demand more collateral or reduce the size of loans, which could trigger forced selling.
据麦格理(Macquarie)分析师介绍，如今，中国A股市场的融资买入额总计1.9万亿元人民币（合3070亿美元），今年累计增长84%，是去年这个时候的4倍。这一巨大增幅令人担心，当前局面可能几乎同样迅速地逆转：如果融资买入的股票组合价值下跌，券商将要求追加保证金或缩小贷款规模，这可能导致投资者被迫卖出。
Yet more than half of the $9.5bn of equity raised in Hong Kong this year by brokers will be used to finance more margin loans, according to the companies’ filings.
然而，根据券商的监管申报文件，在今年券商在香港筹集的95亿美元资金中，超过一半将被用来发放更多融资贷款。
Still more funds will soon be added to the financing pool after Huatai Securities on Friday priced its initial public offering in Hong Kong at the top end of the range, raising a further $4.5bn. If its underwriters exercise an option to sell more shares when it begins trading on June 1, Huatai could raise a further $700m, making it the biggest IPO in Hong Kong since AIA raised $20bn in 2010, according to Dealogic.
华泰证券(Huatai Securities)上周五将其香港首次公开发行(IPO)发行价确定在定价区间高端，华泰将增加筹资45亿美元，进而意味着很快将有更多资金流入融资贷款资金池。根据Dealogic的数据，如果在华泰股票于6月1日上市时，承销商行使超额配售选择权，那么华泰可能会再多融资7亿美元，这将令其成为自友邦保险(AIA) 2010年筹资200亿美元以来香港规模最大的IPO。
“Brokers are the perfect stock in this market — they’re a leveraged derivative on what’s going on in China,” said one equities banker, who described the mainland rally as a “state-sanctioned bull run”.
一位从事股票业务的银行业人士表示：“券商是此类市场的完美股票，它们是中国股市目前现状的杠杆衍生品。”他将中国内地股市的大幅上涨形容为“政府支持的牛市行情”。
The Shanghai Composite closed last week at a seven-year high, up 44 per cent this year amid trading volumes that topped $150bn on Friday. Shenzhen, home to start-ups and tech stocks, has nearly doubled and hit its fifth record high in as many days on Friday.
上证综指上周收盘创下7年高点，今年已累计上涨44%，上周五的交易额超过1500亿美元。初创和科技股所在的深圳股市几乎上涨一倍，上周五连续第五日创新高。
Huatai has already said that 60 per cent of the proceeds from listing will go towards margin financing. Chinese investors opened almost 5m new share trading accounts in the first two weeks of May alone, Macquarie said.
华泰已表示，60%的上市所得将用于提供融资贷款。麦格理表示，单单5月头两周，中国投资者新开股票交易账户就高达近500万个。
Tapping international investors via Hong Kong has been brokers’ preferred route. GF Securities raised $4.1bn in a Hong Kong IPO in March, while China Galaxy Securities sold new shares worth $3.1bn in a private placement in April.
通过香港接触到国际投资者一直是券商们青睐的路线。今年3月广发证券(GF Securities)通过IPO在香港筹资41亿美元，而中国银河证券(China Galaxy Securities)在4月的增发中发行了价值31亿美元的新股。