In China, fakery knows few limits — as Goldman Sachs has found out. Wary of this, perhaps, China International Capital Corporation (CICC) lists brand appropriation as one of near 50 risks in its initial public offering prospectus. It also mentions staff misconduct — more pertinent, perhaps, since it is investigating one of its Hong Kong employees for irregular dealing in client accounts.

在中国，正如高盛(Goldman Sachs)发现的那样，造假行为肆无忌惮。或许是意识到了这一点，中国国际金融股份有限公司（CICC，简称：中金公司）在其招股书上将品牌遭盗用列为近50项风险之一。它还提到了员工行为不轨的风险，或许这是项更切实的风险，因为它正在调查自己的一名香港员工违规处理客户账户的问题。

The Chinese investment bank hopes to raise as much as $933m, nine-tenths of which will be new shares. Its market capitalisation will be about $3bn. As with many recent Hong Kong deals, this one is already half sold: $465m will be taken up by 10 investors, including parents of Hong Kong-listed China Mobile and Baosteel Group, as well as subsidiaries of Hong Kong-listed Value Partners and the US’s Prudential.

这家中国投行希望在此次招股中筹集至多9.33亿美元资金，其中九成将通过新发股份筹集。该公司市值将大约为30亿美元。与最近香港的许多首次公开发行(IPO)一样，其中一半股份已被认购：4.65亿美元的股份将由10个投资者购得，这些投资者包括在香港上市的中国移动(China Mobile)与宝钢集团(Baosteel Group)的母公司，以及在香港上市的惠理(Value Partners)和美国保德信(Prudential)的子公司。

The rest is likely to attract interest. CICC has been growing quickly; profits grew nearly fourfold between 2012 and 2014. At the same time, return on equity nearly trebled, to 14 per cent; by June 2015 it had jumped higher yet, to 24 per cent. And while the stock is no steal at 18 times 2014 earnings, on annualised first half 2015 earnings that drops to 9 times (although bear in mind that investment bank earnings are rarely smooth through the year). Goldman Sachs is on just 10 times — if for weaker growth and returns.

投资者很可能会对剩余的股份感兴趣。中金公司发展迅速；利润在2012年至2014年间增长了近三倍。同期，股本回报率增长近两倍至14%。到2015年6月，股本回报率进一步增长至24%。尽管按2014年的利润计算，中金公司的市盈率为18倍，并不便宜，但按2015年上半年的年化利润计算，市盈率已降至9倍（不过要记住，投行的利润在一年里很少是均匀分布的）。高盛的市盈率刚好10倍，尽管它的增长和回报更为疲弱。

There are, however, real risks hanging over CICC, which may make that cheap-looking price tag illusory. China’s capital markets are opening up. International players are keen to get in, despite reservations about the regulatory environment and the slowing economy. Domestic players are numerous, too, all with smallish market share. As a result, CICC says that commission income has been dropping, notably in equity trading, even as activity has picked up. Regulators’ tendency to stop and start IPOs, as well as meddle in the markets, means no revenue stream is secure.

然而，中金公司面临切实的风险，可能会让看上去的便宜成为一种错觉。中国资本市场正在开放。国际投资者渴望进入其中，尽管对其监管环境和放缓的经济增长持保留态度。中国国内的投行也为数不少，市场份额全都不大。结果是，中金公司表示，尽管交易活动步伐加快，但佣金收入一直在下降，尤其是在股票交易领域。监管机构喜欢一会儿暂停IPO一会儿重启，还喜欢对市场进行干预，这意味着很难保证稳定的收入流。

Cheap goods are tempting. But false economies cost more later.

廉价商品很吸引人，但不当的节俭会让你在随后破费更多。