Forty out of the 50 members of the “Enigma” network at the heart of a Hong Kong market crash fell on Wednesday as a bloodbath among the city’s small caps spilled into a second day.
被称为“谜之网络”(Enigma Network)的50只港股中的40只股票周三暴跌，使香港小盘股崩盘延续至第二天。
The selling dragged the city’s GEM index, which tracks its junior board listings, to a record low on Wednesday as Tuesday’s selling, which erased $6bn in market capitalisation and left some companies down 90 per cent, widened to include other small caps.
此轮抛售使追踪二板市场上市公司的香港创业板(Growth Enterprise Market，简称GEM)指数周三跌至创纪录低点。周二抹去60亿美元市值、导致一些股票暴跌逾90%的崩盘，扩大了波及面，把另外一些小盘股也扯了进来。
Tuesday’s price plunges, which happened in less than an hour, took traders by surprise.
周二的崩盘在不到一小时内发生，令交易员们措手不及。
The only clear link between most of the stocks caught up in the sell-off was their membership of the “Enigma” network — a map of cross-shareholdings among 50 otherwise unrelated companies published in May by David Webb, the independent investor and stock commentator, under the title “The Enigma Network: 50 stocks not to own”.
被卷入这股抛售潮的多数股票具有的唯一共同点，就是它们都是“谜之网络”成员。5月，独立投资者和股评人戴维?韦布(David Webb)发表了一份交叉持股示意图，上面是50家貌似无关联的上市公司，标题是“谜之网络：50只不能买的港股”。
Mr Webb said he compiled the network from earnings updates and annual reports after last year asking the Hong Kong Exchange, the city’s front-line regulator, to enforce more firmly its disclosure rules.
韦布表示，他在根据盈利更新和年报绘制这幅网络地图之前，去年曾促请香港的第一线监管机构——香港交易所(HKEx)加强执行其披露规则。
The Securities and Futures Commission has refused to deny that it was already looking into some of the companies involved in the sell-off and described the stocks as characterised by thin turnover, small public floats and highly concentrated shareholdings — conditions, it said, that could be “conducive to market misconduct”.
香港证券及期货事务监察委员会(SFC)没有否认其已经在调查崩盘所涉及的其中一些公司，并称这些大幅下挫的股票具有成交量小、流通股少、持股集中度高等特点，而这些特点容易导致“市场失当行为”。
“By misconduct, we’re thinking about things ranging from manipulation and the ways in which that might be assisted through to shareholders who may not be fully independent when voting,” Ashley Alder, chief executive of the SFC, told the Financial Times on Wednesday.
“所谓的失当行为，我们考虑的是多种行为，从操纵和可能协助操纵的方式，到股东在投票表决时可能并不完全独立，”证监会行政总裁欧达礼(Ashley Alder)周三告诉英国《金融时报》。
He said, too, that the regulator had been increasing its focus on corporate issues — which were traditionally the domain of the HKEX, which sets listings rules.
他还表示，证监会近来已经在加大对公司问题的关注，传统上这些问题属于香港交易所的管辖范围。上市规则是由香港交易所设定的。
“Something which is particularly concerning is networks of companies and brokers in this small-cap area which may be involved with teams that are deliberately manipulative,” he added.
“尤其令人担忧的是小盘股领域的公司和券商形成网络，这些网络可能与蓄意操纵的团队有来往，”欧达礼补充道。
Worst-hit on Wednesday among the Enigma stocks was Hao Wen Holdings, a money lender and trader of biomass fuel, which fell 56 per cent, and KPM Holdings, a Singapore sign-maker, which closed down 44 per cent.
周三遭受最沉重打击的谜之网络股票是放贷机构和生物质燃料交易商皓文控股(Hao Wen Holdings)，下跌56%，以及新加坡招牌制作商吉辉控股(KPM Holdings)，收跌44%。

GreaterChina Professional Services, an asset valuer best known for an offer last year to buy Hull City FC for ￡130m, closed down 34 per cent following a 93 per cent fall on Tuesday.
资产估值机构——汉华专业服务(GreaterChina Professional Services)在周二暴跌93%后，周三进一步收跌34%。该公司最出名的是去年对赫尔城足球俱乐部(Hull City FC)发出1.3亿英镑收购报价。
In an example of the effect of those crossholdings, one of the network, Amco United, on Wednesday warned it would report a “substantial” half-year loss due to its share trading activities. The company is primarily a maker of medical devices.
突显交叉持股影响的一个例子是，谜之网络股票隽泰控股(Amco United)周三警告，由于其股票交易活动，它将报告“重大”半年亏损。该公司的主营业务是医疗器械制造。
Regulatory filings on Wednesday revealed three of the Enigma companies were among those adding to China Jicheng’s woes — the umbrella maker that lost as much as 94 per cent on Tuesday — by selling some of their holdings.
周三的监管申报文件透露，3家谜之网络公司加剧了雨具制造商、周二暴跌94%的中国集成控股(China Jicheng)的困境——它们减持了各自持有的这只股票。
Lerado Financial Group, China National Culture Group and QPL International all dumped shares amid the rout. Combined, their sales represented only 14 per cent of the 22.5bn shares traded on Tuesday in the umbrella maker.
隆成金融(Lerado Financial Group)、中国国家文化产业集团(China National Culture Group)和品质国际集团有限公司(QPL International)均在崩盘期间抛售了中国集成的股票。三家的抛售量加在一起，占这家雨具制造商周二225亿股交易量的14%。