It has been quiet for a long time. In the near future a new round of burst

After the past two years have been the collective short, quiet for a long period of time in the stock market recently ushered in a new round of outbreaks: stock prices climbed, trading volume warmer, the performance of Bright Eyes. This year's successful IPO of the two companies in the shares of the Orchid Pavilion and Shang small loans in the stock market is at the beginning of the listing of the potential to even jump a few levels.

However, information disclosure, cross-border supervision, investor confidence recovery and so on a series of issues is still long suspended in its head "Sword of Damocles", the "disease tree" is already ushered in "million wood Spring" is still difficult to conclude.

China stocks show Bright Eyes

The Pembo stock index, which was compiled by the 55 trading volumes, has climbed for three consecutive months, the lowest point in June has risen by more than 18% per cent, while the I stock index 30, based on 30 stocks of 2/3 of the total market capitalisation covered, has risen from 726.5 in the year to 1072.9 ( The index last won 1000 points or in July 2011. In addition, Nasdaq-listed Chinese companies have gained an average of 48% over the same period last year.

In terms of industry, the performance of Internet companies is particularly prominent. At the end of last year, the shares of telecoms operators that were on the market were 4 times times more than when they were listed; Qihoo 360 's share price is from the beginning of 33 U.S. dollars/shares rose to the current 83 U.S. dollars/shares, up more than 150%; Baidu in the past 6 months has also accumulated 45% growth, Sina, NetEase and other shares have risen by more than 50% per cent.

The new energy sector's companies are also very eye-catching, not only the share price doubled, the daily average of millions of trading volume than other sectors of the stock is higher than the order of magnitude. Trina Solar shares jumped a few months ago, from March to 3.6 U.S. dollars/stocks continued to climb to the recent 11.07 U.S. dollars/shares; The Crystal branch of energy in April to date rose more than 300%; Yingli Green Energy, Yu-hui sunshine also from the April historical lows gradually regained ground, the increase is more than 200%, But it is worth noting that, although the two stocks experienced a new round of gains, the current share price is still lower than the issue.

In addition, in the past earnings season, the company also handed over a good interim report card, the performance became the main support for the price rise. In the High-tech sector, the first half of NASDAQ:SPRD's revenue grew 60.46%, while net profits rose 117.8% to 66.6 million in the two quarter, compared with $30.58 million a year earlier. In the main constituent stocks, only the first half of the nyse:vips net income growth of 159.7%, net profit amounted to 11.8 million U.S. dollars, and the same period last year, the loss of 4.2 million U.S. dollars.

The spring of the stock of China has arrived?

Does such a gorgeous report card mean that the "front of the diseased tree" has ushered in the "thousand-wood Spring"?

In fact, before some fundamental problems have not been resolved, the recovery of part of the stock will not be able to predict the overall spring has come. Looking behind some companies ' share prices, more investors think it is not entirely because the company itself has received investor approval.

Beacon Asset Management LLP fund manager Dong Colhong in an interview with the first financial daily said: "Recently some stocks although fried very fierce, very eye-catching, but behind a variety of factors at work, not entirely in the way the market operation." ”

And some stock performance also faintly shows that today in the stock seems to still have to repeat yesterday's story.

Recently, the Shang small loans in the early after a round of stir-fry, almost by the market into the "limbo": Stock prices depressed, the volume of scarce transactions. In the first three days after the company's listing, its trading volume was maintained at more than million shares, the average volume of 1.267 million shares, the share price from the 5.99-dollar issue of prices soared to 17.36 U.S. dollars/shares, rose nearly twice times. But then the trading volume fell all the way and no turning back. To the last 3 trading days, not only did the company's share price fall to 9.5 US dollars/shares, trading volume also reduced by one order of magnitude, the average trading volume of nearly 4 trading days (September) was only 83,000 shares, and even not a fraction of the 1.487 million transactions on August 16, while trading volume of only hundreds of shares per hour is more normal.

Similar embarrassment in this year's listing of the electric business site Orchid Pavilion can also reflect one or two.

June 7 After the listing, the Orchid Pavilion stock price rose rapidly, the 3 trading day set a 54% increase in record, August 14 hit a record high, 22.21 U.S. dollars/shares. However, just a week after August 20, due to the two quarterly earnings data than expected, orchid Pavilion set potential shares were broken down, plunged nearly 40%, after the stock price has been hovering around 10 U.S. dollars/shares.

The company has also been sued by several U.S. law firms, including Federman & Sherwood, Robbins Arroyo, accusing the Orchid Pavilion and some of its executives from June 6, 2013 to August 19, Failed to disclose information about the company's financial performance and business prospects.

"In the view of foreign fund investors, one of the biggest risks for China stocks is opacity." Chinese companies are not accustomed to interacting with investors, but if they need to raise capital, they must let the market know, and only then will investors be involved. "So from an investment point of view, although the stock market is not a small plate, but meet the institutional investment requirements, only a handful of so few." ”

US investors are still "at a respectful distance"

For many American investors who have been short in the past, it is "bitten, shy for ten years".

Reporters from the side learned that some of the shares under the heavy warehouse in the U.S. fund managers in the encounter in the stock is collectively short, have expressed their reluctance to dabble in the shares. One fund manager has complained that the U.S.-listed Chinese companies are like "smoke in the Mirror" (Smoke in the mirror) and no longer invest in any stocks with the word "China".

The words of the fund managers may be a bit extreme, but the fact that the shares are still not widely recognised by mainstream U.S. institutional investors is an indisputable reality.

"There are still a lot of domestic investors in the volume of Chinese companies that are listed in the US, and there are very few transactions that really come from mainstream U.S. funds," he said. Sitsite, the fund manager of the pilot Capital Management company, said in an interview with this newspaper.

As for the overall participation of the market, the shares are still a long way to go.

According to our reporter not fully statistics, 169 of the Nasdaq and NYSE listed Chinese companies (still in the transaction), nearly 3 months daily trading in tens of thousands of hands of the company up to 94, accounting for 55.6%, nearly 3 months daily trading volume in the millions other than 23.

"Although most of the stock companies themselves issue only 20 million or 30 million of the amount of equity, but even for these companies tens of thousands of hands per day of trading volume is certainly not enough, which shows that the market is not enthusiastic about the participation of the shares." "Dong Colhong said.

However, some investors believe that the trading value of those companies that have survived and traded frequently after 2010-2012 years of stock shorting is large.

"These companies are beginning to become familiar with the demand for information disclosure and corporate governance by US institutional investors, especially the internet and High-tech companies, and I personally think there is some value in investing." "Sitsite said.

However, the unpleasant investment experience of China-stock stocks has left many investors with a broken heart.

Sitsite to reporters, he himself has a lot of friends have eaten in the loss of stocks. "There are countless people who are ' hurt ' from big mutual funds to small institutions to individual investors, and it takes a lot of work to restore their confidence in Chinese companies, which is hard to do in 35 years. "he said.