双语新闻:逆向投资基金欲从中国股市掘金

2014-04-25 14:35:11来源：中国新闻网

　　谢清海说，过去几个月，惠理集团经历了非常艰难的时期，但对于投资中国股市，价值投资法可谓利大于弊。

　　Recently, he says, he has started to see turnaround signals. 'Since the second half of March, there are signs that [outperformers] like Internet stocks that people used to like so much...are now losing ground compared to the value stocks we are investing in,' he said. 'But I do not know whether it's a new trend or it's just a blip'

　　最近他表示，他已经开始看到转变信号。他说，自3月下半月以来，有迹象显示表现强于大盘的股票(如人们过去非常青睐的互联网类股)现在相对于他们正在投资的价值型股票来说正落于下风。但他说，他不知道这是新的趋势还是昙花一现的走势。

　　The 60-year old Malaysian-born Mr. Cheah co-founded Value Partners with his partner V-Nee Yeh, who also established Argyle Street Management, a distressed-asset specialist, and is chairman of hedge fund Cheetah Investment Management. Mr. Cheah plans to grow Value Partners' assets under management to US$20 billion to US$30 billion in five to 10 years, and is opening another office in Singapore after expanding in mainland China and Taiwan in the past couple of years.

　　现年60岁、马来西亚出生的谢清海与其合作伙伴叶维义(V-Nee Yeh)共同创建了惠理集团，后者还创建了不良资产管理公司Argyle Street Management，同时是对冲基金捷达投资管理有限公司(Cheetah Investment Management)的主席。谢清海计划在五至十年内使惠理集团旗下管理的资产增加至200亿-300亿美元，同时继过去几年在中国大陆和台湾扩展业务之后在新加坡再开设另一处办公室。

　　For the contrarian fund, the company is also at looking at banks, which have fallen on worries that a slowing economy will translate into more bad debt.

　　公司还在为该反向策略基金寻找银行股投资机会，中国的银行股已因有关经济放缓将带来更多坏账的忧虑而纷纷下挫。

　　'Banks are trading below book because of fears of hard landing and a surge in nonperforming loans,' Mr. Cheah said. 'But our research team finds that even if NPLs go up to 10%, it's already in the price. And now official NPL is still 2%.'

　　谢清海说，由于市场担心中国将出现硬着陆和不良贷款规模激增，银行类股股价已低于账面价值。但他说，他们的研究团队发现，即便不良贷款比例上升至10%，也已经被股价所消化，而现在官方公布的不良贷款比例仍仅为2%。

　　Then there are 'old-economy companies in the export sector.' Much loved in the 1990s, he said, they've been badly beaten up.

　　他说，此外还有出口领域的传统型公司。它们中有很多在二十世纪九十年代倍受青睐，现在遭遇重挫。

　　'People think that exporters are either dead or dying, or moved to Bangladesh,' he said. 'But some of these guys are doing very well.'

　　谢清海说，人们认为出口商不是完蛋了就是快要完蛋了，或者都迁往孟加拉国了。他说，有一些出口商经营得非常好。

　　Mr. Cheah didn't specify individual stocks that the new fund will invest in. The Hong Kong-listed shares of China's two biggest lenders--Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp.--have fallen 24% and 16% respectively, since the end of 2009. They are barely trading at their estimated 2014 book value, or net asset value.

　　谢清海没有具体透露新基金将投资哪些个股。2009年年底以来，中国工商银行股份有限公司(Industrial & Commercial Bank of China Ltd., 简称：工商银行 )和中国建设银行股份有限公司(China Construction Bank Co., 简称：建设银行 )这两家中国最大的银行在香港交易的股票价格分别下跌了24%和16%。这两只股票目前的价格基本与2014年的预期每股账面价值(即净资产价值)持平。

　　In the longer term, Mr. Cheah said, he sees much more investment opportunity in China than ever. Over the past 20 years, China's stock market has disappointed many investors, with prices failing to reflect the fast growth in the economy.

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