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Home  /  Picture of the Day  /  Pic of the Day by Category  /  Economy 财经   /  中国互联网ipo热潮是否会引起泡沫 - Will the IPO of Chinese internet companies lead to an economic bubble?
中国互联网ipo热潮是否会引起泡沫 - Will the IPO of Chinese internet companies lead to an economic bubble? print version
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从去年开始,新一轮上市热潮[1]在中国互联网企业[2]中再次起来,一大批网站争相奔赴海外资本市场[3]进行IPO (initial public offering)。据统计,今年一季度[4]共有112家中国企业在全球资本市场实现IPO,总计融资[5]184.11亿美元, 互联网企业迎来了海外上市的黄金时代。但很多人担心第二轮的互联网泡沫[6]会由此产生。

然而,认为泡沫论言之还早或不存在的声音也有很多,他们分别给出自己的理由。来自京东商城(360buy.com, a Chinese E-Commerce company) CEO刘强东声音:这轮互联网公司市值[7]大涨的基础存在明显的盈利模式,而且互联网已经渗透到了社会生活的方方面面,其价值根基也很坚定。

来自微软亚太(Microsoft Asia Pacific)研发[8](R&D)集团主席[9]张亚勤的声音:可能会有泡沫,但只是针对互联网企业的估值、心态而言。但实际上因为它有着坚实的产业基础,所以就算出现泡沫也不会像2000年时那么可怕。

不过来自搜索引擎[10]巨头[11]百度公司(Baidu, China's largest internet search engine)CEO李彦宏的提醒很重要,他说上市不是目的,而是企业发展的一个手段。虽然预计今年中国互联网的公司将会迎来海外上市的热潮,对接近上市状态的中国互联网公司来说,现在是一个很好的机会.但目前市场确实有些过热。

A new market climax appears in the state of China's internet enterprises since last year, as many websites rush to the foreign capital market and realize an IPO. According to statistics, the IPO which 112 Chinese companies have realized in the first quarter of the year in the international capital market amounts to 18.411 billion dollars. Golden times are coming for internet enterprises in the foreign market, but many people worry that this might lead to a second turn internet bubble.

Still, many people believe that it is too early to speak about a bubble, or that such a risk doesn't exist, and they give their reasons. Liu Qiangdong, CEO of 360buy.com, expresses that the base of the big rise in value of internet companies is a clear profit model, furthermore, the internet has already penetrated into all aspects of society, and the foundation of its value is firm.

Zhang Yaqin, chairman of Microsoft Asia Pacific R&D group: There might be a bubble, but only in the aspects of value and mentality of internet enterprises, however, actually it won't be as terrible as the bubble in 2000 for now such companies posses a substantial industry foundation.

But the warning of Li Yanhong, CEO of search engine tycoon, Baidu company, is very important. He says that market listing is the means of a company's development, not the objective. Although we predict that Chinese internet enterprises meet a turbulent tide in the foreign market this year, and right now there are good opportunities for Chinese internet enterprises which are approaching and going on the market, at present the market is already over hot.


This article regards new developments in China's internet tycoons, and follows the initial public offering made by Chinese social network site Renren in the beginning of the month and the expected public offering of another social network site, Kaixin001, as well as the IPO quest of many other websites since the beginning of 2011.


[1] 热潮 rècháo - Hot tide, climax, success or peak period

[2] 中国互联网企业 zhōngguó hùliánwǎng qǐyè - China`s internet enterprises

[3] 海外资本市场 hǎiwài zīběn shìchǎng - Foreign capital market

[4] 季度 jìdù - Quarter of a year

[5]总计融资 zǒngjì róng zī - Amount of funds

[6] 泡沫 pàomò - 'Bubble', economic bubble, a situation where market prices are not sustainable and as the 'bubble' explodes companies are experience big losses

[7] 市值 shì zhí - Market value

[8] 研发 yánfā - R&D (research and development)

[9] 主席 zhǔxí - Chairman

[10] 搜索引擎 sōusuǒyǐnqíng - Search engine

[11] 巨头 jùtóu - Tycoon, giant company


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