Few groups qualify for China’s IPO fast-track
中国IPO快速通道实效不佳
广州收购翻译公司：中国证监会允许在全国592个贫困县注册的公司优先上市，但这项政策的受益者可能只有836家排队上市公司中的4家。
Only one in five companies in China’s lengthening line of those waiting to float come from provinces that benefit from a reform of the initial public offering system aimed at helping impoverished counties.
在越来越长的等待上市的中国企业行列中，只有五分之一的公司来自那些首次公开发行(IPO)制度改革意在帮助的贫困县所在省份。广州收购翻译公司。
Proposals published by the China Securities Regulatory Commission allow companies registered in 592 impoverished regions nationwide to skip the 836-long list of groups currently waiting for an IPO in Shanghai or Shenzhen.
中国证券监督管理委员会(CSRC)公布的提议，让在全国592个贫困地区注册的公司可以无需排队——目前排队等候在上海或深圳上市的有836家企业。
The choice of counties on the list appears more in line with efforts to redistribute wealth rather than ease the IPO bottleneck. For example, Yunnan province, home to only six companies waiting to go public, has 73 of the impoverished counties — the highest for any province — targeted by the CSRC plan.
从这些县的名单看，它们被选中在更大程度上是为了重新分配财富，而不是缓解IPO瓶颈。例如，只有6家公司等待上市的云南省，在中国证监会的名单上占了73个贫困县，是贫困县最多的省份。广州收购翻译公司。
While CSRC data include province rather than county level information, nearly 20 per cent of the queueing companies are in provinces containing impoverished counties and more than half of those are in five of the 21 provinces, according to FT calculations.
虽然中国证监会的数据包括省级（而非县级）信息，但根据英国《金融时报》的计算，近20%排队上市的公司来自含贫困县的省份，超过一半此类公司来自21个省中的5个。
The beneficiaries of this policy could be as few as four of the 836 companies in the IPO queue, according to a survey by the Securities Times, a subsidiary of the party newspaper People’s Daily.
中共机关报《人民日报》旗下的《证券时报》调查发现，这项政策的受益者可能只有836家排队上市公司中的4家。广州收购翻译公司。
The plans are part of a broader effort by Beijing to redistribute wealth. In this context, however, they also highlight the lack of progress on China’s planned overhaul of its clunky system for IPOs.
相关计划是北京方面发起的重新分配财富整体努力的一部分。然而就此而言，它们也突显了中国在改革其笨拙的IPO制度方面缺乏进展。
As well as the 836 companies listed by the CSRC, local media reports indicate that there are more than 700 still waiting for approval at the provincial level before they can join the queue proper for a listing. The combined backlog is expected to take years to work through.
除了中国证监会列出的836家上市申请公司外，据中国媒体报道，还有700余家企业仍在等待省级审批，之后才能正式加入等候上市的长队。合并的积压预计需要多年时间才能消化完。
Enabling companies to raise capital through selling equity is seen as one way of steering them away from an over-dependence on borrowing.
让企业能够通过出售股权来筹集资本，被视为引导它们摆脱对借款过度依赖的一种方式。
