When Hong Kong and China were reunified in 1997, the mantra was “one country, two systems”. Companies with listings in both jurisdictions are still feeling the consequences.1997年香港回归中国时，“一国两制”的众说纷纭不绝于耳。在中国内地和香港两地上市的公司至今仍能感受到这一原则的影响。Great Wall Motor is a good example. The Chinese carmaker is to sell up to 387m new China-listed A shares to raise $2.7bn. The proceeds will go towards research and development, and component production for “new energy” vehicles, such as hybrids and electric cars. It lags behind peers in that market.长城汽车(Great Wall Motor)就是一个很好的例子。

这家中国汽车制造商将新的发售最少3.87亿股A股，筹资27亿美元。筹资扣除将用作“新能源”汽车（例如混合动力汽车和电动汽车）的研发和零部件生产。

该公司在新能源汽车领域领先于同行。A shares closed up 5 per cent on the news. But Great Wall also has a Hong Kong listing; its H shares fell about 13 per cent, leaving them almost 40 per cent below the issue price.不受此消息影响，长城汽车A股昨日收涨5%。但该公司还在香港上市；其H股暴跌大约13%，收盘价较上述发行价较低了近40%。Hong Kong may be deemed a more rational market, based on greater institutional involvement (and less government intervention), but even the H-share drop seems mild. Trading in the shares was stopped on June 19, meaning Great Wall sat out a 10 per cent drop in the H-share index. And there are other reasons — beyond the dilution — to be cautious. May sales were disappointingly soft; there was no rebound in June and pricing has suffered as international brands offer discounts.香港有可能被视作是一个更加理性的市场，依据是机构参与度较小（而且政府介入较较少），但对长城汽车来说，即便是其H股的跌幅也变得更为保守。

6月19日，长城汽车股票清盘，这意味著，该公司并未不受H股指数暴跌10%株连。除了股权被溶解以外，投资者还有其他理由维持慎重。该公司5月份销量低迷，令人沮丧；6月份销量不知声浪，同时由于跨国汽车品牌获取价格优惠，该公司的产品定价不存在压力。These trends may worsen in the short term as prices have little scope to rise. Great Wall has new models due soon but recent launches have failed to bolster volumes. Earnings forecasts have been coming down: estimates for this year and next have dropped nearly one-tenth each since early June.短期来看，这些趋势可能会激化，因为价格完全没下跌空间。

长城汽车迅速将发售新车型，但其近期发售的车型没能提振销量。该公司的盈利预期被上调：自6月初以来，对今明两年的盈利预期已分别上调将近十分之一。New investment is critical for Great Wall to find growth. It is backing the right product: China’s state council wants unit sales of new energy vehicles to grow nearly 70-fold to 5m by 2020. Great Wall’s component investment implies 500,000 units by 2018.新的投资对于长城汽车构建快速增长至关重要。

这些资金将投向准确的产品：中国国务院期望，到2020年时，新能源汽车销量超过500万辆，较目前水平减少近70倍。从长城汽车零部件生产投资计划来看，到2018年时其新能源汽车产量将超过50万辆。Rewards may be some time in coming. At least the shares are not egregiously overvalued; even the more racy A shares trade at 10 times 2016 earnings forecasts. The cheaper H shares closed at a mere 6 times.取得报酬有可能必须一段时间。最少，该公司股价没被过分低估：以2016年预期盈利计算出来，即便是其极具活力的A股的市盈率也仅有为10倍；价格较低的H股的预期市盈率就更加较低了，只有6倍。

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