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这是一套有效的市场选择机制:优秀的公司将获得高估值,垃圾公司将得不到关注,问题公司将被“猎杀”清理出市场。在美上市的中国概念股中,真正受到美国资本市场认可的都是那些有创新模式的公司,百度、新浪、携程、新东方、网易、迈瑞、分众传媒等老牌中概之所以估值高,是因为这些公司在各自领域能有所创新具备核心竞争力,能保持业绩的增长。2010年秋以来赴美上市的50多家中国公司中,受到资本市场青睐的也均是有创新业务形态或者商业模式的高成长公司。那些仅仅凭借一时概念的股票只能享受暂时的溢价估值,而揣着小九九企图在美国资本市场捞到便宜的公司,注定将付出惨痛的代价。
This is an effective market selection mechanism: good companies will get high valuations, garbage companies will get no attention, and problem companies will be “hunted” out of the market. Among the Chinese concept stocks listed in the US, the real capital recognition by the U.S. capital markets are those companies that have innovative models. The reason why the valuation is so high is that Baidu, Sina, Ctrip, New Oriental, Netease, Mindray, Focus Media and other veterans Because these companies can be innovative in their respective areas with core competitiveness, to maintain performance growth. Among the more than 50 Chinese companies listed in the United States since the fall of 2010, those highly regarded by the capital markets are also high-growth companies with innovative business models or business models. Those who used the concept stocks for a moment could only enjoy temporary premium valuations, and Chuaizhuo’s attempt to find cheaper companies in the U.S. capital markets was doomed to a painful price.