While Chinese Internet-related IPOs have been getting high valuations in overseas markets, domestic regulators shouldn't forget the dotcom bubble of the late 1990s. Any repeat of that spectacular boom and bust may backfire and overshadow the development of China's Internet sector.

中国互联网上市公司在海外市场的估值很高,但国内监管机构不应该忘记20世纪90年代后期的互联网泡沫。任何这种壮观的繁荣和萧条重演都可能会事与愿违,并使中国互联网行业的发展蒙上阴影。

Despite the robust increase in US stock markets this year, shares of some newly listed Chinese companies performed poorly. According to data provider Dealogic, 16 Chinese companies debuted on the US stock markets this year, and 10 are currently trading below their IPO prices, The Wall Street Journal reported on Sunday. The report singled out Chinese online lender Qudian Inc as the worst performer, with the shares down 46 percent as of the Friday close compared with its October IPO.

尽管今年美国股市表现强劲,但一些新上市中国公司的股票表现不佳。据数据提供商Dealogic统计,今年有16家中国公司在美国上市,10家公司目前的股价低于IPO价格。报告指出,中国网络银行Qudian Inc .是表现最差的公司,截至上周五收盘,该公司股价较10月份的IPO下跌了46%。

Most of the struggling US-listed Chinese companies are from the Internet sector. Although they commanded high valuations in the overseas market, their performance reflects the risks of a bubble in China's Internet sector, which may burst.

在美国上市的中国企业中,多数来自互联网行业。尽管它们在海外市场的估值很高,但它们的表现反映出中国互联网行业存在泡沫的风险。中国互联网行业可能会出现泡沫。

Chinese Internet companies are burning cash at a furious pace. Some of them offer huge subsidies to customers in the hope that their competitors will fail before they themselves run out of cash. Others just pour massive amounts into the seemingly promising sharing economy, artificial intelligence or other advanced technology sectors, where profits have yet to emerge. Similar to the dotcom bubble, Chinese Internet companies are also trying to convince investors that profit is no longer important.

中国的互联网公司正以惊人的速度烧钱。他们中的一些人向客户提供巨额补贴,希望他们的竞争对手在资金耗尽之前倒闭。其他一些公司只是将大量资金投入看似有前景的共享经济、人工智能或其他先进技术领域,而这些领域的利润尚未出现。与互联网泡沫类似,中国互联网公司也在试图让投资者相信,利润不再重要。

Bubbles may be inevitable in the Internet sector. New technology often takes a long period of high investment to generate a profit. But ultimately, a company either has to make a profit - or not. Without a sound business model, it is just a matter of time until cash-burning companies encounter liquidity problems, triggering a burst in the bubble.

在互联网行业,泡沫可能是不可避免的。新技术往往需要很长一段时间的高投入才能产生利润。但最终,公司要么必须盈利,要么不盈利。如果没有良好的商业模式,现金烧钱的公司会遇到流动性问题,引发泡沫破裂,只是时间问题。

It is not just profligate start-ups that will bear the brunt of any such bust. The whole Internet sector in China will suffer a major setback from any such collapse as it may be harder for the industry to attract new investment, which will hamper its development.

不仅仅是那些挥金如土的初创企业将在任何此类泡沫中首当其冲。中国的整个互联网行业将遭受重大挫折,因为行业可能更难吸引新的投资,这将阻碍其发展。

With the Internet Plus initiative vital for China's economic restructuring, the nation's policymakers should keep a careful watch on bubble risks and act to prevent bubbles from popping. If the sector squanders too much money, it will backfire, a threat that calls for strengthened regulatory governance over the Internet sector.

随着互联网+对中国经济结构调整至关重要,中国的政策制定者应该密切关注泡沫风险,并采取行动防止泡沫破裂。如果该行业浪费了太多的资金,就会适得其反,这是一个威胁,要求加强对互联网行业的监管治理。

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