Shares in Shanghai and Hong Kong tumbled yesterday as investors snapped up two newly listed mainland construction groups while selling down the rest of the market following reports China's central bank might rein in bank lending.

沪港两市股指昨日均出现大跌。投资者纷纷抢购新上市的两支中国内地建筑集团股票，同时在有报道称中国央行可能收紧银行放贷后，抛售其它股票。

Shares in China State Construction Engineering rose by as much as 90 per cent on their debut before closing 56 per cent stronger in Shanghai. China's largest home builder had last week raised Rmb50.2bn ($7.34bn) in the world's largest initial public offering since Visa raised $19bn in March 2008.

在上海上市首日，中国建筑股份有限公司(China State Construction Engineering)涨幅一度高达90%，收盘上涨56%。这家中国最大住宅建造商上周融资502亿元人民币（合73.4亿美元），为自去年3月Visa融资190亿美元以来，全球最大规模的首次公开发行(IPO)。

The surge of funds into the market has reignited fears of a new bubble forming in both the property and share markets. The Shanghai Composite index has doubled since it hit bottom late last year, beating all major indices around the world.

流入股市的资金激增，已重燃人们对于房地产和股票市场正在形成新泡沫的担忧。自去年末触底以来，上证综指已翻了一番，表现胜过全球所有主要股指。

Yesterday the Shanghai index sank 5 per cent to 3,266.43, after falling as much as 7.7 per cent in the day. In Hong Kong, the Hang Seng index ended down 2.4 per cent at 20,135.

昨日，上证综指下跌5%，收于3266.43点，盘中一度下跌7.7%。在香港，恒生指数收于20135点，下跌2.4%。

The collapse of the previous bubble in Shanghai stocks, in October 2007, helped to trigger the global financial crisis. However, international reaction was muted yesterday, with European and US equity futures dipping only briefly in response to the Asian news.

2007年10月，上海股市上一个泡沫的破灭，推动触发了全球金融危机。但国际上昨日的反应相当温和，亚洲股市的表现仅使欧洲和美国的股指期货短暂下跌。

Investors cited CSCE's exposure to China's construction and infrastructure boom in their rush to buy shares.

投资者在抢购股票时，纷纷提及中国建筑在中国基础设施及建筑业繁荣中的地位。

Domestic IPOs were suspended for nine months until this month at a time when large investors in particular were flush with funds accessed through the government's economic stimulus package.

持续了9个月的中国内地IPO禁令于本月解除，而目前大型投资者尤其资金充裕，部分资金来源于中国政府的经济刺激方案。

The appetite for new shares is overwhelming, with a record number of 566,937 new trading accounts opened last week, the most since January 2008.

抢购新股的意愿压倒了一切，上周开设的交易账户数目达到创纪录的56.6937万，为自2008年1月以来新高。

Shares in Sichuan Expressway, the first large IPO to debut in Shanghai this year, tripled on debut before closing 203 per cent up on Monday, the first day of trading. The shares have fallen every day since by the maximum daily limit of 10 per cent.

四川成渝高速(Sichuan Expressway)为今年上海证交所的首支大规模IPO。该股在周一上市首日大涨203%。自此以后，该股天天跌停。

The market frenzy has spilled into neighbouring Hong Kong, where yesterday, BBMG, a Chinese construction material maker, saw its shares rise nearly 60 per cent in the first hour of trading.

股市狂热已蔓延至香港。昨日，在香港首发上市的中国建筑材料制造商金隅股份(BBMG)，在交易开始后的一小时内上涨近60%。

译者/陈云飞