财经翻译节选

Last summer, the China Securities Regulatory Commission, the market regulator, eased restrictions on foreign investment in the A share market , enabling bigger investments from a broader range of funds.
去年夏天，市场监管机构中国证监会放松了对外国人投资A股市场的限制，数量更多的基金由此能对A股市场进行更大规模的投资。

Chinese authorities have in the past tried to fix the B share market. In 2001, they changed the rules to allow domestic investors to buy in, prompting a doubling in the Shenzhen index within the space of a few weeks.
过去，中国官方曾试图改进B股市场。2001年，官方修改了规定，允许国内投资者购买B股，导致深圳B股指数在几周内翻了一番。

However, too few domestic investors held sufficient foreign currency to make the project sustainable and China now appears content to let the market fade away.
然而，拥有充足外币的国内投资者数量太少，B股计划难以为继。现在，中国似乎乐于看到B股市场淡出。

The conversion process is relatively complex. Companies need approval from the CSRC and must offer existing investors the option to sell their shares rather than swap them for H shares, explains Ringo Choi, leader of initial public offerings at Ernst & Young in Hong Kong. They must also meet the listing requirements of the Hong Kong Stock Exchange.
“B转H”的流程比较复杂。安永(Ernst & Young)亚洲IPO主管蔡伟荣(Ringo Choi)解释称，企业需要得到中国证监会的批准，而且必须允许现有投资者能够选择出售手中的B股、而不是将手中的B股转为H股。企业还必须满足香港交易所(HKEx)制定的上市要求。

But there are encouraging signs. Last month, the CSRC relaxed restrictions on overseas listings for Chinese companies in an attempt to ease the pressure caused by the more than 800 companies waiting to list on the mainland. It also gave the green light to the CIMC move.
不过，我们也看到了一些鼓舞人心的迹象。上个月，中国证监会放松了对中国公司赴海外上市的限制，以图减轻内地800多家公司排队等待上市带来的压力。它还批准了中集集团的“B转H”计划。

For the companies themselves, there are good reasons to convert from Bs to Hs. Besides joining a far more active market, the valuations of B shares have been below those of other Chinese stocks. China Vanke’s B shares currently trade at a price to earnings ratio of 9.9 times, compared with 10.7 times for its A shares.
“B转H”对企业自身也有好处。除了能进入活跃得多的香港股市之外，B股的估值也一直低于中国其他种类的股票。中国万科B股目前的市盈率是9.9倍，而其A股为10.7倍。