“And so the saga of this troubled company continues.” Few letters to shareholders start with such candour, but the latest communication from London Asia Capital reads as a cautionary tale for private investors seeking exposure to unquoted Chinese stocks.

　　“這家身處困境的公司麻煩還沒有結束。”致股東的信很少如此開門見山。對尋求投資于中國非上市股票的私人投資者來說，倫敦亞洲基金股份有限公司(London Asia Capital)最新的致股東信，讀來有如一個發(fā)人警醒的故事。

　　After seeing 13 of its investments in small Chinese companies written down to nil-value, and its London Stock Exchange listing cancelled, the company was to have its future decided at an emergency general meeting this week. Its largest shareholder, a Singapore-based investment entity called Richpoint Overseas Group, was hoping to win a vote to restructure the company around one of it last remaining valuable assets: a small Chinese private company called Zhongying, which owns land near the town of Wuhan. London Asia’s new board opposed the vote, but it has now been postponed until February.

　　倫敦亞洲基金在小型中國企業(yè)身上的投資中，有13筆的價值已經(jīng)被歸零。該公司還被倫敦證券交易所摘牌。原定本周召開的臨時股東大會，本來要就公司今后的命運作出決定。最大的股東、總部設在新加坡的投資機構Richpoint Overseas Group原本希望在會上表決通過以下事項：圍繞該公司所剩無幾的有價值資產(chǎn)之一——中盈長江(Zhongying)——對該公司進行重組。中盈長江是中國一家小型民營企業(yè)，擁有武漢近郊的地皮。倫敦亞洲基金的新董事會反對這一提議。但如今投票已被推遲到2月份。

　　But the dispute over Zhongying highlights the failings of London Asia’s strategy of investing in tiny Chinese private companies and then floating them on western stock markets. Zhongying may have some residual value – the directors estimate it could be worth as much as ￡12m – but London Asia was valued at more than ￡50m when its shares were listed.

　　然而，這起圍繞中盈長江的紛爭表明，倫敦亞洲基金專事投資中國小型民營企業(yè)、然后促成它們在西方上市的策略是失敗的。中盈長江或許有一些剩余價值（董事們估計最多為1200萬英鎊），然而，倫敦亞洲基金上市時的估值在5000萬英鎊以上。

　　In autumn 2008, a new management team led by the Earl of Cromer was brought in by disgruntled institutional investors keen to find out what had happened to their investments in China. New chief executive Keith Nagel found the company’s London bank account had no cash in it, while no reports and accounts had been presented for three years.

　　2008年秋季，在心懷不滿的機構投資者促成下，克羅默伯爵(Earl of Cromer)帶領一個新管理團隊走馬上任。機構投資者希望查清自己在中國的投資究竟出了什么問題。新首席執(zhí)行官基思?內(nèi)格爾(Keith Nagel)發(fā)現(xiàn)，公司在倫敦的銀行賬戶里沒有現(xiàn)金，而且公司已3年沒有提交任何報告和賬簿。

　　By early 2010, Nagel and his fellow directors had established that 13 of the Chinese companies in which the group had invested were worthless.

　　2010年初，內(nèi)格爾和其他董事們確認了一點：集團所投資的中國企業(yè)中，有13家毫無價值。

　　Back in the middle of the last decade, the prospects for London Asia looked very different. Led by Simon Littlewood, chief executive, and Viktor Ng, chairman, London Asia was leading the charge of Chinese capitalism into the London markets. Backed by a team of non-executives that included a former Mayor of London, Sir David Brewer (currently head of the China British Business Council) and Jack Wrigglesworth (founder and former chairman of the London International Financial Futures Exchange), London Asia was the “go to” adviser for small-cap Chinese companies seeking a UK stock market listing – including China Education Group, China Biotech and China Mobilnet. Early investors included private individuals and City institutions such as Rathbones.

　　在2005年前后，倫敦亞洲基金的前景與現(xiàn)在大不相同。在當時的首席執(zhí)行官西蒙·利特爾伍德(Simon Littlewood)和董事長維克多·吳(Viktor Ng)領導下，倫敦亞洲基金堪稱將中國式資本主義帶到倫敦市場上的先鋒。非執(zhí)行董事陣容中包括前倫敦金融城市長、現(xiàn)任英中貿(mào)易協(xié)會主席白樂威爵士(David Brewer)，以及倫敦國際金融期貨交易所創(chuàng)始人及前董事長杰克?維格勒沃斯(Jack Wrigglesworth)。對于中國小型企業(yè)來說，要去英國上市，自然應當咨詢倫敦亞洲基金。這些企業(yè)包括網(wǎng)大教育集團(China Education Group)、China Biotech和China Mobilnet等。初期投資者包括一些個人投資者以及Rathbones等坐落在金融城的機構。

　　Since the new management took over last year, only ￡5m in cash has been recovered – and any hope of recouping more appears to rest on the prospects for the land owned by Zhongying.

　　新管理團隊從去年接手以來，到目前只收回了500萬英鎊資金。未來能否收回更多資金，似乎取決于中盈長江名下地皮的前景。

　　Some shareholders believe London Asia’s troubles should serve as a warning that China is still a high-risk territory to invest in. “With the increased visibility of China as a key market, there is a belief that it is safer – this belief may be unfounded,” says Doug Steen, a private shareholder. “Unless the UK authorities sit up and take action, foreign markets will see the UK as a soft touch and investors will continue to be at risk.”

　　一些股東認為，對于倫敦亞洲基金遇到的問題，人們應當引以為鑒，明白中國仍然是一個高風險的投資地。“由于中國這個重要市場的透明度有所提高，有人認為它現(xiàn)在比較安全——這種觀點可能毫無依據(jù)。”一名私人股東道格·斯蒂恩(Doug Steen)表示，“除非英國政府當局著手采取行動，否則外國市場仍會以為在英國好忽悠，投資者也仍將置身于危險之中。”

　　Another shareholder, John Slater, says the London Asia affair highlights the need for UK company directors to “understand the way business is done in China and have good advice on local laws and customs”.

　　另一位股東約翰·斯萊特(John Slater)表示，倫敦亞洲基金之事，表明英國企業(yè)的董事們有必要去“理解中國人的行事方式，充分了解當?shù)胤珊土曀?rdquo;。

　　Evidence from the US suggests these problems are not unique. Dozens of small Chinese companies are listed on Amex and Nasdaq – but a growing number are being targeted by short sellers convinced that the curse of London Asia Capital will strike. In the view of one Chinese national who now advises western investment funds on Chinese small caps: “2011 is the year it’s all going to come tumbling down.”

　　美國的情況表明，這些問題并非只存在于英國。Amex和納斯達克市場有許多小型中國企業(yè)，但它們正越來越多成為賣空者的目標。賣空者確信，它們也無法逃過倫敦亞洲基金遭遇的魔咒。一位為西方投資基金提供有關中國小型企業(yè)建議的中國人認為：“2011年里，這一切都將土崩瓦解。”