Chinese regulators yesterday rejected proposals by Goldman Sachs to buy a substantial minority stake in Fuyao Glass Group, China’s largest automotive glass maker¹.

不过，据知情人士称，高盛还计划牵头一个国际基金集团，在首次公开发行(IPO)前投资近3亿美元入股熔盛重工集团(Rongsheng Heavy Industrial)，这是中国东部江苏省的一家大型造船企业。

However, Goldman was also planning to lead a group of international funds investing nearly $300m in a pre- initial public offering stake in Rongsheng Heavy Industrial, a large shipbuilder in eastern China’s Jiangsu province, according to people close to the deal.

熔盛重工集团总裁陈强今年早些时候表示，该公司计划在IPO前向战略投资者出售至多25%的股份。

Chen Qiang, Rongsheng’s president, said earlier this year that his company was planning to sell as much as 25 per cent to strategic investors² prior to its IPO.

福耀玻璃在一份声明中称，中国证监会(CSRC)拒绝了高盛出资1.19亿美元收购福耀玻璃近10%股权的提议。

Goldman’s proposal to pay $119m for nearly 10 per cent of Fuyao Glass Group was turned down by the China Securities Regulatory Commission, Fuyao said in a statement.

去年11月，高盛同意入股这家在上海证交所上市的玻璃制造商，当时该公司的股价约为8元人民币。自那以来，由于整个市场处于牛市，该股上涨了两倍以上，在昨日交易中收于30.50元人民币。

Goldman agreed to buy into the Shanghai-listed glass company last November when it was trading at about Rmb8 per share. Thanks to a market-wide bull run, this has more than tripled since then, closing at Rmb30.50 a share yesterday.

美迈斯律师事务所(O'Melveny & Myers)上海代表处合伙人李强表示：“审批过程过于冗长和艰辛，与此同时，市场有了如此大的涨幅，考虑到巨大的价格差异，当局现在不愿批准此笔交易。”

“The approval process is so long and arduous³ and in the meantime the market has gone up so much the authorities are unwilling⁴ to approve the deal considering the huge price discrepancy,” said Li Qiang, a partner in the Shanghai Office of law firm O’Melveny & Myers.

近来，许多其它交易——包括通用电气(GE)计划入股深发展(Shenzhen Development Bank)的交易——纷纷失败，原因是协议价格与公司在中国股市中的市值之间存在巨大的差距。

A number of other deals, including General Electric’s planned investment in Shenzhen Development Bank, have been scuttled⁵ recently because of a huge gap between the negotiated price and the company’s value in the Chinese stock market.

在过去28个月里，中国股市涨逾四倍，多数中国公司的股价较发达市场中更为成熟的同类公司有巨大的溢价，因此许多分析师作出了这样的结论：（中国市场）出现了泡沫。

Chinese share prices have more than quintupled in the past 28 months, and most Chinese companies are trading at huge premiums⁶ to more sophisticated counterparts in developed markets, leading many analysts⁷ to conclude that a bubble has formed.

尽管估值存在扭曲，但监管机构不愿意（或者说从政治角度说不能够）允许这些企业被“贱卖”：较目前膨胀的股价有较大的折让。 In spite of skewed valuation, regulators are unwilling or politically unable to allow companies to be sold at deep discounts to the inflated⁸ stock market prices.

高盛及其投资对象昨日均不予置评。

Neither Goldman nor any of its investment targets would comment yesterday.