长鑫存储科技'大规模上市引发了人们的担忧，担心其上市可能会从中国股票,中吸走现金，因为投资者筹集资金以收购中国最大存储芯片制造商的股份。
ChangXin Memory Technologies massive listing is stoking fears that its market debut could pull cash from Chinese equities, as investors raise funds to get a piece of the country的 largest memory chipmaker.
预计7月27,在上海科创板上市,在中国科技股近几个交易日回调后成为投资者的最新焦点。长鑫存储是今年迄今为止亚洲最大的IPO，融资额达2486亿美元。
The Shanghai STAR Market listing, expected on July 27, has become the latest focus for investors after Chinese technology shares pulled back in recent sessions. CXMT raised $8.6 billion in Asia的 largest IPO so far this year.
金融服务公司HashKey Group,高级研究员Tim Sun,表示，此次上市加剧了人们对流动性紧张的担忧，因为投资者预计CXMT'的估值在上市后将迅速突破1万亿元($139亿)。
Tim Sun, senior researcher at financial services firm HashKey Group, said the listing is reinforcing worries over a liquidity squeeze because investors expect CXMT的 valuation to rapidly exceed 1 trillion yuan ($139 billion) after listing.
"一旦突破1万亿元,长鑫存储将成为科创板和半导体指数的主要权重,迫使指数基金,主动基金,和行业特定基金向其重新配置,"孙说。
"Once it passes 1 trillion yuan, CXMT will become a primary heavyweight in the STAR Market and semiconductor indices, forcing index funds, active funds, and sector-specific funds to reallocate toward it," Sun said.
因此，投资者提前重新定位,，给此前引领涨势, 的板块带来压力，包括存储芯片, 半导体设备和国内替代品。
Investors are therefore repositioning ahead of time, putting pressure on sectors that had previously led the rally, including memory chips, semiconductor equipment and domestic substitution plays.
追踪在上海'以科技为重点的科创板,上上市的规模最大、流动性最强的公司的STAR 50指数,本季度下跌了近20%。
The STAR 50 Index, which tracks the largest and most liquid companies listed on Shanghai的 technology-focused STAR Market, has slid almost 20% this quarter.
Z-Ben Advisors, 创始人 Peter Alexander, 也表示，IPO 的准备工作正在从二级市场吸引资金。 "毫无疑问，资金正在从市场撤出，以准备(CXMT)股的公开上市。"
Peter Alexander, founder of Z-Ben Advisors, also said preparations for the IPO are drawing money away from the secondary market. "There is no question that capital is being pulled from the market in preparation for the public listing of (CXMT) shares."
亚历山大预计强劲的初始需求, 表示，在股票和更广泛的市场稳定在新的均衡状态之前"，该股可能会在交易第一天看到 "a 股价明显上涨, 甚至可能在第二天,"。"
Alexander expects strong initial demand, saying the stock could see "a marked jump in the share price on the first day of trade, maybe even the second day as well," before both the shares and the broader market settle into "a new equilibrium."
分析师, 然而, 强调，IPO 是一个"放大因素"，加剧了下跌,，但这不是根本原因。
Analysts, however, highlighted that the IPO is an "amplifying factor" that has exacerbated the decline, but its not the root cause.
"此次回调的主要原因在于A股科技板块的仓位拥挤和杠杆水平较高,"孙表示,补充说，韩国芯片股的调整蔓延到了全球半导体估值，并引发了中国的获利了结。
"The primary reason for this pullback lies in crowded positioning and high leverage levels within the A-share tech sector," Sun said, adding that the correction in Korean chip stocks spilled over into global semiconductor valuations and has triggered profit-taking in China.
CMR Consulting, 的本杰明·卡文德, 董事总经理表示，考虑到其规模，该交易正在创造短期流动性效应,，特别是在科创板市场以及半导体和人工智能股票, 中，这是"合理的"。但, "CXMT 与其说是抛售的最初原因，不如说是集中现有担忧的催化剂。"
Benjamin Cavender, managing director at CMR Consulting, said that it was "plausible" that the deal was creating a near-term liquidity effect, particularly in the STAR Market and among semiconductor and AI stocks, given its size. But, "CXMT may be acting less as the original cause of the sell-off than as a catalyst that concentrates an existing concern."
卡文德表示，这种现象类似于主要 IPO, 周围出现的"现金催缴"效应，即投资者轮流退出上市公司，为备受期待的发行筹集现金。他补充说，由于其庞大的散户投资者基础和彩票式的 IPO 分配制度,，中国尤其容易受到影响。
Cavender said the phenomenon resembles the "cash call" effect seen around major IPOs, when investors rotate out of listed companies to raise cash for highly anticipated offerings. China is especially vulnerable because of its large retail investor base and lottery-style IPO allocation system, he added.
根据汇丰银行, 的数据，中国的股票市场由散户投资者主导，他们约占每日交易% 的 90% ，而美国的这一比例约为 25% 。
China的 equity market is dominated by retail investors who account for around 90% of daily trading, according to HSBC, compared to about 25% in the U.S.
直接流动性影响应该是暂时的, Cavender 表示, 一旦分配完成并开始交易，现金可能会返回市场。然而, 一系列大型首次公开募股可能会产生更持久的影响。
The direct liquidity impact should prove temporary, Cavender said, with cash likely returning to the market once allocations are completed and trading begins. However, a series of large IPOs could have a much longer lasting impact.
"如果投资者得出结论认为市场需要持续吸收巨型半导体, AI,和国家冠军产品,，那么影响可能会持续更长时间—不是因为一次IPO永久消除流动性,而是因为它改变了高增长中国股票的供需平衡,"卡文德说。
"If investors conclude that the market will need to absorb a sustained pipeline of giant semiconductor, AI, and national-champion offerings, then the impact could last longer — not because one IPO permanently removes liquidity, but because it changes the supply-demand balance for high-growth Chinese equities," Cavender said.
同时，Counterpoint Research, 从更长远的行业角度看待此次 IPO。该公司预计此次筹集的资金将加速长鑫存储'的产能扩张，并巩固其在全球存储器市场的地位。
Counterpoint Research, meanwhile, views the IPO through a longer-term industry lens. The firm expects the capital raised to accelerate CXMT的 capacity expansion and strengthen its position in the global memory market.
虽然上市可能会暂时重塑资本流动,，但它也标志着动态随机存取存储器,或DRAM,领域出现了一个重要的新竞争对手，这是一种半导体存储器，用于在计算机,智能手机和人工智能服务器运行时临时存储数据。
While the listing may temporarily reshape capital flows, it also marks the emergence of a significant new competitor in dynamic random-access memory, or DRAM, a type of semiconductor memory used to temporarily store data while computers, smartphones and AI servers are running.
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