Calm waters can be shark infested. Earnings at Shanghai’s A-share listed companies rose 12 per cent from a year ago, on average, in the first half. These smooth results compare well with the flat performance in the same period last year. The performance of stocks in Hong Kong’s benchmark index paints a similarly tranquil picture. But do not be fooled: these figures obscure dangerously poor fundamentals.
平靜的水面下可能潛伏著許多鯊魚。在上海上市的A股公司今年上半年利潤同比平均成長了12%。這些亮麗的數字，與去年同期的平庸業績形成鮮明對比。香港基準股指的成份股公司業績同樣令人欣慰。但別被表象愚弄：這些數字掩蓋了上市公司糟糕而危險的基本面情況。
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