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Being disabused of fanciful dreams is often painful. So it has been for investors in Internet stocks, especially the Chinese variety.
从美梦中惊醒往往是痛苦的，而互联网股票的投资者就是如此，尤其是中国互联网股票的投资者。
Take the initial public offering for Weibo, China's top Twitter-like microblog. The price range unveiled Friday came in well below the whimsical estimates of bullish analysts. The top of the IPO range would value the company at $3.9 billion.
以新浪微博(Weibo)首次公开募股(IPO)为例，该公司上周五公布的发行指导价区间远低于一些分析师之前的大胆预期。以指导价区间的高端计算，该公司的估值为39亿美元。
Some analyst estimated that Weibo was worth more like $5 to $6 billion. And a few months ago, investors seemed to agree. Amid the Twitter IPO craze, Sina's share price at one point in 2013 was up as much as 89% for the year.
一些分析师对新浪微博的估值达到50亿至60亿美元。几个月前，投资者似乎对此很是认同。2013年推特(Twitter)上市引发狂潮时，新浪(Sina)股价年内涨幅一度达到89%。
But a steep correction since January has brought shares down to just above where they closed nearly a year ago, when Chinese e-commerce giant Alibaba purchased an 18% stake in Weibo from parent company Sina. That deal valued Weibo at $3.3 billion.
但今年1月份以来，新浪股价出现大幅回调，目前仅略高于近一年前中国电子商务巨头阿里巴巴(Alibaba)从新浪手中购入新浪微博18%股权时的价位。该交易对新浪微博的估值为33亿美元。
The rationale for Weibo's IPO was to unlock value that wasn't reflected in parent Sina's own stock price. The modest valuation amounts to a rejection of that notion. It never made much sense, given that Sina is already listed and doesn't have many other assets weighing it down--Weibo accounts for the bulk of Sina's market cap. The IPO does give Weibo employees, compensated in stock, a way to liquidate gains.
新浪微博进行IPO的理由是要释放在母公司新浪本身股价中没有得到反映的价值。而阿里巴巴给出的低估值则相对于否认了这种看法的合理性。考虑到新浪已经上市，且没有很多其他令其股价承压（新浪微博已占新浪市值的大部分）的资产，通过让新浪微博上市来充分反应新浪价值的理由缺乏说服力。不过，新浪微博上市将让该公司的员工得到股票补偿，这的确提供了一种套现方式。
Sina's comedown has been harsh, driven partly by concerns that Weibo is losing users to Tencent's mobile messenger WeChat. It is also caught in a broader tech downspout: Tencent, Twitter and Facebook are all down around 20% over the past month.
新浪的股价跌幅不小，一定程度上是因为市场担心新浪微博的用户正在向腾讯(Tencent)的移动短讯服务微信(WeChat)流失。而且目前科技公司的股价正出现一轮普遍下跌：腾讯、推特和Facebook的股价过去一个月都下跌了20%左右。
The global tech correction is a welcome return to reality for investors who have been sitting on the sidelines, but probably not for the other Chinese Internet wunderkinder lining up to the IPO plate. Those include Alibaba, with its $15 billion offering, as well as rival JD.com, seeking $1.5 billion.
对于一直离场观望的投资者而言，全球科技股的回调提供了一次重新评估市场现状的机会，但对于正准备进行IPO的中国互联网公司公司来说很可能不是好消息。这些公司中就包括阿里巴巴，该公司计划进行规模150亿美元的IPO，京东(JD.com)则计划通过IPO筹资15亿美元。
Weibo's relative valuation looks reasonable at $27 per user. Twitter's users are worth $105 each. Both Weibo and Twitter are losing money, but at the top of the IPO range, Weibo would be priced at 21 times 2013 sales, compared with 39 times for Twitter.
新浪微博的合理估值似乎为每用户27美元。推特每位用户的价值为105美元。新浪微博和推特都在亏钱，但按IPO指导价区间的高端计算，新浪微博的IPO价格相当于其2013年每股销售收入的21倍，低于推特的39倍。
Investors must still make assumptions about Weibo's ability to make money off its users. But among Chinese Internet plays, Weibo's deflated IPO price gives investors a more comfortable entry point.
投资者仍必须新浪微博的赚钱能力作出评估。但在中国互联网企业中，新浪微博的低IPO价格给投资者提供了一个更为稳妥的介入点。
