Such outsize returns are hard to come by, but they've nonetheless caught the attention of young Chinese investors—and also the government.
炒鞋获得如此大回报的机会并不多，尽管如此，它们还是引起了年轻的中国投资者以及政府的关注
By Jinshan Hong and April Ma

China’s Sneakerheads Chase 6,600% Returns Flipping Air Jordans
One of the hottest commodities in China right now is a pair of sneakers.
目前，运动鞋中国最热门的商品之一。
The SoleFly x Air Jordan 1 in black patent leather rocketed in value by 6,600% to a high of 75,999 yuan ($10,730) on the online marketplace Nice after its release in December. Only 223 pairs of Nike Inc.’s retro high-top were made for sale, according to online magazine Sneaker Files.
自去年12月发布后，黑色漆皮的 Air Jordan 1 SoleFly x 球鞋在线上市场Nice上价格飙升了6,600％，达到75,999元人民币（10,730美元）。据线上杂志《运动鞋档案》的信息，耐克的这款复古高帮鞋只生产了223双。
The model is among the most profitable sneakers traded on the exchange created by Beijing-based Nice App Mobile Technology Co. Such outsize returns are hard to come by, but they've nonetheless caught the attention of sneakerheads like Lei Xiaoming, 20, a mechanical engineering student in Huangshi.
Nice公司创办于北京。在它的交易平台里，这一款型是利润最高的运动鞋之一。能有如此丰厚回报的鞋子并不多，但它们还是吸引了像雷小明（音译）这样的运动鞋收集者的注意。雷小明20岁，是一个在黄石学习的机械工程专业学生。
Lei has collected limited-edition shoes for years but only started investing in them in April.
雷小明说他收集限量版鞋子很多年了，但直到今年4月才开始投资。
“Prices were surging so much I thought it would be a better choice to sell them rather than wear them,” he said. “It’s more exciting than trading stocks.”
“价格涨得太快了，所以我觉得现在比较好的选择是把它们卖掉，而不是穿在自己身上。” 他说。“这比炒股还让人兴奋。”
Since then, he's spent about 200,000 yuan buying more than 200 pairs—mostly Air Jordans and Adidas AG’s Yeezy line, a collaboration with rapper Kanye West. He’s earned profits of about 100,000 yuan by reselling some, he said.
从那以后，他斥资约20万元，购买了200多双鞋，其中大多数是Air Jordan，以及阿迪达斯与说唱歌手坎耶·韦斯特合作的Yeezy系列。他说，靠转卖一些鞋子，他大概赚了10万元。
Across China, more than 10 million monthly active users frequent online-resale apps, such as Poizon, Nice and DoNew, according to Chinese data-mining company QuestMobile. While many products suffer from the effects of the trade war, pairs of collectible sneakers are flying off the shelves, and that’s attracting the attention of U.S. sneaker exchanges StockX and GOAT—as well as China’s central bank and state media.
根据中国数据挖掘公司QuestMobile的数据，在中国，有超过1000万的月活用户频繁使用线上卖鞋app，比如毒，Nice和斗牛。尽管许多产品都受到贸易战的影响，可收藏运动鞋还是在飞速地售出。这引起了美国运动鞋交易所StockX、GOAT，以及中国央行和官媒的关注。
Most of what’s traded on these platforms are basketball sneakers—a testament to China’s love of the sport, even as the NBA faces backlash for a Houston Rockets executive’s tweet appearing to support Hong Kong’s protests.
这些平台上交易的大多数是篮球运动鞋，这证明了中国对这项运动的热爱，尽管NBA因休斯顿火箭队高管支持香港抗议的推文而正在遭受抵制。
The buzz over shoe reselling made a unicorn out of Poizon, developed by Shanghai Shizhuang Information Technology Co. In April, funding from Digital Sky Technologies vaulted its valuation to $1 billion, according to CB Insights. 
炒鞋的热潮创造出了一个独角兽——由上海识装信息科技有限公司开发的毒app。根据调研公司CB Insights的数据，4月份，来自俄国投资集团DST的资金使该公司估值达10亿美元。
China’s sneaker-resale market exceeds $1 billion in value, said Scott Cutler, chief executive officer of Detroit-based sneaker exchange SoleTrade LLC, known as StockX.
位于底特律的运动鞋交易所SoleTrade LLC（简称StockX）的首席执行官斯科特?卡特勒（Scott Cutler）说，中国的运动鞋转售市场价值超过了10亿美元。
Chinese investors long have speculated in alternative assets, including cryptocurrencies, fiery liquor from Kweichow Moutai Co., and garlic.
中国投资者一直以来都喜欢在那些具有潜在经济价值但又不属于股票、债券等标准投资组合的另类资产中投机，这些资产包括加密货币，茅台酒和大蒜等等。
Now, sneakers have their attention. Unlike Chinese stocks, which only can move 10% in either direction, there’s no cap on shoe returns.
现在，运动鞋又成了炒作者的新目标。中国的股票有10％的涨跌幅限制，但鞋的短线回报没有上限。
“As with all frothy assets, there’s no telling where the peak is,” said Yu Yingbo, investment director at Shenzhen Qianhai United Fortune Fund Management Co. “As long as there are high returns, there is going to be money chasing them.”
深圳前海联合财富基金管理的投资总监余颖波说：“和所有的泡沫资产一样，没有人知道最高点在哪里。只要高回报还存在，就会有钱持续涌进去。”
Sneaker collecting went mainstream in the U.S. after Nike launched Air Jordans in the 1980s, and the trade went digital with eBay Inc. about a decade later.
自从1980年代耐克推出Air Jordan后，运动鞋的收藏就在美国成为主流，大约十年后，此类交易开始在eBay 上线上进行。
Today’s technology makes the trade more sophisticated. Apps collect bid and ask prices, chart costs and volume in real time, and allow users to share investment advice. Some also let customers buy coupons that can be traded for shoes before coveted models arrive—in effect selling sneaker futures.
当今的技术使交易更加复杂。APP实时收集出价和要价，把成本和交易量制成实时图表，并允许用户共享投资建议。有些还允许用户在想要的款式来之前购买预售券，用户可以先用这些预售券交易，这实际上是在出售运动鞋期货。
Now more-established trading sites in the U.S. want a piece of the action in China.
现在，美国那些更成熟的交易网站也想在中国捞一把。
StockX plans to introduce local payment and language support this year, said Cutler, previously the head of global listings at the New York Stock Exchange. China already comprises about 10% of StockX’s transaction volume.
曾任纽约证券交易所全球上市公司业务主管的卡特勒说，StockX 计划在今年引入中国的支付系统和语言支持。中国已经占StockX交易量的10％左右。
Culver City, California-based 1661 Inc.’s GOAT launched a mini-app on WeChat in July after receiving $100 million in funding from Foot Locker Inc.
在获得美国体育用品网络零售商富乐客一亿美金投资后，总部位于加利福尼亚州卡尔弗城的1661公司的GOAT网站七月份在微信上推出了一个小程序。
“China will soon become the sneaker capital of the world,” said Henek Lo, general manager of GOAT China. The demand from Chinese millennials is “something we haven’t seen anywhere else.”
“中国很快将成为世界的运动鞋之都，” GOAT中国总经理Henek Lo表示。中国千禧一代的需求是“我们想要在其他任何地方都看不到的东西”。
Significant rewards typically are accompanied by significant risks, and sneaker trading is no different. Of more than 2,600 collectible models sold on Nice, 56% lost value, according to company data. Only 0.4% of footwear saw returns of more than 1,000% on the app.
高回报总有高风险，而运动鞋交易也不例外。根据公司数据，在Nice售出的2,600多种收藏款中，56%的鞋子都贬值了，只有0.4％的鞋子在该应用程序上有超过1000％的回报。
But Tian Hao, 27, is convinced he’s cracked the code. These days, his 90-square-meter (969-square-foot) Beijing apartment mostly serves as storage space for his inventory, which he estimates to be worth hundreds of thousands of dollars. 
但是27岁的田浩（音译）坚信自己已经找到了窍门。这些天来，他在北京90平米的公寓主要用来储存他的存货，他估计这批存货价值数十万美元。
There’s hardly any space to walk around in his living room, where hundreds of shoeboxes are stacked up on the sofa, TV console and coffee table.
他的客厅几乎没有可走动的空间，沙发，电视架和茶几上堆满了数百个鞋盒。
As Tian runs low on space, he's stashing sneakers with a friend. In return, Tian helped him invest 260,000 yuan in sneakers. After splitting the profits, they each cleared 90,000 yuan in two months.
由于田浩的空间不足，他正与朋友一起储存运动鞋。作为回报，田先生帮助朋友在运动鞋上投资了26万人民币。利润分成后，两人两个月各赚了9万元。
“This is one of my luckiest investments this year,” Tian said. “My friend can’t stop admiring me.”
“这是我今年最幸运的投资之一。” 田浩说，“我的朋友止不住地夸我。”
Operating in a country known for its copycats, Poizon and Nice say they have strict processes to ensure they’re selling authentic products. Poizon hires “hardcore master-level sneakerheads” to inspect every shoe, including packaging, labels, stitching and glue, and it issues certificates to verified products.
在一个以山寨出名的国家做生意，毒和Nice 表示他们都有严格的流程保证平台上出售的是真鞋子。毒app聘请“铁杆大师级运动鞋收藏家”来检查每只鞋，包括鞋子的包装，标签，缝线和胶水，并向经过验证的产品颁发证书。
Nice’s inspectors smell shoes to check if the glue passes the sniff test.
Nice的检查员要闻鞋子的味道来确定鞋子的胶水是否通过了嗅觉测试。
“There are so many details—the material, the label, the box, etc.—it’s extremely hard for knock-offs to get it exactly right,’’ Nice CEO Alex Zhou said.
Nice 的CEO周首说：“细节太多了，包括材料，标签，盒子等等，山寨鞋想在这些细节上都做对太难了。”
Both Poizon and Nice offer guarantees against fakes, promising to compensate buyers at triple the value of their fraudulent purchases.
毒app和Nice都提供了防伪保证，如果买方买到假货，他们承诺向买方赔偿三倍的付款金。
Lately, though, the Chinese apps are concerned about deflecting the government’s attention. It may be too late. An article published in June on state-run China Daily mentioned Poizon and StockX, calling out sneaker resellers for the “chaos” in surging prices.
不过最近，这些中国的app正担心政府加强管控的可能性，但这可能为时已晚。官方媒体中国日报6月发表的一篇文章提到了毒和StockX，并称炒鞋者造成了价格飙升的“乱局”。
And this week, the Shanghai branch of the People’s Bank of China warned the city’s financial institutions about the risks associated with sneaker speculation, according to people familiar with the matter. It said the resale platforms are a “financial game of hot potato.”
知情人士说，本周，中国人民银行上海分行警告上海金融机构有关运动鞋投机的风险。它说转售平台是“击鼓传花游戏”。
Adidas discourages the reselling of its sneakers, the company said. Nike did not respond to a request for comment.
阿迪达斯公司表示，阿迪达斯不鼓励转售其运动鞋。耐克未回应置评请求。
Poizon has since spoken out against flipping shoes and in August stopped offering storage space that enabled traders to avoid taking deliveries.“Shoes are for wearing, not for speculation,” said Charles Xing, the head of marketing.
此后，毒app 表态反对炒鞋，并于8月份停止提供仓库。仓库能让卖家避免交付货物。市场主管邢昭阳说：“鞋子是用来穿的，不是用来炒的。”
Poizon CEO Yang Bing declined an interview request.
毒app的CEO 杨冰拒绝了采访。
Nice also cautioned against the practice in a Sept. 27 WeChat post.
Nice 在9月27日的微信推送中也警告了不要投机。
“Don’t embark on the unreturnable path of speculation for the greed of short-term profit,” Zhou said. “It’s going to harm others as well as yourself.”
周首说：“不要因为贪图一时的利益而走上投机的不归路，害人害己。”（阅读原文）
The app suspended price charts, a leaderboard for price performance and discussions about investments.
这个app现在暂停了K线图、涨幅榜以及有关投资的讨论。
Still, that’s not deterring resellers like Tian, who said he expects to continue trading for the next three to five years.
尽管如此，这并没有阻止像田浩这样的炒鞋者，他表示他预计在未来三到五年内将继续交易。
“The ‘chives’ who rush into this market may leave,” he said, using a nickname for bandwagon investors. “The sneaker lovers and collectors will be enough to nurture this resale industry.”
他说：“涌入这个市场的韭菜可能会离开”，他用“韭菜“来形容追逐热点的投资者，“运动鞋爱好者和收藏家将足以培育这个转售行业。”
翻译：张丹，原载2019年10月17日“彭博新闻”
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