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Beijing forces businesses to sell down debt-funded bank stakes

来源:FT中文网    2018-03-13 07:03

        China is pushing companies to unwind large stakes in commercial banks that were built using borrowed funds, as it tightens its clampdown on leveraged dealmaking.        中国正在施压企业脱手它们利用借入资金积累起来的商业银行大笔股份。目前官方正在加紧整治杠杆式交易。
        The China Banking Regulatory Commission said it would over the next year make corporations withdraw from stakes of more than 5 per cent if financial products had been used to fund the acquisitions.        中国银行业监督管理委员会(CBRC)表示,未来一年,将让使用金融产品持有商业银行股份超过5%的股东退出持股。
        The action is the latest by Chinese authorities to rein in aggressive acquisitions, particularly those involving risky funding sources, with the head of the CBRC specifically attacking “barbarian” insurers that used borrowed funds for M&A activity.        此举是中国政府为遏制激进收购(尤其是那些涉及高风险资金来源的收购)而采取的最新行动。银监会负责人曾特别抨击利用借入资金进行并购活动的“野蛮人”保险公司。
        “The main concern is the use of financial products to buy bank stakes,” said Chen Shujin, an analyst at Huatai Securities. Citing as an example Anbang Insurance — which was taken over last month by the government and whose chairman Wu Xiaohui has been in detention since last summer — she added that such products “are quite unstable because investors can redeem them at any time”.        “主要担心的是使用金融产品持有银行股权,”华泰证券(Huatai Securities)分析师陈姝瑾表示。她以安邦保险(Anbang Insurance)为例——这家保险公司上月被政府接管,其董事长吴小晖自去年夏季以来一直被拘留——补充称,这类产品“相当不稳定,因为投资者可以随时赎回”。
        Anbang is among groups to have sold high-yield investment products to fund corporate buying, including large stakes in commercial banks. Over the past five years it became a big shareholder in two large Chinese banks, owning through three subsidiaries more than 15 per cent of China Minsheng Bank and 10.7 per cent of China Merchants Bank, according to corporate records.        安邦是出售高收益投资产品以支持企业收购(包括商业银行的大笔股权)的集团之一。公司记录显示,过去五年里,安邦买入两家大型中资银行的可观股份,通过三家子公司拥有中国民生银行(China Minsheng Bank) 15%以上股份,以及招商银行(China Merchants Bank) 10.7%股份。
        It is unclear how much of Anbang’s investments were made using borrowed funds. The company’s insurance policies resembled high-yielding wealth management products carrying guaranteed annual returns that were often higher than 5 per cent, an attractive return for retail investors.        目前还不清楚安邦的投资有多少是利用借入资金进行的。该公司的保单类似于高收益理财产品,其保证的年回报率往往高于5%,这对散户投资者具有吸引力。
        Anbang went from ranking 40th in sales of the products in 2012 to China’s number one in 2016, according to the China Insurance Regulatory Commission. It was temporarily banned from sales last year.        根据中国保险监督管理委员会(CIRC)的数据,在国内的产品销售排行榜上,安邦从2012年排名第40跃升至2016年的第一。去年该公司被暂时禁止销售。
        The new CBRC rules would probably lead to some shareholders selling down stakes in commercial banks in China, Ms Chen said, although it was unclear how many banks would be affected.        陈姝瑾表示,新的银监会规则可能导致一些股东出售其在中国各商业银行所持股份,尽管尚不清楚会有多少家银行受到影响。
        Many of China’s largest conglomerates have raised funds through similar insurance products and also own stakes in commercial banks.        中国许多最大企业集团通过类似的保险产品筹集资金,并且也拥有商业银行的股份。
        Chinese property developer Evergrande raised its stake in Shengjing Bank above 25 per cent in 2016. Evergrande’s insurance business was suspended from stock trading last year.        中国房地产开发商恒大地产(Evergrande)于2016年将其在盛京银行(Shengjing Bank)所持股份提高至25%以上。恒大旗下保险公司被暂时禁止开展委托股票投资业务。
        HNA, a company that has gone on a $40bn buying spree over the past three years, has also raised funds through an insurance unit and holds a majority stake in a commercial bank in northeastern China. Evergrande was also involved in the high-profile corporate battle for developer China Vanke.        在过去三年里掀起400亿美元收购热潮的海航(HNA),也通过一个保险部门筹集资金,并持有中国东北地区一家商业银行的多数股权。恒大还曾参与轰动一时的万科(China Vanke,房地产开发商)股权争夺战。
        HNA and Evergrande could not immediately be reached for comment.        记者一时联系不到海航和恒大请其置评。

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