中國(guó)加強(qiáng)商業(yè)銀行股權(quán)管理

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.

中國(guó)正在施壓企業(yè)脫手它們利用借入資金積累起來(lái)的商業(yè)銀行大筆股份。目前官方正在加緊整治杠桿式交易。

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.

中國(guó)銀行業(yè)監(jiān)督管理委員會(huì)(CBRC)表示，未來(lái)一年，將讓使用金融產(chǎn)品持有商業(yè)銀行股份超過(guò)5%的股東退出持股。

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.

此舉是中國(guó)政府為遏制激進(jìn)收購(gòu)(尤其是那些涉及高風(fēng)險(xiǎn)資金來(lái)源的收購(gòu))而采取的最新行動(dòng)。銀監(jiān)會(huì)負(fù)責(zé)人曾特別抨擊利用借入資金進(jìn)行并購(gòu)活動(dòng)的“野蠻人”保險(xiǎn)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”.

“主要擔(dān)心的是使用金融產(chǎn)品持有銀行股權(quán)，”華泰證券(Huatai Securities)分析師陳姝瑾表示。她以安邦保險(xiǎn)(Anbang Insurance)為例——這家保險(xiǎn)公司上月被政府接管，其董事長(zhǎng)吳小暉自去年夏季以來(lái)一直被拘留——補(bǔ)充稱(chēng)，這類(lèi)產(chǎn)品“相當(dāng)不穩(wěn)定，因?yàn)橥顿Y者可以隨時(shí)贖回”。

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資產(chǎn)品以支持企業(yè)收購(gòu)(包括商業(yè)銀行的大筆股權(quán))的集團(tuán)之一。公司記錄顯示，過(guò)去五年里，安邦買(mǎi)入兩家大型中資銀行的可觀股份，通過(guò)三家子公司擁有中國(guó)民生銀行(China Minsheng Bank) 15%以上股份，以及招商銀行(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.

目前還不清楚安邦的投資有多少是利用借入資金進(jìn)行的。該公司的保單類(lèi)似于高收益理財(cái)產(chǎn)品，其保證的年回報(bào)率往往高于5%，這對(duì)散戶(hù)投資者具有吸引力。

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.

根據(jù)中國(guó)保險(xiǎn)監(jiān)督管理委員會(huì)(CIRC)的數(shù)據(jù)，在國(guó)內(nèi)的產(chǎn)品銷(xiāo)售排行榜上，安邦從2012年排名第40躍升至2016年的第一。去年該公司被暫時(shí)禁止銷(xiāo)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.

陳姝瑾表示，新的銀監(jiān)會(huì)規(guī)則可能導(dǎo)致一些股東出售其在中國(guó)各商業(yè)銀行所持股份，盡管尚不清楚會(huì)有多少家銀行受到影響。

Many of China’s largest conglomerates have raised funds through similar insurance products and also own stakes in commercial banks.

中國(guó)許多最大企業(yè)集團(tuán)通過(guò)類(lèi)似的保險(xiǎn)產(chǎn)品籌集資金，并且也擁有商業(yè)銀行的股份。

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.

中國(guó)房地產(chǎn)開(kāi)發(fā)商恒大地產(chǎn)(Evergrande)于2016年將其在盛京銀行(Shengjing Bank)所持股份提高至25%以上。恒大旗下保險(xiǎn)公司被暫時(shí)禁止開(kāi)展委托股票投資業(yè)務(wù)。

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.

在過(guò)去三年里掀起400億美元收購(gòu)熱潮的海航(HNA)，也通過(guò)一個(gè)保險(xiǎn)部門(mén)籌集資金，并持有中國(guó)東北地區(qū)一家商業(yè)銀行的多數(shù)股權(quán)。恒大還曾參與轟動(dòng)一時(shí)的萬(wàn)科(China Vanke，房地產(chǎn)開(kāi)發(fā)商)股權(quán)爭(zhēng)奪戰(zhàn)。

HNA and Evergrande could not immediately be reached for comment.

記者一時(shí)聯(lián)系不到海航和恒大請(qǐng)其置評(píng)。