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2018年10月19日 21:20:11 | 作者:快问活动 | 来源:新华社
Baoneng Group faces the forced liquidation of its investment in China Vanke unless it can meet impending margin calls on its borrowing — in a demonstration of the risk of using leverage to build a stake for a hostile bid.宝能集团(Baoneng Group)对万科(China Vanke)的投资面临被迫变现,除非它能满足迫在眉睫的追加贷款保金要求。这展示了利用杠杆积累股权、实施敌意收购的风险。In recent weeks, Baoneng’s fight for control of Vanke, China’s largest residential developer, has fascinated the country’s financial community. Vanke chairman Wang Shi had previously branded the private owners of Baoneng “barbarians”, warning that a takeover by them would wreck Vanke’s corporate culture.最近几周,宝能对中国最大住宅开发商万科控制权的争夺,紧紧抓住了中国金融界的注意力。万科董事长王石此前称,宝能的私人所有者为“野蛮人”,警告被其收购将毁掉万科的企业文化。Yesterday, Vanke sent a letter to regulators alleging a wide range of violations related to Baoneng’s use of structured debt vehicles to finance its stakebuilding in its target.昨日,万科向多家监管部门提交了一份报告,指称宝能使用结构型债务工具积累万科股份的做法存在多项违规。Vanke’s Shenzhen-listed shares fell 1.8 per cent yesterday and are down 30 per cent since they resumed trading this month following a suspension that began on December 19.昨日,万科在深圳的股价下跌了1.8%,自本月复牌以来累计下跌30%。之前万科股票在去年12月19日开始停牌。Regardless of whether regulators act on Vanke’s allegations, the fall in its share price could force Baoneng — which owns 25 per cent of Vanke and is the developer’s largest shareholder — to dump some of its holding in order to repay the debt that it used to acquire it.无论监管部门是否对万科的指控采取行动,万科股价下跌都可能迫使持有其25%股份的最大股东宝能抛售部分万科股票,以偿还用以收购万科股票的债务。Baoneng has used bank loans and sales of high-yielding wealth management products by its life insurance unit to acquire its Vanke stake.宝能在收购万科股票时使用了贷款,并通过旗下寿险公司发行高收益理财产品。Last month, Huang Qifan, the powerful mayor of Chongqing, called for the government to examine how privately owned Baoneng raised the funds.上月,影响力很大的重庆市市长黄奇帆呼吁政府对私有的宝能集团的融资途径进行调查。A Baoneng unit, Shenzhen Jushenghua, acquired Rmb21.6bn (.2bn) worth of Vanke shares through nine different structured asset management plans created by several securities and fund management companies, according to the letter.万科报告称,宝能旗下的深圳钜盛华(Jushenghua)通过几家券商和基金公司创建的9个不同的结构型资产管理计划,收购了价值216亿元人民币(合32亿美元)的万科股票。Vanke’s criticism of Baoneng’s debt financing alludes to concerns over shadow banking. China’s stock market boom and bust last year was fuelled in part by borrowing from non-bank lenders — shadow banks — to fund stock purchases. Once prices began to fall, margin calls on the loans created a vicious cycle of lower prices and forced liquidation.万科对宝能债务融资的批评,提及了影子引起的担忧。去年中国股市的大涨大跌,在一定程度上得到了利用非贷款机构——影子——的贷款购买股票做法的助推。一旦股价下跌,追加保金的要求引发了股价下跌和被迫变现的恶性循环。“Small- and medium-sized investors, media and the public have expressed tremendous worry about whether Jushenghua’s high-leverage funding chain can continue, whether it will cause Vanke’s A-share price to drop off a cliff, and whether we will see a reappearance of the stock market disaster that led to systemic and herd-behaviour risk in 2015,” Vanke wrote.万科报告称,“中小股东、媒体、社会公众对于钜盛华的高杠杆资金链能否持续,是否会引发万科A股股价断崖式下跌,是否会再现2015年股灾期间二级市场系统性踩踏风险,表示了极大顾虑。”Jushenghua’s vehicles used a 2:1 leverage ratio typical of structured asset management plans.钜盛华的融资工具使用了常见于结构型资管计划的2:1的杠杆。Banks bought the senior tranches worth two-thirds of the total value, while Jushenghua put up the final third, comprising the subordinate tranche.作为优先级份额持有人,买入了这些资管产品总价值的三分之二,钜盛华作为劣后级份额持有人,持有其余的三分之一。To protect the senior tranche-holders against losses, the plans require asset managers to liquidate shares if Vanke’s stock price falls 20 per cent — unless the subordinate tranche-holder injects additional cash into the fund.为保护优先级份额持有人不受损失,资管计划要求资产管理公司在万科股价下跌20%的情况下卖出万科股票——除非劣后级份额持有人注入更多资金。Baoneng and Jushenghua did not respond to requests for comment.宝能和钜盛华没有回应记者的置评请求。 /201607/455662

Tencent Holdings is expanding its WeChat mobile payment system to stores in more than 20 countries and regions to tap into the growing purchasing power of Chinese outbound tourists.为了利用中国出境游客日益增强的购买力,社交网络巨头腾讯控股正将旗下微信移动付系统的使用范围扩展至20多个国家和地区的商铺。The social networking giant said foreign stores can apply to be part of its WeChat payment ecosystem as long as they have a trading license and website or an application.腾讯表示,境外商户拥有经营许可以及独立网站或APP即可申请加入微信付生态系统。The move will enable Chinese outbound travelers to pay bills by scanning the quick-response codes on WeChat, which will partner with banks to automatically convert renminbi payments into a specific type of currency that foreign stores can accept.这样一来,中国出境游客结账时用微信扫描二维码即可付。微信将通过与合作实现人民币付自动转换为外币与境外商家结算。Currently, the payment system supports transactions in nine currencies, including the euro, US dollar, pound and yen.目前,微信付系统已持欧元、美元、英镑、日元等9个币种的交易。 /201511/411797

Japan is to supply patrol boats and aircraft to the Philippines in the latest step by international powers to counter Chinese expansion in Asia’s seas.日本将向菲律宾供应巡视船和飞机,这是国际大国反制中国在亚洲海域扩张的最新举措。Shinzo Abe, Japan’s prime minister, and Rodrigo Duterte, Philippines president, struck a deal yesterday for Tokyo to provide two large patrol vessels and loan up to five used TC-90 unarmed surveillance planes.日本首相安倍晋三(Shinzo Abe)和菲律宾总统罗德里戈#8226;杜特尔特(Rodrigo Duterte)昨日达成一项协议,由东京方面提供两艘大型巡视船,并出借至多五架用过的TC-90型非武装侦察机。The agreement marks another step in attempts by Japan and other powers to check China’s growing maritime ambitions by creating a chain of regional allies committed to the status quo and the rule of law at sea.该协议标志着日本和其它大国创建一条致力于维护现状和海上法治的地区盟友链、据此制衡中国不断膨胀的海上雄心的又一步骤。China claims almost all of the South China Sea and has been building artificial islands on reefs and atolls. 中国把几乎整个南中国海划入自己的版图,近期还依托岛礁和环礁建造人工岛。Its claims overlap with those of Malaysia, the Philippines and Vietnam, as well as Taiwan and Brunei.中国与马来西亚、菲律宾和越南,以及台湾和文莱的领土主张部分重叠。The Tokyo-Manila deal, struck on the sidelines of a summit of Southeast Asian leaders in Vientiane, Laos, covers two new vessels in the 90-metre class — similar to the largest ships in Japan’s own coastguard fleet. 东京和马尼拉方面之间的上述协议,是在老挝万象举行的东南亚国家领导人峰会间隙达成的。该协议涵盖两艘90米级的新船——类似于日本海上保安厅船队中吨位最大的巡视船。They follow 10 smaller vessels, the first of which Japan delivered in August.此前日本已同意提供10艘较小的巡视船,并已在8月交付第一艘。Coastguard vessels are often on the front line of territorial disputes in Asia, entering disputed waters where a naval ship would be too provocative. 在亚洲的领土争端中,海岸警卫队的船艇往往出没于争议水域的第一线;出动海军军舰进入此类水域将被视为过于挑衅。There has been a trend towards ever bigger coastguard vessels that can intimidate rivals with their sheer size.目前各国的趋势是配备越来越大的海岸警卫队船艇,用自己的吨位威吓对手。The US in May lifted its 50-year-old arms embargo against Vietnam and Narendra Modi, India’s prime minister, visited Hanoi at the weekend amid plans for a missile sale and a deal to base Indian ships in Vietnam and set up a -satellite tracking and imaging station there. 美国在5月解除了针对越南的50年武器禁运,而印度总理纳伦德拉#8226;莫迪(Narendra Modi)上周末访问河内,商谈导弹销售计划,以及让印度军舰使用越南的基地,并让印方在越南设立一个卫星跟踪和成像站。India also recently agreed a 0m contract to supply fast patrol boats to Hanoi.印度最近还与越南达成一笔1亿美元的合同,向河内方面提供高速巡逻艇。A Hague tribunal rejected Beijing’s expansive maritime claims in July, ruling that they had no legal basis. 一个海牙仲裁庭7月裁决北京方面扩张性的海上主张无效,称其没有法理依据。But several of the countries affected have struggled to respond to China’s moves, lacking the air or sea capabilities even to patrol disputed waters.但受影响的几个国家在回应中国的举动方面力不从心,甚至不具备在争议海域进行海空巡逻的能力。Japan’s deal with Manila came as a spat between the Philippines and the US dominated the first day of the Association of Southeast Asian Nations summit. 日本与马尼拉达成协议之际,菲律宾和美国之间的一场口水战笼罩了东盟(ASEAN)峰会首日。Washington scrapped a planned meeting between Barack Obama and Mr Duterte after the latter made insulting remarks about the US president.在杜特尔特对美国总统出言不逊后,华盛顿方面取消了奥巴马和杜特尔特会晤的计划。 /201609/465570

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