Fallout from Huishan loan woes spreads

辉山乳业股价崩盘对银行造成冲击波

Chinese bank Ping An yesterday acknowledged a large indirect holding in China Huishan Dairy, which had $4.1bn wiped from its market value last week, highlighting wider risks from exposure to the financially distressed company.中国的平安银行(Ping An)昨日承认，其间接持有中国辉山乳业(China Huishan Dairy)大笔股份，后者在上周被抹掉41亿美元市值，突显对这家财困企业（词汇翻译）的敞口带来更大范围的风险。

Huishan’s shares plummeted 90 per cent on Friday, becoming the latest group with operations focused in mainland China to experience a sudden collapse in its Hong Kong share price, raising questions about corporate法人的standards in the city — a magnet for Chinese groups seeking international capital. Shenzhen-listed Ping An said a company controlled by Huishan’s chairman, Yang Kai, obtained credit from the bank in 2015, by pledging许诺as collateral担保物 shares equivalent to about 25 per cent of the company’s total.辉山乳业上周五股价暴跌90%，成为最新一家以在中国内地经营为主、但在香港上市的股票遭遇突然崩盘的集团，使香港对上市公司实行的监管标准受到质疑；该市对于寻求国际资本的中资集团堪称一块磁铁。在深圳上市的平安表示，由辉山乳业董事长杨凯控股的一家公司，于2015年质押（写作凑字词组）相当于辉山乳业25%左右股份的股票，从该行获得信贷。

Ping An could take a 2 per cent hitto pre-tax profit this year from an impairment（别老lose）of those assets, said Leon Qi, an analyst at Daiwa Capital Markets, in a note. Ping An posted pre-tax profit of roughly $4.6bn for 2016.大和资本市场(Daiwa Capital Markets)分析师齐晓亮(Leon Qi)在一份研究简报中表示，这些资产的减值可能导致平安今年的税前利润减少2%。平安报告的2016年税前利润约为46亿美元。

Mr Yang has been a regular buyer of his company’s shares in the past two years, taking his stake from 52 per cent to almost 73 per cent. Asian tycoons routinely pledge stock as loan collateral as a way of unlocking the value of their companies without having to sell the shares or cede control.杨凯在过去两年里频频买入（动名转换）其公司的股票，将其所持股份从52%增至近73%。亚洲富豪经常将股票用作贷款抵押品，这样不必出售股票或交出控制权就能释放其公司价值。

Typically banks advance funds worth a third of the market value of shares pledged. The loans usually carry strict “margin call” levels, meaning if the stock falls by a certain percentage, the borrower must either add more shares to maintain the loan, pay back some of the cash or forfeit stock.一般情况下，银行会贷出相当于质押股票市场价值三分之一的资金。这些贷款通常带有严格的“追加保证金通知”（词汇翻译）条件，也就是说，如果股价下跌某个预设的百分比，借款人必须质押更多股票来维持贷款、偿还一部分资金，或者放弃股票。

Shares in Hong Kong-listed Jilin Jiutai Rural Commercial Bank fell 8.7 per cent yesterday after Chinese financial media outlet Caixin said it was Huishan’s second-largest creditor, among a string of other lenders including HSBC, China Citic and Hang Seng Bank.在香港上市的吉林九台农村商业银行(Jilin Jiutai Rural Commercial Bank)股价昨日大跌8.7%。此前中国财经媒体财新网(Caixin)表示，该行是辉山乳业的第二大债权人，而其他贷方包括汇丰银行(HSBC)、中信银行(China Citic Bank)和恒生银行(Hang Seng Bank)等。

Huishan acknowledged about Rmb14bn ($2bn) in outstanding bank loans in its last financial report in December. Hongling Venture Capital, another Huishan creditor, said the government of Huishan’s home province of Liaoning was holding talks with more than 20 of the dairy group’s creditors.在去年12月发布的上一份财务报告中，辉山乳业承认有大约140亿元人民币（合20亿美元）的未偿（别冲动的用un-...）银行贷款。辉山乳业的另一家债权人红岭创投(Hongling Venture Capital)表示，辉山乳业总部所在的辽宁省的省政府正在与这家乳业集团的20余家债权人举行谈判。

Caixin reported that Mr Yang told creditors last week his company was unable to make interest payments, after which the Liaoning government ordered Huishan to sell part of its equity in order to do so. Liaoning was home to China’s biggest bond default last year.据财新报道，杨凯上周告诉债权人，他的公司无力支付利息，此后辽宁省政府勒令辉山乳业出售部分股权以偿债。去年中国最大的债券违约发生在辽宁省。

Hong Kong has witnessed several spectacularly sudden market falls in recent years where the scale of the move is aided by a dominant shareholder, a relatively small free-float as well as the city’s lack of limits on daily share price falls. Other share price crashes of a similar scale include Tech Pro Technology, which dropped almost 90 per cent last July and has not recovered.香港近年见证了多次惊人的股价突然崩盘，在所有这些案例中，几个因素加剧了股价下挫（小词活用），包括一个占据主导地位的股东、相对较少的自由流通股，以及该市不对单日股价跌幅设限。类似幅度的股价崩盘包括德普科技(Tech Pro Technology)，该股在去年7月下跌近90%，至今未能复苏。

More notorious was the 47 per cent drop in Hanergy Thin Film in 2015, which wiped almost $20bn off the value of the solar panel equipment manufacturer following a 500 per cent rally over the previous 12 months. The shares were suspended and remain frozen. Charles Li, chief executive of the group that owns the Hong Kong stock exchange, said after Huishan’s share collapse that the market was “not a casino”.更为臭名昭著（词汇翻译）的是，汉能薄膜发电(Hanergy Thin Film)的股价在2015年一下子暴跌47%，抹去这家太阳能电池板设备制造商近200亿美元的市值，而该股在之前12个月里大涨500%。该股被停牌，至今仍未复牌。香港交易所集团(HKEX)行政总裁李小加(Charles Li)在辉山乳业股价崩盘后表示，市场“不是赌场”。