錦州銀行披露對漢能的風險敞口

A Chinese city bank planning on listing in Hong Kong has indicated it has more than $440m in exposure to Hanergy Group debt, in the first case of a Chinese bank detailing its exposure to the embattled thin film solar company.

計劃在香港上市的中國城市銀行錦州銀行(Bank of Jinzhou)披露，該行對漢能集團(Hanergy Group)債務有逾4.4億美元風險敞口。這是首次有中資銀行詳細披露對這家陷入困境的太陽能薄膜企業的風險敞口。

Shares in Hanergy’s Hong Kong listed unit were suspended in May after a spectacular half-hour plunge. Although the company’s founder Li Hejun had pledged Hanergy shares as well as a hydropower dam and other assets in China as collateral for loans, no Chinese institution has yet publicly confirmed it has outstanding loans to Hanergy or Mr Li.

今年5月，漢能在香港上市的公司的股票在半小時內出現戲劇性的暴跌，隨後被停牌。儘管漢能創始人李河君曾將漢能股票、一座水電站及其他在華資產作爲抵押品來申請貸款，但迄今還沒有哪家中國金融機構公開確認自己有對漢能或李河君的貸款餘額。

Mr Li has called the share suspension a “disaster” for his company — Hanergy has fired thousands of employees. The Financial Times this year detailed Hanergy Group’s reliance on high-interest shadow banking loans and a high level of related transactions between the parent company and the listed unit.

李河君稱漢能股票停牌對他的公司來說是場“災難”。漢能已解聘數以千計的員工。英國《金融時報》今年曾詳細報道過漢能集團對高息影子銀行貸款的依賴，以及其上市子公司與母公司之間存在大量關聯交易。

Bank of Jinzhou, based in northeastern China’s Liaoning Province, said on page 10 of its IPO prospectus released this month that it had Rmb9.46bn in exposure as of the end of June to a “relevant group borrower” through beneficial interest transfer plans and investment in the borrower’s debt instruments. Although it did not name the borrower, a document issued by the bank in March lists investments in those types of instruments issued by Hanergy Group.

錦州銀行總部位於中國東北的遼寧省。該行在本月公佈的招股書的第10頁表示，截至6月底，該行通過受益權轉讓計劃及對借款方債務工具的投資，對某“相關集團借款方”有94.6億元人民幣的敞口。儘管該行並未點出這一借款方的名字，但該行3月份公佈的一份文件列出了其對漢能集團發行的上述類型投資工具的投資。

“Since May 2015, according to public information, the Relevant Listco has been under investigation by the SFC and, as of the Latest Practicable Date, the trading of its shares was suspended, causing uncertainty over the value of the Relevant Listco shares pledged to our Bank as collateral,” Bank of Jinzhou said. Bank executives could not be immediately reached for comment.

錦州銀行表示：“自2015年5月起，相關上市公司一直被證監會調查，其股份被暫停買賣，導致本行做抵押品的股份的價值存在不確定風險。”記者無法立刻聯繫上該行高管請其置評。

The prospectus said the bank had reduced its credit risk via early payment of some debt, transfer of some of the investments to two other Chinese financial institutions, and hedging, or collateralisation of the rest, but still had a net credit risk exposure of Rmb2.77bn.

該行招股書稱，該行已通過令漢能提早償還部分債務、將部分投資轉讓給另兩家中國金融機構、以及對其餘債務進行對衝或要求抵押品，降低了其信貸風險。不過，該行信貸風險敞口淨額仍有27.7億元人民幣。

Beneficial interest transfer plans are a way to classify loans to trust companies as an investment. Financial analysts say Bank of Jinzhou, which is formed from several local financial institutions, is among the most active of Chinese local banks in booking the instruments.

受益權轉讓計劃是一種將對信託公司的貸款歸類爲投資的辦法。金融分析師表示，由多家地方金融機構組建的錦州銀行，是對這類工具訂購最積極的中國地方性銀行之一。

Baota Petrochemical Group, a private refining and petrochemicals group based in the desert region of Ningxia, and its controlling shareholder together control nearly 23 per cent of Bank of Jinzhou. Baota earlier this year agreed to buy equipment and services from Hanergy Thin Film for $1.32bn, in return for shares in the solar equipment supplier, However, in July, Hanergy said Baota had not confirmed it would go ahead with the deal.

寶塔石化集團是一家總部位於寧夏荒漠地區的民營煉油和石化集團。該集團控股股東總計持有錦州銀行近23%的股份。今年早些時候，寶塔集團同意斥資13.2億美元從漢能薄膜發電(HTF)購買設備和服務，以換取這家太陽能設備供應商的股份。然而，漢能在7月份卻表示，寶塔集團並未確認會繼續這一交易。

A Bank of Jinzhou representative had declined to comment on a reported line of credit extended to Hanergy when Chinese media first reported the exposure in May.

今年5月，當中國媒體首次報道錦州銀行對漢能的這一敞口時，該行的一名代表拒絕就報道中提及的該行提供給漢能的信貸額度置評。