泛亞創始人被投資者抓獲並移交警方 Angry investors capture head of China metals exchange

The head of a Chinese exchange that trades minor metals was captured by angry investors in a dawn raid and turned over to Shanghai police, as the investors attempted to force the authorities to investigate why their funds have been frozen.

中國一家稀有金屬交易所的掌門人被憤怒的投資者在一次黎明突襲中抓獲並移交上海警方，投資者試圖迫使當局調查他們的資金爲何被凍結。

Investors have been protesting for weeks after the Fanya Metals Exchange in July ceased making payments on financial investment products. The exchange, based in the southwestern city of Kunming, bought and stockpiled minor metals such as indium and bismuth, while also offering high interest, highly-liquid investment products from its offices in Shanghai and its financing branch in Kunming.

自7月份泛亞有色金屬交易所(Fanya Metals Exchange)停止兌付金融投資產品以來，投資者已經抗議了好幾個星期。總部設在中國西南部城市昆明的這家交易所購買並儲備銦和鉍等稀有金屬，同時還通過其上海辦事處和昆明融資分支提供高利息、高流動性的投資產品。

Troubles at the exchange are one of many factors contributing to turbulence in China’s financial markets, as a slowing economy exposes the weaknesses of the country’s debt-driven growth.

這家交易所的麻煩是加劇中國金融市場動盪的多種因素之一。經濟放緩暴露出中國債務驅動型增長的種種弱點。

Some investors flew in from faraway cities to join hundreds more surrounding a luxury hotel in Shanghai before dawn on Saturday. When Fanya founder Shan Jiuliang attempted to check out, they manhandled him into a car before delivering him to the nearest police station. Shanghai police took Mr Shan into custody and promised to work with local authorities in Yunnan province to investigate what has happened to investors’ money. They later released him without charge.

一些投資者從遙遠的城市飛抵上海，在上週六黎明前加入包圍上海一家豪華酒店的數百名投資者的行列。當泛亞創始人單久良試圖退房時，投資者動手把他塞進一輛汽車，隨後把他交給附近的公安局。上海警方扣留了單久良，並承諾與雲南有關部門合作，以調查投資者資金的下落。警方後來釋放了他，沒有提出任何指控。

The demonstrations in Shanghai and Kunming and the exchange’s unusual accumulation of several years’ supply of some metals have so far failed to attract much public attention from regulators. A report by the local regulator identifying the exchange as one of the bigger investment risks in Yunnan was redacted to remove reference to Fanya late last year.

上海和昆明出現的示威活動，以及泛亞不尋常地囤積相當於數年供應量的某些金屬，迄今未能吸引監管機構的很大公開關注。去年末，當地監管機構的一份報告曾指認泛亞是雲南省最大的投資風險之一，但這份報告後來刪除了直接點名泛亞的內容。

The exchange began to experience liquidity problems this spring. Fanya is estimated to hold several years’ supply of minor metals used in some high-tech and military applications, which it purchased at above-market prices. The exchange’s travails are pressuring prices for some of these metals, as traders anticipate it will have to sell its stockpile.

今年春天，這家交易所開始遇到流動性問題。據估計，泛亞持有某些高科技和軍工產品所用的稀有金屬數年的供應量，這些庫存是泛亞以高於市場的價格買下的。這家交易所的困境給其中幾種金屬的價格帶來更大下行壓力，因爲交易商預期它將不得不出售庫存。

The exchange, which has acknowledged it has problems, is backed by several of China’s minor metals miners. It has said it has found a buyer but won’t identify the company. Mr Shan “was deceiving us. He admitted to us that there is no buyout group,” said one disgruntled investor surnamed Gu, who participated in the rainy early morning raid.

泛亞承認自己遇到問題。這家交易所獲得中國多家稀有金屬礦商的支持。泛亞表示，它已找到一個買家，但拒絕說明是哪一家公司。在陰雨綿綿的黎明時分參與突襲的一名姓顧（音譯）的投資者不滿地說，單久良“之前在欺騙我們。他向我們承認不存在買家”。

Mr Shan has been holding regular meetings with exchange backers since problems first surfaced this spring and was on the way to Guangzhou for a business trip when captured. Among other businesses he heads the Hong Kong-listed animation studio Imagi International Holdings. He formerly led the Bohai Commodity Exchange, which traded iron ore among other products.

自今年春天問題首次浮出水面以來，單久良與交易所的幾個後臺定期舉行會議，在被抓獲時，他正要前往廣州出差。他執掌的其它企業包括在香港上市的動畫製作公司意馬國際控股(Imagi International Holdings)。此前他曾領導交易鐵礦石等產品的渤海商品交易所(Bohai Commodity Exchange)。

Fanya denounced the weekend’s raid. “Violent acts against president Shan and our employees or the disturbance of our work are destructive of our work around solving the crisis. This will only allow forces behind the scenes to profit and will greatly harm interests of all members,” it said on its website after Mr Shan’s capture.

泛亞譴責了週末的突襲。“無論是對單總及員工的暴力侵害，還是對辦公秩序的擾亂，都是對當前克服危機工作的破壞，這隻會讓幕後勢力從中漁利，反而極大損害了全體會員的利益，”該交易所在單久良被抓獲後在網站上表示。

Mr Shan has not responded to FT attempts to contact him. Many investors told the FT they were attracted to Fanya financial products because it advertised on CCTV, the national broadcaster. Despite its current problems its financial products are still promoted on the high-speed train from coastal city Tianjin to Beijing.

單久良沒有迴應英國《金融時報》聯繫他的嘗試。許多投資者告訴英國《金融時報》，他們之所以被泛亞的金融產品吸引，是因爲該交易所在官方的中央電視臺投放廣告。儘管問題已經暴露，其金融產品仍在京津高速列車上做廣告。