萬科向監管機構指控寶能融資違規大綱

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.

寶能集團(Baoneng Group)對萬科(China Vanke)的投資面臨被迫變現，除非它能滿足迫在眉睫的追加貸款保證金要求。這展示了利用槓桿積累股權、實施敵意收購的風險。

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.

最近幾周，寶能對中國最大住宅開發商萬科控制權的爭奪，緊緊抓住了中國金融界的注意力。萬科董事長王石此前稱，寶能的私人所有者爲“野蠻人”，警告被其收購將毀掉萬科的企業文化。

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，萬科向多家監管部門提交了一份報告，指稱寶能使用結構型債務工具積累萬科股份的做法存在多項違規。

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，萬科在深圳的股價下跌了1.8%，自本月復牌以來累計下跌30%。之前萬科股票在去年12月19日開始停牌。

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.

無論監管部門是否對萬科的指控採取行動，萬科股價下跌都可能迫使持有其25%股份的最大股東寶能拋售部分萬科股票，以償還用以收購萬科股票的債務。

Baoneng has used bank loans and sales of high-yielding wealth management products by its life insurance unit to acquire its Vanke stake.

寶能在收購萬科股票時使用了銀行貸款，並通過旗下壽險公司發行高收益理財產品。

Last month, Huang Qifan, the powerful mayor of Chongqing, called for the government to examine how privately owned Baoneng raised the funds.

上月，影響力很大的重慶市市長黃奇帆呼籲政府對私有的寶能集團的融資途徑進行調查。

A Baoneng unit, Shenzhen Jushenghua, acquired Rmb21.6bn ($3.2bn) worth of Vanke shares through nine different structured asset management plans created by several securities and fund management companies, according to the letter.

萬科報告稱，寶能旗下的深圳鉅盛華(Jushenghua)通過幾家券商和基金公司創建的9個不同的結構型資產管理計劃，收購了價值216億元人民幣（合32億美元）的萬科股票。

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.

萬科對寶能債務融資的批評，提及了影子銀行引起的擔憂。去年中國股市的大漲大跌，在一定程度上得到了利用非銀行貸款機構——影子銀行——的貸款購買股票做法的助推。一旦股價下跌，追加保證金的要求引發了股價下跌和被迫變現的惡性循環。

“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.

萬科報告稱，“中小股東、媒體、社會公衆對於鉅盛華的高槓杆資金鍊能否持續，是否會引發萬科A股股價斷崖式下跌，是否會再現2015年股災期間二級市場系統性踩踏風險，表示了極大顧慮。”

Jushenghua’s vehicles used a 2:1 leverage ratio typical of structured asset management plans.

鉅盛華的融資工具使用了常見於結構型資管計劃的2:1的槓桿。

Banks bought the senior tranches worth two-thirds of the total value, while Jushenghua put up the final third, comprising the subordinate tranche.

銀行作爲優先級份額持有人，買入了這些資管產品總價值的三分之二，鉅盛華作爲劣後級份額持有人，持有其餘的三分之一。

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.

爲保護優先級份額持有人不受損失，資管計劃要求資產管理公司在萬科股價下跌20%的情況下賣出萬科股票——除非劣後級份額持有人注入更多資金。

Baoneng and Jushenghua did not respond to requests for comment.

寶能和鉅盛華沒有迴應記者的置評請求。