辉山乳业危机突显股票质押贷款风险
The disclosure that China Huishan Dairy’s founder pledged 71 per cent of his company’s shares for loans before the group’s stock collapsed has raised fears that more companies could be at risk if other large shareholders have followed his example.
中国辉山乳业(China Huishan Dairy)的股票崩盘前，其创始人以公司71%的股权为质押换取贷款。此事的曝光让人不禁担忧，可能有更多的企业面临着风险——如果别的大股东也这样做了的话。Share-backed lending is common in Asia and a sought-after business in Hong Kong for banks keen to build deeper links with favoured tycoons, whose wealth is often tied up in their company’s stock. Private equity funds also regularly borrow against the value of their holdings in listed groups.
股票质押贷款在亚洲较为常见，比如在香港，渴望与受到优待的企业大亨建立更深联系的银行就很喜欢这种业务，这些企业大亨的财富往往与自家公司的股价息息相关。私募股权基金也经常将所持的上市公司股票作为质押物进行贷款。While the loans carry strict triggers and borrowers forfeit shares if they cannot meet margin calls promptly, the extreme nature of Huishan’s crash — the shares plummeted 85 per cent in 45 minutes before dealing was halted and are still not trading — means it is unclear whether Yang Kai might be forced to cede control of the group.
贷款具有严格的触发标准，而且如果借款人无法立即完成补充质押物价值的要求，将失去所持股份。尽管如此，辉山乳业股价崩盘的极端性质——在45分钟内暴跌85%，随后停牌，至今仍未复牌——意味着，目前尚不清楚杨凯是否可能被迫放弃对该集团的控制权。
“A lot of Chinese banks do these deals without margin calls and just have a hard trigger when the share price hits 50 to 60 per cent down. Then the client has to pay up,” said one Hong Kong-based banker who arranges share-backed deals. “A lot of banks here are saying hopefully Chinese banks have learnt their lesson [from Huishan],” the banker added.
“中国很多银行做这种交易都不附带追加质押物价值要求，而只有硬触发，即当股价下跌50%至60%时。那时客户必须偿还贷款，”一名常驻香港、负责安排股票质押贷款交易的银行业人士表示。“这里很多银行都在说，但愿中国的银行已经从（辉山乳业）中学到了教训，”该人士补充称。The different lending standards between international banks and those in China — where regulators are considering curbs on the practice — have led bankers to warn that other companies could be as exposed as Huishan since Hong Kong does not require shareholders to disclose pledges if the loans are for personal use.
鉴于国际银行和中国国内银行不同的放贷标准，银行业人士警告称，由于在贷款用于个人用途的情况下，香港不要求股票持有人披露质押信息，可能有其他企业存在与辉山乳业类似的风险。中国监管部门目前正在考虑对股票质押贷款实施限制。Huishan Dairy reported the full extent of Mr Yang’s pledges yesterday, four days after its shares collapsed. Mr Yang had disclosed in December that he had pledged 26 per cent of the company’s equity for a HK$2.14bn ($275m) loan from China’s Ping An Bank in June 2015.
昨天，辉山乳业报告了杨凯质押贷款的全部情况，此时距离其股价暴跌已经过去了4天。去年12月杨凯曾透露，2015年6月他质押了该公司26%的股权，从中国平安银行(Ping An Bank)换取了21.4亿港元（合2.75亿美元）的贷款。Banks typically advance between 30 and 40 per cent of the value of the shares pledged. International bank deals tend to carry a margin call if the shares fall somewhere between 10 and 40 per cent in value. They also require disclosure of other outstanding loans and a promise not to re-pledge the same shares. Any calls must either be met in cash or, in some cases, by adding shares to the collateral pool.
银行通常以质押股票30%至40%的价值发放贷款。国际银行往往会附带追加质押物价值的条款，如果股票价值下跌10%到40%之间，就会发出这类通知。它们也要求借款人披露其他未偿贷款并且承诺不对相同股票进行再次质押。追加质押物价值的要求要么以现金满足，要么在某些情况下，借款人需要往质押池中增加质押股票。
Banks sell shares promptly if calls are not met, occasionally triggering sharp share price falls in the process. Huishan Dairy said Mr Yang was checking with his lenders to confirm whether they had sold any shares.
如果借款人没有满足追加要求，银行会迅速出售股票，在该过程中偶尔会引发股价急剧下跌。辉山乳业称，杨凯正在与各家银行核实，以确认它们是否出售了辉山乳业的股票。The use of shares for collateral has been growing on the mainland too, with Rmb5.9tn ($859bn) worth of stock pledged as of last week, according to Bank of America Merrill Lynch.
股票被用于质押的情况在中国内地也越来越多。据美银美林(Bank of America Merrill Lynch)表示，截止上周，内地共有价值5.9万亿人民币（合8590亿美元）的股票被用于质押。Regulators, alarmed by the rapid spread of the practice, are considering imposing curbs that would limit the amount of shares pledged to 50 per cent of a company’s equity and prevent a single lender from taking on more than 30 per cent.
监管部门对该贷款模式迅速扩散的势头感到担忧，目前正在考虑实施限制，拟规定用于质押的股票数量不得超过公司总股本的50%，并且单一放贷者接受质押股票的数量不得超过一家公司总股本的30%。
