輝山乳業(yè)危機突顯股票質(zhì)押貸款風(fēng)險

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.

中國輝山乳業(yè)(China Huishan Dairy)的股票崩盤前，其創(chuàng)始人以公司71%的股權(quán)為質(zhì)押換取貸款。此事的曝光讓人不禁擔(dān)憂，可能有更多的企業(yè)面臨著風(fēng)險——如果別的大股東也這樣做了的話。

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.

股票質(zhì)押貸款在亞洲較為常見，比如在香港，渴望與受到優(yōu)待的企業(yè)大亨建立更深聯(lián)系的銀行就很喜歡這種業(yè)務(wù)，這些企業(yè)大亨的財富往往與自家公司的股價息息相關(guān)。私募股權(quán)基金也經(jīng)常將所持的上市公司股票作為質(zhì)押物進(jìn)行貸款。

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.

貸款具有嚴(yán)格的觸發(fā)標(biāo)準(zhǔn)，而且如果借款人無法立即完成補充質(zhì)押物價值的要求，將失去所持股份。盡管如此，輝山乳業(yè)股價崩盤的極端性質(zhì)——在45分鐘內(nèi)暴跌85%，隨后停牌，至今仍未復(fù)牌——意味著，目前尚不清楚楊凱是否可能被迫放棄對該集團的控制權(quán)。

“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.

“中國很多銀行做這種交易都不附帶追加質(zhì)押物價值要求，而只有硬觸發(fā)，即當(dāng)股價下跌50%至60%時。那時客戶必須償還貸款，”一名常駐香港、負(fù)責(zé)安排股票質(zhì)押貸款交易的銀行業(yè)人士表示。“這里很多銀行都在說，但愿中國的銀行已經(jīng)從(輝山乳業(yè))中學(xué)到了教訓(xùn)，”該人士補充稱。

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.

鑒于國際銀行和中國國內(nèi)銀行不同的放貸標(biāo)準(zhǔn)，銀行業(yè)人士警告稱，由于在貸款用于個人用途的情況下，香港不要求股票持有人披露質(zhì)押信息，可能有其他企業(yè)存在與輝山乳業(yè)類似的風(fēng)險。中國監(jiān)管部門目前正在考慮對股票質(zhì)押貸款實施限制。

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，輝山乳業(yè)報告了楊凱質(zhì)押貸款的全部情況，此時距離其股價暴跌已經(jīng)過去了4天。去年12月楊凱曾透露，2015年6月他質(zhì)押了該公司26%的股權(quán)，從中國平安銀行(Ping An Bank)換取了21.4億港元(合2.75億美元)的貸款。

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.

銀行通常以質(zhì)押股票30%至40%的價值發(fā)放貸款。國際銀行往往會附帶追加質(zhì)押物價值的條款，如果股票價值下跌10%到40%之間，就會發(fā)出這類通知。它們也要求借款人披露其他未償貸款并且承諾不對相同股票進(jìn)行再次質(zhì)押。追加質(zhì)押物價值的要求要么以現(xiàn)金滿足，要么在某些情況下，借款人需要往質(zhì)押池中增加質(zhì)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.

如果借款人沒有滿足追加要求，銀行會迅速出售股票，在該過程中偶爾會引發(fā)股價急劇下跌。輝山乳業(yè)稱，楊凱正在與各家銀行核實，以確認(rèn)它們是否出售了輝山乳業(yè)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.

股票被用于質(zhì)押的情況在中國內(nèi)地也越來越多。據(jù)美銀美林(Bank of America Merrill Lynch)表示，截止上周，內(nèi)地共有價值5.9萬億人民幣(合8590億美元)的股票被用于質(zhì)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.

監(jiān)管部門對該貸款模式迅速擴散的勢頭感到擔(dān)憂，目前正在考慮實施限制，擬規(guī)定用于質(zhì)押的股票數(shù)量不得超過公司總股本的50%，并且單一放貸者接受質(zhì)押股票的數(shù)量不得超過一家公司總股本的30%。