復(fù)星調(diào)整對(duì)印度制藥商Gland Pharma的收購(gòu)方案

Hong Kong’s financial regulator has largely scrapped plans to reform the city’s listings process after finding alternative ways of policing markets and as it prepares for a heated debate on whether to allow dual-class shares.

香港的金融監(jiān)管機(jī)構(gòu)在找到市場(chǎng)治理的替代途徑之后，基本上放棄了改革上市流程的計(jì)劃。目前該監(jiān)管機(jī)構(gòu)正準(zhǔn)備展開一場(chǎng)激烈辯論，其焦點(diǎn)問(wèn)題是應(yīng)不應(yīng)該允許雙層股權(quán)結(jié)構(gòu)。

The proposals, published more than a year ago, were effectively the first salvo in what has since become a multi-pronged effort by the Hong Kong Exchange and the Securities and Futures Commission to improve oversight. It is examining how the city can best compete against New York and London for new listings.

一年多前發(fā)表的改革上市流程提議，實(shí)際上是香港交易所(HKEx)和證券及期貨事務(wù)監(jiān)察委員會(huì)(SFC)改進(jìn)監(jiān)管的多方面努力的第一步，目的是研究該市如何以最好的方式與紐約和倫敦開展競(jìng)爭(zhēng)，爭(zhēng)取新上市交易。

Last year’s plans generated nearly 9,000 responses — a record for the city — with most opposing the changes, according to sources familiar with the process.

根據(jù)熟悉這一過(guò)程的消息來(lái)源，去年提出的計(jì)劃收到了近9000份回應(yīng)——創(chuàng)下香港公眾咨詢的紀(jì)錄——多數(shù)意見是反對(duì)改變。

The proposals sought to give the SFC a greater role in approving listings by diluting the power of the Listing Committee, a group of industry professionals whose status is prized by the banks, accountants and law firms that dominate its membership.

這些提議尋求通過(guò)稀釋上市委員會(huì)(Listing Committee)的權(quán)力，使證監(jiān)會(huì)在批準(zhǔn)上市方面扮演更大角色。上市委員會(huì)由業(yè)界專業(yè)人士組成，他們的地位受到主導(dǎo)其成員資格的銀行、會(huì)計(jì)師事務(wù)所和律師事務(wù)所的重視。

An official conclusion to the consultation could be published as early as today.

此輪咨詢的官方結(jié)論最快在今日就能公布。

But instead of pushing itself deeper into the listings process, the SFC has already begun to focus on better use of its existing powers by more actively questioning, and in some cases blocking, applications for initial public offerings and capital raisings.

但是，證監(jiān)會(huì)無(wú)意讓自己更深入地介入上市流程，而是已經(jīng)開始著眼于如何更好地利用其現(xiàn)有權(quán)限，更加積極地質(zhì)疑、在某些情況下阻止首次公開發(fā)行(IPO)和資本募集申請(qǐng)。

Senior regulators say privately that this more robust frontline enforcement essentially superseded last year’s proposals.

高級(jí)監(jiān)管者私下表示，這種更為強(qiáng)勢(shì)的“前置式”執(zhí)法基本上取代了去年發(fā)布的提議。

今年以來(lái)，證監(jiān)會(huì)已責(zé)令8只股票停牌(是此前三年要求停牌總數(shù)的兩倍)，還至少阻止了一次籌資活動(dòng)。

This year the regulator has suspended eight stocks — double its total actions in the previous three years — and blocked at least one capital raising.

這一姿態(tài)改變也有助于為有關(guān)雙層股權(quán)結(jié)構(gòu)的辯論作好鋪墊。此前香港交易所提議創(chuàng)建“三板”，允許公司發(fā)行具有不同投票權(quán)的股票。

The change in approach also helps clear the decks for a debate on dual-class shares after the HKEX proposed creating a third board that would allow companies to issue shares with varying voting rights. 在堅(jiān)持“一股一票原則”30年的香港，這場(chǎng)辯論觸及一個(gè)存在已久的痛處。就在兩年前，該市拒絕了一項(xiàng)有關(guān)多重股權(quán)結(jié)構(gòu)的提議。

The debate is a long-running sore in the city that has stuck to a one share, one vote principle for 30 years. It is only two years since it rejected a proposal for multiple classes.

對(duì)于這個(gè)問(wèn)題，大致上有兩派意見：一派是尋求維護(hù)股東權(quán)益的投資者，另一派是投資銀行家、交易員和律師，后一個(gè)陣營(yíng)仍對(duì)2014年的一件事情耿耿于懷：在香港當(dāng)局拒絕接受阿里巴巴(Alibaba)有爭(zhēng)議的治理結(jié)構(gòu)之后，該公司轉(zhuǎn)赴紐約進(jìn)行創(chuàng)紀(jì)錄的上市，融資額高達(dá)250億美元。

The issue broadly pits investors guarding shareholder rights against investment bankers, traders and lawyers still mourning the loss of Alibaba’s record-breaking $25bn float to New York in 2014 after Hong Kong authorities refused to accept its controversial governance structure.

上周，香港交易所行政總裁李小加(Charles Li)表示，他覺得該交易所擁有足夠支持，可以推進(jìn)一個(gè)具體的建議。

“如果我們認(rèn)為有必要，我們是否……引入潛在加權(quán)投票權(quán)，允許一些大型(科技)公司在本港上市?”他在一個(gè)論壇上表示，“我認(rèn)為答案是非常強(qiáng)烈地贊成。”

投資者私下?lián)模钚〖有判臐M滿，表明接受雙層股權(quán)結(jié)構(gòu)是有政治支持的，足以克服任何異議。

Last week Charles Li, chief executive of the HKEX, said he felt the exchange had the support to push ahead with a concrete proposal. “If we think it’s necessary, do we . . . introduce potentially weighted voting rights to allow some of the major [tech] companies to be listed here?” he told a forum. “I think theChinese investment group Fosun says it has revised an offer for Indian pharmaceutical company Gland Pharma after regulators in India held up the $1.1bn deal during a time of political discord between the two countries.

中國(guó)投資集團(tuán)復(fù)星(Fosun)表示，已調(diào)整對(duì)印度制藥商Gland Pharma的報(bào)價(jià)，此前印度監(jiān)管機(jī)構(gòu)在兩國(guó)政治不和的背景下叫停了這筆11億美元的交易。

Fosun Pharma said in a regulatory filing that it would lower the stake it planned to take in the company from 86 to 74 per cent, below the threshold needed for certain regulatory approval in India.

復(fù)星醫(yī)藥(Fosun Pharma)在一份監(jiān)管??申報(bào)文件中表示，該公司將把擬收購(gòu)的Gland Pharma股份從86%降到74%，低于需要某些印度監(jiān)管審批的門檻。

The founders of the company will retain a higher stake in Gland but Fosun will still take control over the group, which produces anti-coagulants, anaesthetics and other injectable medicines, mainly for export to the US.

Gland Pharma創(chuàng)始人將保留對(duì)該公司的較多持股，但復(fù)星仍將控制該集團(tuán)，這家印度公司生產(chǎn)抗凝劑、麻醉劑和其他注射用藥物，主要出口到美國(guó)。

New Delhi’s Cabinet Committee on Economic Affairs, which has the power to block buyouts of more than 75 per cent of certain types of companies, had halted the deal earlier this year, leading to speculation it could fail.

印度經(jīng)濟(jì)事務(wù)內(nèi)閣委員會(huì)(Cabinet Committee on Economic Affairs)有權(quán)阻止對(duì)某些公司持股比例超過(guò)75%的收購(gòu)，今年早些時(shí)候該委員會(huì)叫停了這筆交易，令外界猜測(cè)此交易可能落空。

The committee had concerns about India losing its edge in some areas of the pharmaceutical industry, the Financial Times reported at the time.

據(jù)英國(guó)《金融時(shí)報(bào)》當(dāng)時(shí)報(bào)道，該委員會(huì)擔(dān)心印度在制藥業(yè)某些領(lǐng)域失去優(yōu)勢(shì)。

Fosun said on Sunday that the deal no longer required the approval of the Cabinet Committee on Economic Affairs and that it had received approval from competition regulators in India and the US, as well as from authorities in China.

復(fù)星周日表示，這筆交易不再需要經(jīng)濟(jì)事務(wù)內(nèi)閣委員會(huì)的批準(zhǔn)，并已獲得印度和美國(guó)競(jìng)爭(zhēng)監(jiān)管機(jī)構(gòu)以及中國(guó)相關(guān)部門的批準(zhǔn)。

Private equity firm KKR, an investor in Gland Pharma, will sell its holdings to Fosun.

Gland Pharma投資者之一，私人股權(quán)投資公司KKR將向復(fù)星出售其持股。

The deal stalled during a serious flare-up in a territorial dispute between China and India in a remote part of the Himalayas.

此前中印兩國(guó)在喜馬拉雅山一處偏僻地區(qū)的領(lǐng)土糾紛嚴(yán)重升級(jí)，其間這筆交易被擱淺。