万科向监管机构指控宝能融资违规

 　　Baoneng Group faces the forced liquidation¹ of its investment in China Vanke unless it can meet impending² margin³ calls on its borrowing — in a demonstration⁴ of the risk of using leverage⁵ to build a stake for a hostile bid.

　　宝能集团(Baoneng Group)对万科(China Vanke)的投资面临被迫变现，除非它能满足迫在眉睫的追加贷款保证金要求。这展示了利用杠杆积累股权、实施敌意收购的风险。

　　In recent weeks, Baoneng’s fight for control of Vanke, China’s largest residential⁶ developer, has fascinated the country’s financial community. Vanke chairman Wang Shi had previously⁷ branded the private owners of Baoneng “barbarians”, warning that a takeover by them would wreck⁸ Vanke’s corporate⁹ culture.

　　最近几周，宝能对中国最大住宅开发商万科控制权的争夺，紧紧抓住了中国金融界的注意力。万科董事长王石此前称，宝能的私人所有者为“野蛮人”，警告被其收购将毁掉万科的企业文化。

　　Yesterday, Vanke sent a letter to regulators alleging¹⁰ a wide range of violations¹¹ related to Baoneng’s use of structured debt vehicles to finance its stakebuilding in its target.

　　昨日，万科向多家监管部门提交了一份报告，指称宝能使用结构型债务工具积累万科股份的做法存在多项违规。

　　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，万科在深圳的股价下跌了1.8%，自本月复牌以来累计下跌30%。之前万科股票在去年12月19日开始停牌。

　　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 shareholder¹² — to dump some of its holding in order to repay the debt that it used to acquire it.

　　无论监管部门是否对万科的指控采取行动，万科股价下跌都可能迫使持有其25%股份的最大股东宝能抛售部分万科股票，以偿还用以收购万科股票的债务。

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

　　宝能在收购万科股票时使用了银行贷款，并通过旗下寿险公司发行高收益理财产品。

　　Last month, Huang Qifan, the powerful mayor of Chongqing, called for the government to examine how privately¹³ owned Baoneng raised the funds.

　　上月，影响力很大的重庆市市长黄奇帆呼吁政府对私有的宝能集团的融资途径进行调查。

　　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.

　　万科报告称，宝能旗下的深圳钜盛华(Jushenghua)通过几家券商和基金公司创建的9个不同的结构型资产管理计划，收购了价值216亿元人民币（合32亿美元）的万科股票。

　　Vanke’s criticism of Baoneng’s debt financing alludes¹⁴ to concerns over shadow banking¹⁵. China’s stock market boom and bust¹⁶ 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.

　　万科对宝能债务融资的批评，提及了影子银行引起的担忧。去年中国股市的大涨大跌，在一定程度上得到了利用非银行贷款机构——影子银行——的贷款购买股票做法的助推。一旦股价下跌，追加保证金的要求引发了股价下跌和被迫变现的恶性循环。

　　“Small- and medium-sized investors¹⁷, 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.

　　万科报告称，“中小股东、媒体、社会公众对于钜盛华的高杠杆资金链能否持续，是否会引发万科A股股价断崖式下跌，是否会再现2015年股灾期间二级市场系统性踩踏风险，表示了极大顾虑。”

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

　　钜盛华的融资工具使用了常见于结构型资管计划的2:1的杠杆。

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

　　银行作为优先级份额持有人，买入了这些资管产品总价值的三分之二，钜盛华作为劣后级份额持有人，持有其余的三分之一。

　　To protect the senior tranche-holders against losses, the plans require asset managers to liquidate¹⁸ shares if Vanke’s stock price falls 20 per cent — unless the subordinate tranche-holder injects additional cash into the fund.

　　为保护优先级份额持有人不受损失，资管计划要求资产管理公司在万科股价下跌20%的情况下卖出万科股票——除非劣后级份额持有人注入更多资金。

　　Baoneng and Jushenghua did not respond to requests for comment.

　　宝能和钜盛华没有回应记者的置评请求。

1 liquidation   

n.清算，停止营业

参考例句：

• The bankrupt company went into liquidation.这家破产公司停业清盘。
• He lost all he possessed when his company was put into liquidation.当公司被清算结业时他失去了拥有的一切。

2 impending   

a.imminent, about to come or happen

参考例句：

• Against a background of impending famine, heavy fighting took place. 即将发生饥荒之时，严重的战乱爆发了。
• The king convoke parliament to cope with the impending danger. 国王召开国会以应付迫近眉睫的危险。

3 margin   

n.页边空白；差额；余地，余裕；边，边缘

参考例句：

• We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
• The village is situated at the margin of a forest.村子位于森林的边缘。

4 demonstration   

n.表明，示范，论证，示威

参考例句：

• His new book is a demonstration of his patriotism.他写的新书是他的爱国精神的证明。
• He gave a demonstration of the new technique then and there.他当场表演了这种新的操作方法。

5 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

6 residential   

adj.提供住宿的；居住的；住宅的

参考例句：

• The mayor inspected the residential section of the city.市长视察了该市的住宅区。
• The residential blocks were integrated with the rest of the college.住宿区与学院其他部分结合在了一起。

7 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

8 wreck   

n.失事，遇难；沉船；vt.(船等)失事，遇难

参考例句：

• Weather may have been a factor in the wreck.天气可能是造成这次失事的原因之一。
• No one can wreck the friendship between us.没有人能够破坏我们之间的友谊。

9 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

10 alleging   

断言，宣称，辩解( allege的现在分词 )

参考例句：

• His reputation was blemished by a newspaper article alleging he'd evaded his taxes. 由于报上一篇文章声称他曾逃税，他的名誉受到损害。
• This our Peeress declined as unnecessary, alleging that her cousin Thornhill's recommendation would be sufficient. 那位贵人不肯，还说不必，只要有她老表唐希尔保荐就够了。

11 violations   

违反( violation的名词复数 )； 冒犯； 违反（行为、事例）； 强奸

参考例句：

• This is one of the commonest traffic violations. 这是常见的违反交通规则之例。
• These violations of the code must cease forthwith. 这些违犯法规的行为必须立即停止。

12 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

13 privately   

adv.以私人的身份，悄悄地，私下地

参考例句：

• Some ministers admit privately that unemployment could continue to rise.一些部长私下承认失业率可能继续升高。
• The man privately admits that his motive is profits.那人私下承认他的动机是为了牟利。

14 alludes   

提及，暗指( allude的第三人称单数 )

参考例句：

• In the vegetable kingdom Mr. Mivart only alludes to two cases. 在植物界中，密伐脱先生仅提出两点。
• Black-box testing alludes to test that are conducted at the software interface. 黑箱测试是指测试软件接口进行。

15 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

16 bust   

vt.打破；vi.爆裂；n.半身像；胸部

参考例句：

• I dropped my camera on the pavement and bust it. 我把照相机掉在人行道上摔坏了。
• She has worked up a lump of clay into a bust.她把一块黏土精心制作成一个半身像。

17 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

18 liquidate   

v.偿付，清算，扫除；整理，破产

参考例句：

• A unanimous vote was taken to liquidate the company.全体投票一致通过停业清理公司。
• They have not hesitated in the past to liquidate their rivals.过去他们曾毫不犹豫地铲除对手。