财新传媒
位置:博客 > 尹铭 > 彭博社:中国银行监管机构审查交易寡头

彭博社:中国银行监管机构审查交易寡头

worldwide top page

 

撕葱别告我,采用的我的论述不是太负面。

 

China’s Dealmaking Tycoons Scrutinized by Banking Regulator
2017-06-22 10:52:16.606 GMT


By Bloomberg News
(Bloomberg) -- Chinese regulators stepped up scrutiny of
the country’s most prolific overseas acquirers, asking banks to
report their exposures to the companies after last year’s
unprecedented outbound takeover spree.
The China Banking Regulatory Commission asked some banks to
provide information on overseas loans made to Dalian Wanda Group
Co., Anbang Insurance Group Co., HNA Group Co., Fosun
International Inc. and the owner of Italian soccer team AC
Milan, according to people familiar with the matter.
The inquiries, which come a week after reports of an
investigation into Anbang’s chairman, are likely to put a
further chill on China’s outbound takeovers after tighter
capital controls cut deal activity this year by 56 percent from
the same period in 2016. By targeting some of the country’s most
powerful tycoons, Xi Jinping’s government may be sending a
signal of its commitment to cleaning up the financial system
before a key Communist Party leadership reshuffle later this
year.
“We are now in an environment where preventing financial
risks is lifted as the top priority, so I think the regulators
are trying to gauge the total exposure,” said Wei Hou, a Hong
Kong-based analyst at Sanford C. Bernstein. “Regulators must
have seen some red flags.”
As news of the CBRC’s request spread through China’s
financial markets on Thursday, shares of companies linked to
Wanda and Fosun tumbled and the Shanghai Composite Index erased
an early gain. The turbulence came less than 36 hours after MSCI
Inc. said China’s domestic equities would join its benchmark
indexes, a stark reminder for international money managers of
the risks in a market where opaque regulatory decisions are
commonplace.
Zhiqing Liu, a deputy director at the CBRC, declined to
comment on specific companies at a briefing in Beijing on
Thursday, while saying that the regulator is generally concerned
with systemic risks posed by big firms. Fosun spokesman Chen Bo
said “all is normal” at the company. Representatives at Anbang
and Wanda declined to comment, while HNA didn’t immediately
comment. A representative for AC Milan’s owner didn’t return
calls seeking comment.
The CBRC required banks to provide information on loans
related to the five companies’ overseas investments, especially
in property, cinemas, hotels, entertainment businesses and
sports clubs, people familiar with the matter said. Banks need
to submit their assessment of potential risks for such
investments and any measures they have in place to deal with
risks, the people said.
Read more: Anbang’s deal spree leaves it with these assets
around the world
HNA has announced more than $30 billion of asset purchases
since last year, according to data compiled by Bloomberg,
ranging from from stakes in hotel operator Hilton Worldwide
Holdings Inc. to asset manager SkyBridge Capital and Deutsche
Bank AG. Wanda has spent more than $10 billion, including the
purchase of Hollywood film producer Legendary Entertainment,
since 2016. Fosun, which owns stakes in Club Med and Cirque du
Soleil Inc., has also been pursuing billions of dollars of
assets overseas. Anbang’s international holdings include New
York’s Waldorf Astoria hotel.
“The regulator might be reining in leveraged buyouts as the
companies have been very aggressive,” said Yin Ming, vice
president of Shanghai-based investment firm Baptized Capital.

Deals Sputter

Chinese policy makers have already made it more difficult
for acquirers to move money overseas as the government tries to
stem capital outflows and prop up the yuan. The curbs have
contributed to a spate of canceled deals, including the $1
billion purchase of Dick Clark Productions Inc. by billionaire
Wang Jianlin’s Wanda. This year’s drop in announced deals is the
biggest for a comparable period since the depths of the global
financial crisis in 2009, according to data compiled by
Bloomberg.
The focus on banks’ exposures to foreign acquisitions comes
against a backdrop of tightening financial conditions in China
and a regulatory crackdown on risky behavior by banks, shadow-
lending institutions and insurers.
Anbang’s Chairman Wu Xiaohui faces questions in a probe
that includes looking into the sources of funding for Anbang’s
overseas acquisitions, possible market manipulation, and
“economic crimes,” people familiar with the matter have said.
The investigation doesn’t mean Wu is accused of any crime or
will face charges, the people said. Anbang said last week that
Wu was unable to perform his duties for personal reasons.
Read more: A QuickTake Q&A on Anbang’s woes
"The CBRC investigation on overseas loans is part of the
banking regulator’s recent moves to control the overall risks in
the financial markets,” said Shujin Chen, chief financial
analyst at Hua Tai Securities Co. Ltd. in Hong Kong. “Regulators
seem to be worried about the the pace and quality of some
overseas acquisitions. The investigation is a signal that China
may tighten the overseas loan issuance going forward.”
Shares of billionaire Guo Guangchang’s Fosun and related
companies tumbled in Hong Kong, mirroring a similar rout at
units of Wanda. Fosun International fell as much as 9.6 percent,
while Shanghai Fosun Pharmaceutical Group Co.’s dropped as much
as 7.8 percent.
Wanda Film Holding Co. tumbled as much as 10 percent in
Shenzhen, its biggest loss since January 2016, before its shares
were suspended from trading. Wanda Properties International
Co.’s 2024 notes plunged as much as 10.7 cents on the dollar to
101 cents in morning trading in Hong Kong, the biggest drop on
record, according to Bloomberg-compiled data.
“I don’t think it’s the right time to invest or buy into
these companies,” said Alex Wong, a director of asset management
at Ample Capital Ltd. in Hong Kong. “Sometimes this kind of
event can accelerate very quickly.”
 

 

 

推荐 2