輝山乳業一筆2億美元貸款違約

China Huishan Dairy has defaulted on a $200m loan and had assets frozen in China in relation to another $79m debt, in a sign of the troubled dairy operator’s worsening problems.

中國輝山乳業(China Huishan Dairy)一筆2億美元的貸款已違約，同時，由於牽涉另一筆7900萬美元的債務，該公司在中國內地的資產遭到凍結。這表明，這家陷入困境的乳業公司面臨着日益嚴重的問題。

The group’s Hong Kong-listed shares have been suspended since they plunged 90 per cent with no warning late last month, shortly after which Huishan confirmed it was late on loan payments, that its treasurer had gone missing and that its chairman and controlling shareholder, Yang Kai, had pledged 71 per cent of the company’s shares as collateral for loans.

上月底，輝山乳業在香港上市的股票在毫無預警的情況下暴跌90%，並隨即停牌至今。股票暴跌後不久，輝山乳業證實，其無法按期償付貸款，其財務負責人失聯，其董事局主席、控股股東楊凱質押了公司71%的股份以換取貸款。

It is likely that the dumping of shares by one of those lenders was key to the March 24 share price plunge, which wiped $3.9bn off the company’s market capitalisation.

這些貸款方中的其中一家拋售輝山乳業股票，可能是導致3月24日該公司股價暴跌的關鍵原因。那次暴跌使該公司的市值蒸發了39億美元。

Late on Monday night, a brief filing to the Hong Kong Exchange said that a group of banks led by HSBC had declared Huishan to be in non-compliance on a $200m syndicated loan arranged in 2015, and that the lenders were taking legal advice in relation to the issue. The filing also said that a Shanghai court had agreed in principle to freeze assets worth $79m at the request of Gopher Asset Management, a wealth management product platform and another creditor.

週一深夜，輝山乳業提交至港交所(HKEx)的一份簡短公告稱，以匯豐(HSBC)爲首的多家銀行宣佈，輝山乳業未遵守一筆2015年安排的2億美元銀團貸款的貸款協議中的若干承諾，並正就上述事宜徵詢法律意見。該公告還表示，應歌菲資管(Gopher Asset Management)的請求，上海一家法院已原則上同意凍結輝山乳業價值7900萬美元的資產。理財產品平臺歌菲是輝山乳業的另一個債權人。

The other banks that took on the loan in addition to HSBC are Bank of Shanghai Hong Kong, China Citic Bank International, China Merchants Bank, Chong Hing Bank and Hang Seng Bank.

除了匯豐，向輝山乳業提供了貸款的銀行還有上海銀行（香港）有限公司(Bank of Shanghai Hong Kong)、中國中信銀行國際有限公司(China Citic Bank International)、中國招商銀行(China Merchants Bank)、創興銀行(Chong Hing Bank)和恆生銀行(Hang Seng Bank)。

Last month Huishan met with 23 creditors under the oversight of officials in Liaoning, its home province. The officials told creditors not to sue the company and to maintain existing credit lines according to Caixin, a financial news magazine.

上月，輝山乳業在總部所在地遼寧省的政府官員的監督下，與23家債權機構召開了會議。財經新聞媒體《財新》(Caixin)報道稱，官員們告訴債權機構不要起訴輝山乳業，並維持當前的信貸額度。

HSBC led work on Husihan’s initial public offering in 2013 after its mainland staff identified the company, a commercial banking customer, as a candidate for a public float.

2013年，匯豐牽頭組織了輝山乳業的首次公開發行(IPO)。在那之前，匯豐駐中國內地的工作人員把作爲該行商業銀行業務客戶的輝山乳業確定爲一家候選上市公司。