中國銀行業開始爲債轉股籌集資金
China’s banks have begun raising billions of renminbi to fund debt-for-equity swaps at the country’s state-owned enterprises, amid questions over whether new investors will get a fair deal.
中國各銀行開始籌集數十億元人民幣的資金，以支持本國國企的債轉股計劃。此時，有聲音在質疑新投資者在其中是否會受到公平對待。
The swap programme, one of several tactics Beijing hopes will reduce China’s Rmb120tn ($18tn) mountain of corporate debt, could ultimately turn up to Rmb3tn of outstanding loans into equity.
北京方面希望減少中國120萬億元人民幣（合18萬億美元）的企業債務。債轉股正是爲此採取的幾種策略之一，最終可能會把至多3萬億元人民幣的未償貸款轉換爲股權。
China Construction Bank, the country’s second-largest commercial bank, will manage up to 50 debt-for-equity swaps, using funds raised in part from new wealth management products (WMPs), which are sold to retail customers.
中國第二大商業銀行中國建行(CCB)，將操盤至多50個債轉股項目，部分資金將來自發售給零售客戶的新理財產品(WMP)。
Its first two funds will buy Rmb10bn of bank loans owed by Yunnan Tin Group and Rmb24bn of loans owed by Wuhan Iron & Steel Group. In both cases so far, the loans will then be swapped for equity in the company worth the full value of the loan.
其前兩個債轉股基金將購買雲南錫業集團(Yunnan Tin Group)所欠的100億元人民幣貸款和武漢鋼鐵集團(Wuhan Iron & Steel Group)所欠的240億元人民幣貸款。在迄今爲止的這兩個案例中，貸款將按全部價值轉換爲公司的股權。
Each swap involves three parties: the original creditor bank, the state-owned enterprise (SOE), and the third-party executor, which sets up a fund with money from outside investors. The fund then buys the SOE's loans from the original creditor banks.
每個債轉股計劃均由三方參加：原始債權銀行、國企和第三方執行機構。第三方機構利用向外部投資者籌集的資金設立一家基金。然後，該基金向原始債權銀行購買國企的貸款。
The funds will hold the equity stakes for five years, after which they will be bought back by the companies at a price to be negotiated at that time.
基金將持有國企股權5年，之後企業將以當時商定的價格回購股權。
Wang Hongzhang, chairman of China Construction Bank, warned earlier this year that banks must learn from the mistakes of the early 2000s, when bad debt was bought by banks at inflated prices to rescue state-backed groups.
今年早些時候，中國建行董事長王洪章警告稱，銀行業必須從2000年代初的錯誤中吸取教訓，那時銀行爲救助國企，以高價收購了後者的壞債。
CCB is one of China’s Big Four state banks and will be one of the main executors of the debt-for-equity swap programme.
建行是中國國有四大行之一，將是債權換股計劃的主要執行者之一。
In order to raise the Wuhan Iron & Steel fund, CCB will sell Rmb10bn in WMPs, and an additional Rmb2bn will be invested by Wuhan Iron & Steel itself.
爲了籌集武鋼集團債轉股基金，建行將發售100億元人民幣的理財產品，另外20億元人民幣將由武鋼集團提供。
WMPs are sold to retail customers who also have deposits at that bank.
這些理財產品出售給在建行也有存款的零售客戶。
