中國證監會嚴控上市公司跨界定增
China’s securities regulator is barring companies from selling new shares to fund investments in non-core businesses such as internet finance, online gaming and virtual reality, in a bid to head off a speculative bubble, according to local media.
中國國內媒體報道稱，中國證券業監管機構將禁止上市公司爲投資互聯網金融、網絡遊戲和虛擬現實(VR)等非核心業務而定增融資，以避免出現投機性泡沫。
As China’s economic slowdown has slammed traditional industries such as manufacturing and construction, investors have piled into sunrise industries including technology, finance and media.
隨着中國經濟放緩沉重打擊製造業和建築業等傳統行業，投資者已蜂擁進科技、金融和媒體等朝陽產業。
In a bid to renew their fortunes and boost stock prices, listed companies in declining sectors have made abrupt shifts into new business lines, often signalling them with eye-catching name changes designed to capture investor interest.
爲了改變命運並提振股價，衰落行業中的上市公司突然進軍新的業務線，並且往往會更換一個引人注目的公司名稱，希望引起投資者的興趣。
The China Securities Regulatory Commission will no longer approve private share placements by companies in traditional industries if the purpose of the fundraising is to invest in “virtual” sectors outside the company’s core business, Caixin, a respected business news website, reported on Wednesday, citing an unnamed person close to regulators. The CSRC will also tighten approvals of mergers and acquisitions where a traditional company targets these sectors.
週三，受尊敬的商業新聞網站財新網(Caixin)援引一名接近監管層的未具名人士的話稱，如果傳統行業上市公司爲投資於公司核心業務之外的“虛擬”行業而定向增發，中國證監會將不再予以批准。中國證監會還將收緊對傳統行業公司併購上述行業公司的審批。
Market observers have warned of a tech bubble as investors bid up shares in companies expected to benefit from China's economic transformation. The average 12-month trailing price-to-earnings ratio for companies listed on ChiNext, the tech-heavy startup board in Shenzhen, was 67 at Tuesday’s close, according to stock exchange data. That compares with a ratio 14 for Shanghai-listed shares.
隨着投資者擡高有望受益於中國經濟轉型的公司的股價，市場觀察人士已警告可能出現科技股泡沫。深交所數據顯示，週二收盤時，創業型科技企業雲集的深圳創業板(ChiNext) 12個月往績市盈率均值爲67倍。相比之下，滬市上市公司12個月往績市盈率均值爲14倍。
“If a listed company can’t even succeed in its main business, then if it steps across into a completely unrelated virtual industry, it’s most likely using the banner of M&A to engage in ‘concept’ speculation,” the person told Caixin. The term “concept stock” refers to Chinese shares that fit into popular investment themes often used to drive demand from retail investors.
“如果一家上市公司連主營業務都做不好，跨界做跟主業完全不沾邊的虛擬產業，通常都是打着併購重組的旗號進行概念炒作，”上述人士告訴財新網。“概念股”是指符合熱門投資題材、經常用來引誘散戶購買的中國公司的股票。
Xiao Gang, former CSRC chairman, was sacked in February after facing widespread criticism for failing to contain a stock market bubble last year that eventually collapsed. Analysts say new chairman Liu Shiyu is keen to avoid similar mistakes.
今年2月，肖鋼被免去了中國證監會主席職務。在那之前，他因未能抑制住去年的股市泡沫而廣受批評——那場泡沫最終破滅了。分析人士稱，中國證監會新主席劉士餘希望避免犯類似的錯誤。
But the latest move cuts against the regulator’s long-term goal of reducing regulatory interference and allowing market forces to determine who sells shares and makes acquisitions. CSRC tightly manages the flow of initial public offerings on mainland bourses but traditionally has been more relaxed towards secondary offerings by companies that have already listed. Private placements are more common than public issuance for such fundraising.
但是，中國證監會的這一最新舉動與其長期目標——減少監管幹預、讓市場力量決定誰賣股票和進行收購——格格不入。中國證監會嚴格控制着中國內地交易所的首次公開發行(IPO)進度，但對已上市公司的增發歷來限制較少。就這類融資而言，定向增發比公開增發更爲常見。
“The CSRC is striking a very fine balance between proper regulatory supervision and dictating what the market could do,” said Hao Hong, head of research at Bocom International in Hong Kong. “The speculation in some of the companies in named industries has been rampant. It’s about time to rein it in.”
“中國證監會正在適當的管理監督與指示市場能做什麼之間尋求非常微妙的平衡，”交銀國際(Bocom International)駐香港研究總監洪灝表示，“被點名行業中的某些公司，受到的炒作非常厲害。現在是時候加以抑制了。”
Listed companies have raised Rmb104bn ($16bn) for investments just in virtual reality since 2015, according to data from Wind Information.
萬得資訊(Wind Information)數據顯示，2015年以來，上市公司僅爲投資虛擬現實領域就已融資1040億元人民幣（合160億美元）。
The CSRC did not respond to a request for comment.
中國證監會未回覆記者的置評請求。
