雙層股權架構為新加坡贏得先機？

When Singapore Inc throws its weight behind something, the effect can be huge. This month this kind of effort was on display as the city hosted a week-long fintech “festival” that involved everyone from the regulator and the city’s biggest banks to tiny start-ups. It attracted thousands of attendees, supporting Singapore’s claim to leadership of the sector in the region.

當新加坡企業(yè)界支持某件事情時，其影響可能是巨大的。上月新加坡舉辦為期一周的金融科技節(jié)時，這種效果就顯露無遺。參加者形形色色，既有監(jiān)管機構和各大銀行的人，也有小型創(chuàng)業(yè)企業(yè)的代表們。金融科技節(jié)吸引了數(shù)千名參加者，為新加坡在亞洲金融科技業(yè)中居于領導者地位的說法提供了支持。

But away from the headlines and the hype, the city kicked off another debate in the same week on a rather older topic that could yet have as big a bearing on perceptions of the Lion City — that of introducing dual-class listings to the Singapore Exchange.

然而，除了相關頭條和炒作，就在同一周，新加坡就一個更古老的話題掀起了另一場辯論，它與外界對“獅城”的印象同樣密切相關：這個話題圍繞新加坡證交所(Singapore Exchange)引入雙重股權上市架構的事情。

Proponents, led by bankers and lawyers, argue that dropping Singapore’s one-share-one-vote rule would give it an edge in the region in attracting Asian stars such as Alibaba and global headliners such as Manchester United. Both chose New York over Hong Kong and Singapore because the US was more receptive to their desire to weight voting rights in favour of small groups.

以銀行家和律師為首的支持者辯稱，取消“一股一票”規(guī)則，將讓新加坡在吸引阿里巴巴(Alibaba)等亞洲明星企業(yè)以及曼聯(lián)(Manchester United)等全球人氣企業(yè)方面在亞太地區(qū)享有優(yōu)勢。這兩家公司的上市地點都選擇了紐約，放棄了香港和新加坡，因為美國更樂于接受它們讓一小群人擁有更大投票權的愿望。

Both US exchanges have allowed dual-class shares since the 1980s when the New York Stock Exchange, faced with the threatened loss of blue-chips such as General Motors to Nasdaq, dropped its 60-year opposition to the practice.

美國兩家證交所自上世紀80年代就允許雙重股權架構，當時紐交所(NYSE)面臨通用汽車(GM)等藍籌公司可能轉而選擇納斯達克(Nasdaq)的威脅，放棄了長達60年的反對雙重股權結構的立場。

Today’s opponents in Singapore argue that allowing more than one class of shares would start a race to the bottom among the region’s exchanges. They contend that would exacerbate the governance problems inherent in sprawling family-run empires and state-owned groups.

如今，新加坡的反對者認為，允許多類別股票的存在將導致地區(qū)內(nèi)各交易所之間出現(xiàn)惡性競爭。他們主張，這將加劇大型家族企業(yè)和國有企業(yè)固有的治理問題。

“The SGX will look like a desperate dancer who hitches up their skirt at the end of the night to get attention,” said David Smith, head of corporate governance for Aberdeen Asset Management in Asia. “The SGX is a commercial entity, I know. But many dual-class supporters do each transaction and move on. Investors are left holding the shares and I don’t see why we should allow this.”

“新加坡證交所看上去將會像一個絕望的舞者，在午夜撩起短裙吸引人們的注意，”安本資產(chǎn)管理亞洲公司(Aberdeen Asset Management Asia)公司治理主管戴維•史密斯(David Smith)表示，“新加坡證交所是一個商業(yè)實體，我知道。但很多雙重股權結構的支持者做了交易然后離開了，到頭來是投資者持有那些股票，我不知道為什么我們要允許這種東西。”

Singapore changed its laws earlier this year to allow the prospect of weighted voting rights. The SGX’s Listings Advisory Committee then backed the idea. Next up will be a formal consultation.

今年早些時候，新加坡修改了法律，使雙重股權結構成為可能。接著，新加坡證交所上市顧問委員會(Listings Advisory Committee)支持這種想法。接下來就是正式的意見征詢了。

Opponents of dual-class shares fear that Singapore’s establishment will embrace the idea much as they have taken to fintech — making it harder to fight. As one investor put it: “What tycoon doesn’t want cheap control of his company?”

反對雙重股權結構的人士擔心，新加坡的當權派會像對待金融科技一樣欣然接受這種機制，這將加大抗爭的難度。正如一位投資者所言：“大亨為什么不愿意廉價控制他的公司呢?”

But pragmatists admit the SGX needs to do something dramatic to entice new listings. While its derivatives business has boomed, it has raised just $13.5bn via initial public offerings in the past five years — less than half the funds raised by any of its regional rivals, according to data from Dealogic. Most bruising of all, Hong Kong, its bitter rival, has raised $119bn in that time.

然而，務實人士承認，新加坡證交所需要采取重大舉措吸引新的上市。根據(jù)Dealogic的數(shù)據(jù)，新加坡的衍生品業(yè)務蓬勃發(fā)展，但過去5年，該國通過首次公開發(fā)行(IPO)僅融資135億美元，不到該地區(qū)任何一個競爭對手的一半。最令人痛苦的是，新加坡的勁敵香港同期IPO融資1190億美元。

“Hong Kong has the world’s biggest capital markets opportunity with China in its backyard, admittedly,” said one senior equities banker in the region. “Singapore needs to tap its neighbours and convince those companies it offers something better. That is not easy.”

“誠然，有中國內(nèi)地作為后院，香港擁有全球最大的資本市場機遇，”亞洲一位資深股票銀行家表示，“新加坡需要從鄰國入手，說服那些公司它會提供更好的東西。這并不容易。”

Hong Kong just deliberated for two years on the same topic only to have its proposals shot down in short order by the regulator.

香港就這個話題商議了兩年，最終提案被監(jiān)管機構在短時間內(nèi)否決。

If Singapore moved fast to implement new rules, it could steal a march since few in Hong Kong have the appetite to take up such a painful topic any time soon.

如果新加坡迅速實施新規(guī)，它就會搶先一步，因為香港沒多少人有興趣很快提出這個令人痛苦的話題。

Singapore is expected to consider safeguards, such as each share class listing needing SGX approval, and sunset clauses to limit a family’s control over generations.

預計新加坡會考慮采取一些保護性措施，例如各類別股票上市需經(jīng)新加坡證交所批準，還有“日落條款”，以限制家族的跨代控制。

“We could find the right balance which would also allow investors to benefit from these arrangements when the companies do well under the right management,” said Chen Yih Pong, a principal in the securities practice at Baker & McKenzie Wong & Leow.

律所貝克•麥堅時(Baker & McKenzie Wong & Leow)證券業(yè)務負責人Chen Yih Pong表示：“我們可以實現(xiàn)合理的平衡，當公司在正確的管理之下取得良好表現(xiàn)時，也讓投資者能夠從這些安排中受益。”

But in a sign of how contentious the issue still is, Singapore’s official consultation, originally due this month, has been pushed into early 2017. The exchange has decided to consult more widely first.

但有跡象表明這個話題仍存在爭議，新加坡的官方征詢過程原本要在11月開始，但已推遲到2017年初。新加坡證交所決定首先進行更廣泛的意見征詢。

A quick process after that seems unlikely too, if the two-plus years taken by both New York and Hong Kong are any guide — let alone their different outcomes.

在那之后新加坡似乎也不太可能啟動一個快速的進程，如果紐約和香港均在這方面花費兩年多時間這一點可以作為指引的話(更別提這兩個城市討論的結果不同了)。

Singapore’s dual-class detractors and supporters will have to dig in for a long battle ahead. Neither side has a clear advantage just yet.

新加坡雙重股權結構的反對者和支持者將不得不做好持久戰(zhàn)的準備。雙方目前都不具備明顯的優(yōu)勢。