輝山乳業(yè)承認(rèn)資金鏈斷裂

Huishan Dairy, the Chinese company whose share price plunged 90 per cent last week in Hong Kong, has confirmed it met with nearly two dozen creditors after failing to make interest payments and revealed it has lost contact with the head of its treasury operations.

上周在香港股價(jià)暴跌90%的中國(guó)公司輝山乳業(yè)(Huishan Dairy)已經(jīng)確認(rèn)，由于未能支付利息，該公司已與20多家債權(quán)人會(huì)面，并透露已與財(cái)務(wù)負(fù)責(zé)人失去聯(lián)系。

Shenyang-based Huishan Dairy confirmed on Tuesday that it had been unable to make interest payments and “with the support of the Liaoning provincial government . . . [had] held a meeting with 23 creditor banks” on March 23. In a filing to the Hong Kong stock exchange, it said the Liaoning government had set out a plan for overdue interest payments to be remedied within two weeks.

位于沈陽(yáng)的輝山乳業(yè)在周二證實(shí)，由于無(wú)法支付利息，該公司于3月23日“在遼寧省政府的協(xié)助下……與23家銀行債權(quán)人召開會(huì)議”。在向港交所提交的一份文件中，輝山乳業(yè)表示，遼寧省政府提議該公司在兩周內(nèi)支付逾期利息。

In its first public comments since Friday’s stock plunge and subsequent trading halt, the company said that chairman and controlling shareholder Yang Kai had learned of the late payments on March 21. That same day, Huishan said, it lost contact with Ge Kun, an executive director responsible for treasury and cash operations — including expenses — as well as relationships with the company’s principal bankers.

輝山乳業(yè)上周五股市暴跌后停牌，隨后在首次公開聲明中表示該公司董事長(zhǎng)兼控股股東楊凱在3月21日已知道逾期付款事宜。同一天輝山乳業(yè)表示與執(zhí)行董事葛坤失去聯(lián)系，葛坤負(fù)責(zé)管理財(cái)務(wù)和現(xiàn)金業(yè)務(wù)(包括支出)，以及維持同管理集團(tuán)與其主要銀行的關(guān)系。。

The company said Mr Yang had received a letter from Ms Ge “indicating that the recent work stress had taken a toll on her health, that she would take leave of absence and does not want to be contacted at this time”.

該公司表示楊凱收到葛坤的一封來(lái)信，“指出其最近的工作壓力對(duì)她的健康造成傷害，她會(huì)休假且希望現(xiàn)階段別聯(lián)系她。”

Huishan noted “rumours” that Mr Yang had “misappropriated” Rmb3bn ($436m) of funds, and said it did not believe there had been any misappropriation. It added that Mr Yang also “categorically denied” any such act.

輝山乳業(yè)注意到有“謠言”說(shuō)楊凱“挪用”30億元人民幣(合4.36億美元)資金，該公司表示，它并不認(rèn)為存在任何挪用情況，同時(shí)表示楊凱也“斷然否認(rèn)”所有這類說(shuō)法。

The company has been on the defensive since a report in December by Muddy Waters, the hedge fund set up by short-seller Carson Block, said Huishan looked on the verge of collapse because of excessive leverage. The report also accused Mr Yang of stealing more than Rmb150m in company assets. Huishan at the time issued a fierce denial and suspended trading of its shares.

去年12月賣空者卡森•布洛克(Carson Block)創(chuàng)建的對(duì)沖基金渾水公司(Muddy Waters)發(fā)布報(bào)告，稱由于過(guò)度使用杠桿，輝山乳業(yè)處于崩潰邊緣，此后該公司一直處于防御狀態(tài)。該報(bào)告還指控楊凱竊取公司資產(chǎn)逾1.5億元人民幣。當(dāng)時(shí)輝山乳業(yè)發(fā)表了一份激烈否認(rèn)的聲明，并暫停股票交易。

On Friday, Chinese news portal Sina Finance, citing unnamed sources, said several Chinese banks had investigated Huishan following allegations a shareholder embezzled Rmb3bn for investment in property. The report did not name the investor or give details.

上周五，中國(guó)新聞門戶新浪財(cái)經(jīng)(Sina Finance)援引匿名消息稱，有消息稱輝山一名股東挪用30億元人民幣投資房地產(chǎn)，國(guó)內(nèi)幾家銀行已根據(jù)該指控對(duì)該公司進(jìn)行調(diào)查。報(bào)告沒(méi)有公布這名股東的名字，也沒(méi)有透露任何細(xì)節(jié)。

The source of Friday’s sudden sell-off, however, remains unclear. Huishan said Mr Yang was checking with his brokers regarding shares he had pledged via his main Champ Harvest vehicle, of which Ms Ge owns 10 per cent. Champ Harvest owns almost 73 per cent of the company’s shares. Almost all of these or 71 per cent of the company’s total share count, are currently pledged as collateral for loans or margin finance for share trading.

但上周五突然拋售的根源仍不清楚。輝山乳業(yè)表示，楊凱正與他的股票經(jīng)紀(jì)商核實(shí)他通過(guò)自己主要工具冠豐(Champ Harvest)所抵押的股份，葛坤擁有冠豐10%的股份。冠豐持有輝山乳業(yè)近73%的股份。該公司71%的總股本現(xiàn)在被抵押為貸款擔(dān)保，或用來(lái)做股票交易保證金融資。

Both sorts of loans tend to have strict limits following share price falls, after which point the borrower must either top up the collateral with more shares, repay some cash, or forfeit some shares. Typically the first of those limits sit about 20 per cent under the share price at which the loan was made.

這兩種貸款在股價(jià)下跌后往往有嚴(yán)格限制，此后借款人要么用更多股份補(bǔ)充抵押品，償還部分現(xiàn)金，要么失去部分股份。通常當(dāng)股價(jià)低于放貸時(shí)股價(jià)的20%時(shí)，就會(huì)觸發(fā)第一個(gè)限制。

Huishan Dairy also said on Tuesday that its shares would remain frozen “until such time as the board has been able to ascertain an updated position of the Company’s financial position”.

輝山乳業(yè)在周二還表示其股票將繼續(xù)凍結(jié)，“直到董事會(huì)能夠確定本公司最新的財(cái)務(wù)狀況”。