輝山乳業(yè)主席在股價(jià)暴跌時(shí)減持2.5億股

Shares owned by Huishan Dairy’s chairman and controlling shareholder were sold during the company’s plunge last Friday that knocked 85 per cent from its stock price in less than an hour.

上周五輝山乳業(yè)(Huishan Dairy)股價(jià)在不到一個(gè)小時(shí)內(nèi)下跌了85%，當(dāng)天該公司主席兼控股股東減持了股份

The collapse wiped more than $4bn off the market capitalisation of the dairy group, which requested a trading halt that is still in place.

此次崩盤讓該乳業(yè)集團(tuán)市值蒸發(fā)超過(guò)40億美元，該公司請(qǐng)求暫停股票交易，目前仍在停牌中。

Disclosures to the Hong Kong Exchange by Yang Kai, chief executive of Huishan Dairy, and his Champ Harvest vehicle, which holds 70.8 per cent of Huishan’s stock, revealed that 250.9m shares were sold last Friday at a high price of HK$2.33 and an average of HK$0.394 — just below its last traded price of HK$0.42.

輝山乳業(yè)董事會(huì)主席楊凱及其控股公司冠豐(Champ Harvest)向港交所提交的文件顯示，上周五以最高每股2.33港元、平均每股0.394港元(略低于停牌前最后交易價(jià)0.42港元)賣出2.509億股。經(jīng)這次減持后，冠豐在輝山乳業(yè)的持股由72.62%降至70.76%。

The selldown of Champ Harvest’s holding accounted for one-third of all the shares traded that day and alone amounted to three times the company’s average daily trading volume.

冠豐減持股份占當(dāng)日該股交易量三分之一，相當(dāng)于該股日均交易量三倍。

The company did not immediately return a request for comment.

該公司沒(méi)有立即回應(yīng)置評(píng)請(qǐng)求。

The sudden fall caused shockwaves across the Hong Kong market amid reports the company was late in paying its lenders and that local government officials in Liaoning, its home province, had convened a meeting of its creditors to discuss options.

輝山乳業(yè)突然下跌對(duì)整個(gè)香港股市造成沖擊，有報(bào)道稱該公司遲遲未向債權(quán)人支付利息，輝山乳業(yè)所在的遼寧省地方官員已召集其債權(quán)人舉行會(huì)議討論解決方案。

Virtually all of Mr Yang’s holding was pledged as collateral for loans, making it likely that the shares were sold by one of his lenders. Caixin, a Chinese financial news outlet, said the provincial government put pressure on Huishan to restore its ability to make its interest payments within two weeks, including through selling shares.

楊凱所持股份幾乎全部用于質(zhì)押貸款，因此股票很可能是被其中一個(gè)債權(quán)人拋售。中國(guó)財(cái)經(jīng)新聞媒體財(cái)新(Caixin)表示，遼寧省政府向輝山施壓，要求其在兩周內(nèi)恢復(fù)利息支付能力，包括通過(guò)出售股票的方式。

The company confirmed the creditor meeting and its payment problems on Tuesday. It said it was working on a plan to make up outstanding payments in a fortnight and to ease a cash crunch within a month. It also detailed the extent of Mr Yang’s share pledges and said he was checking the status of those holdings with his lenders.

輝山乳業(yè)在周二證實(shí)了債權(quán)人會(huì)議以及付息問(wèn)題，該公司表示正在制定計(jì)劃，在兩周內(nèi)支付逾期利息，并在一個(gè)月內(nèi)緩解資金緊張。該公司同時(shí)詳細(xì)說(shuō)明了楊凱股份質(zhì)押的程度，并表示他正與銀行核查這些股份狀況。

The status of Mr Yang’s pledged shares is unclear. Lenders typically advance funds worth between 30 and 40 per cent of the share’s value. The loans carry strict “margin call” points, meaning if the stock falls by a certain percentage, the borrower must either pay back some cash, add more shares to maintain the loan or forfeit stock. Banks are usually prompt to sell shares when margin calls are not met.

楊凱所質(zhì)押股票狀況尚不清楚。銀行放貸金額通常在質(zhì)押股票價(jià)值的30%至40%之間。這些貸款有嚴(yán)格的“追加保證金”點(diǎn)，意味著如果股價(jià)下跌一定比例，借款者必須支付一些現(xiàn)金，或者追加股票來(lái)維持貸款，否則股票將被沒(méi)收。當(dāng)追加保證金要求未滿足時(shí)，銀行通常會(huì)立即售出股票。

Huishan has been on the back foot since a report in December by short-seller Muddy Waters alleged that Huishan looked to be 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 vigorously denied the claims.

做空機(jī)構(gòu)渾水公司(Muddy Waters)去年12月稱，輝山乳業(yè)由于過(guò)度使用杠桿，似乎處于崩潰邊緣，此后輝山一直處于不利境地。渾水報(bào)告還稱楊凱竊取公司資產(chǎn)逾1.5億元人民幣。當(dāng)時(shí)輝山大力否認(rèn)了這些指控。