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A Chinese city bank planning on listing in Hong Kong has indicated it has more than $440m in exposure to Hanergy Group debt, in the first case of a Chinese bank detailing its exposure to the embattled thin film solar company.
计划在香港上市的中国城市银行锦州银行(Bank of Jinzhou)披露，该行对汉能集团(Hanergy Group)债务有逾4.4亿美元风险敞口。这是首次有中资银行详细披露对这家陷入困境的太阳能薄膜企业的风险敞口。
Shares in Hanergy’s Hong Kong listed unit were suspended in May after a spectacular half-hour plunge. Although the company’s founder Li Hejun had pledged Hanergy shares as well as a hydropower dam and other assets in China as collateral for loans, no Chinese institution has yet publicly confirmed it has outstanding loans to Hanergy or Mr Li.
今年5月，汉能在香港上市的公司的股票在半小时内出现戏剧性的暴跌，随后被停牌。尽管汉能创始人李河君曾将汉能股票、一座水电站及其他在华资产作为抵押品来申请贷款，但迄今还没有哪家中国金融机构公开确认自己有对汉能或李河君的贷款余额。
Mr Li has called the share suspension a “disaster” for his company — Hanergy has fired thousands of employees. The Financial Times this year detailed Hanergy Group’s reliance on high-interest shadow banking loans and a high level of related transactions between the parent company and the listed unit.
李河君称汉能股票停牌对他的公司来说是场“灾难”。汉能已解聘数以千计的员工。英国《金融时报》今年曾详细报道过汉能集团对高息影子银行贷款的依赖，以及其上市子公司与母公司之间存在大量关联交易。
Bank of Jinzhou, based in northeastern China’s Liaoning Province, said on page 10 of its IPO prospectus released this month that it had Rmb9.46bn in exposure as of the end of June to a “relevant group borrower” through beneficial interest transfer plans and investment in the borrower’s debt instruments. Although it did not name the borrower, a document issued by the bank in March lists investments in those types of instruments issued by Hanergy Group.
锦州银行总部位于中国东北的辽宁省。该行在本月公布的招股书的第10页表示，截至6月底，该行通过受益权转让计划及对借款方债务工具的投资，对某“相关集团借款方”有94.6亿元人民币的敞口。尽管该行并未点出这一借款方的名字，但该行3月份公布的一份文件列出了其对汉能集团发行的上述类型投资工具的投资。
“Since May 2015, according to public information, the Relevant Listco has been under investigation by the SFC and, as of the Latest Practicable Date, the trading of its shares was suspended, causing uncertainty over the value of the Relevant Listco shares pledged to our Bank as collateral,” Bank of Jinzhou said. Bank executives could not be immediately reached for comment.
锦州银行表示：“自2015年5月起，相关上市公司一直被证监会调查，其股份被暂停买卖，导致本行做抵押品的股份的价值存在不确定风险。”记者无法立刻联系上该行高管请其置评。
The prospectus said the bank had reduced its credit risk via early payment of some debt, transfer of some of the investments to two other Chinese financial institutions, and hedging, or collateralisation of the rest, but still had a net credit risk exposure of Rmb2.77bn.
该行招股书称，该行已通过令汉能提早偿还部分债务、将部分投资转让给另两家中国金融机构、以及对其余债务进行对冲或要求抵押品，降低了其信贷风险。不过，该行信贷风险敞口净额仍有27.7亿元人民币。
Beneficial interest transfer plans are a way to classify loans to trust companies as an investment. Financial analysts say Bank of Jinzhou, which is formed from several local financial institutions, is among the most active of Chinese local banks in booking the instruments.
受益权转让计划是一种将对信托公司的贷款归类为投资的办法。金融分析师表示，由多家地方金融机构组建的锦州银行，是对这类工具订购最积极的中国地方性银行之一。
Baota Petrochemical Group, a private refining and petrochemicals group based in the desert region of Ningxia, and its controlling shareholder together control nearly 23 per cent of Bank of Jinzhou. Baota earlier this year agreed to buy equipment and services from Hanergy Thin Film for $1.32bn, in return for shares in the solar equipment supplier, However, in July, Hanergy said Baota had not confirmed it would go ahead with the deal.
宝塔石化集团是一家总部位于宁夏荒漠地区的民营炼油和石化集团。该集团控股股东总计持有锦州银行近23%的股份。今年早些时候，宝塔集团同意斥资13.2亿美元从汉能薄膜发电(HTF)购买设备和服务，以换取这家太阳能设备供应商的股份。然而，汉能在7月份却表示，宝塔集团并未确认会继续这一交易。
A Bank of Jinzhou representative had declined to comment on a reported line of credit extended to Hanergy when Chinese media first reported the exposure in May.
今年5月，当中国媒体首次报道锦州银行对汉能的这一敞口时，该行的一名代表拒绝就报道中提及的该行提供给汉能的信贷额度置评。
