中國在線平臺拍賣銀行股引發(fā)擔(dān)憂

A billion-dollar market in bank shares, both listed and unlisted, has sprung up on online auction sites in China, leading to concerns over how the rapidly growing list of transactions are priced and regulated.

中國拍賣網(wǎng)站出現(xiàn)了一個規(guī)模不小的銀行股(包括上市和非上市股票)市場，引起人們對越來越多的相關(guān)交易如何進(jìn)行定價和監(jiān)管產(chǎn)生擔(dān)憂。

China’s supreme court gave permission to five online auction platforms to host the sales of assets seized by local courts, including shares, starting in late 2016.

從2016年末起，中國最高法院核準(zhǔn)五個在線拍賣平臺被用于銷售地方法院查扣的資產(chǎn)，包括股票。

Since then auctions for bank shares have exploded on sites such as Taobao, Alibaba’s eBay-like online shopping site. JD.com, another ecommerce site, also hosts the auctions.

自那以來，在阿里巴巴(Alibaba)旗下類似于eBay的購物網(wǎng)站淘寶網(wǎng)(Taobao)等網(wǎng)站上，銀行股的拍賣出現(xiàn)爆炸式增長。另一個電子商務(wù)網(wǎng)站京東(JD.com)也會舉辦拍賣活動。

Experts following the situation say the increasingly large sales in China’s deposit-taking institutions fall within a regulatory grey area and lack clear guidance on how the assets are priced or investors protected.

追蹤這方面情況的專家們表示，規(guī)模越來越大的銷售中國吸儲機(jī)構(gòu)股票的活動，處在一個監(jiān)管灰色地帶，缺乏對資產(chǎn)定價或投資者保護(hù)的明確指導(dǎo)。

“You wouldn’t see this phenomenon in developed markets,” said Liao Qiang, S&P Global Ratings’ senior director of financial institutions. “From the stock market point of view, there are concerns: transparency is one thing. Pricing and fairness is another one.”

“你不會在發(fā)達(dá)市場看到這種現(xiàn)象，”標(biāo)普全球評級(S&P Global Ratings)的金融機(jī)構(gòu)高級總監(jiān)廖強(qiáng)表示。“從股市的角度看，有一些地方令人擔(dān)憂：一個是透明度;另一個是定價和公平。”

On Taobao, the value of shares in banks, insurers and other licensed lenders put up for sale by local courts hit Rmb2.07bn in December, more than double the amount offered in the same month a year earlier, according to a compilation of hundreds of auctions by the Financial Times.

根據(jù)英國《金融時報》匯編的數(shù)百次拍賣的資料，在淘寶網(wǎng)上，去年12月地方法院拍賣的銀行、保險公司和其他持牌貸款機(jī)構(gòu)的股票價值達(dá)到20.7億元人民幣，比上年同期高出一倍以上。

Taobao’s court auction site is a wilderness of online transactions where everything from huge chunks of jade to fireworks factories find bidders.

淘寶的司法拍賣網(wǎng)站堪稱一個在線交易集市，從大塊玉石到煙花工廠的各類資產(chǎn)都在尋覓競買人。

In addition to portfolios of bad debt, in recent months two Boeing jets and an unfinished skyscraper also have gone up for sale on the site. For bidders with less expensive tastes, there is an array of seized Chinese calligraphy and classic works of art starting at just Rmb700 each.

除了由壞賬組成的資產(chǎn)組合外，近幾個月還有兩架波音(Boeing)噴氣式飛機(jī)和一座未完工的摩天大樓也被放到該網(wǎng)站上出售。對于出手不那么闊綽的競買人來說，有各種被查扣的中國書法和古典藝術(shù)作品可供選擇，每件起價只有700元人民幣左右。

The financial shares on offer range from stock in some of China’s smallest rural lenders, and guarantee companies to regional insurance groups and larger banks listed on the Hong Kong or Shanghai stock exchanges, such as Zhongyuan Bank.

拍賣的金融股包括中國一些小型農(nóng)村貸款機(jī)構(gòu)、地區(qū)保險集團(tuán)的擔(dān)保公司，以及在香港或上海證交所上市的較大型銀行(如中原銀行)的股票。

Shares in Zhongyuan Bank, which raised about $1bn in a Hong Kong initial public offering in July, have been offered in more than 300 auctions on Taobao. One January sale of 6.2m shares in the bank originally priced the shares at about Rmb1.44 per share, roughly a 38 per cent discount to its trading price in Hong Kong on Thursday.

中原銀行去年7月在香港進(jìn)行首次公開發(fā)行(IPO)，募集約10億美元，該行的股票已經(jīng)在淘寶上進(jìn)行了300多次拍賣。1月份的一次銷售涉及該行620萬股股票，最初定價為每股1.44元人民幣，相比上周四香港股市上的價格有大約38%的折讓。

The web page hosting the sale has a one-page asset appraisal but lacks details on how the shares were priced. Many sales do not have such appraisal documents.

拍賣網(wǎng)頁有一頁資產(chǎn)評估內(nèi)容，但缺乏股票如何得到定價的具體細(xì)節(jié)。許多拍賣連這樣的評估文件也沒有。

Online sales of financial assets, including those on Taobao, have proliferated across a number of loosely regulated platforms in recent years in China, said Chi Lo, senior economist at BNP Paribas Asset Management.

法國巴黎資產(chǎn)管理公司(BNP Paribas Asset Management)資深經(jīng)濟(jì)學(xué)家羅念慈(Chi Lo)介紹說，在線銷售金融資產(chǎn)(包括在淘寶網(wǎng)上的那些拍賣)近年來在中國一些監(jiān)管松散的平臺上大幅增多。

“These are financial innovations that make Beijing uncomfortable,” he said, adding that the securities regulator did not have direct oversight of the auctions. “From the investor perspective, there are risks involved because these are unregulated sales.”

“這些金融創(chuàng)新讓北京方面感到不舒服，”他表示。他補(bǔ)充說，證券監(jiān)管機(jī)構(gòu)對這類拍賣活動沒有直接監(jiān)督權(quán)。“從投資者的角度看，存在種種風(fēng)險，因為這些是不受監(jiān)管的銷售活動。”

Taobao declined to comment on the auction platform. However, its website lists clear rules for how the shares are put up for sale and notes all sales are under the jurisdiction of China’s supreme court.

淘寶拒絕就拍賣平臺置評。不過，其網(wǎng)站列出了有關(guān)這些股票如何進(jìn)行銷售的明確規(guī)則，并指出所有銷售都在中國最高法院管轄之下。