辉山乳业主席在股价暴跌时减持2.5亿股

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.

上周五辉山乳业(Huishan Dairy)股价在不到一个小时内下跌了85%，当天该公司主席兼控股股东减持了股份

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

此次崩盘让该乳业集团市值蒸发超过40亿美元，该公司请求暂停股票交易，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.

辉山乳业董事会主席杨凯及其控股公司冠丰(Champ Harvest)向港交所提交的文件显示，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价0.42港元)卖出2.509亿股。经这次减持后，冠丰在辉山乳业的持股由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.

冠丰减持股份占当日该股交易量三分之一，相当于该股日均交易量三倍。

The company did not immediately return a request for comment.

该公司没有立即回应置评请求。

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.

辉山乳业突然下跌对整个香港股市造成冲击，有报道称该公司迟迟未向债权人支付利息，辉山乳业所在的辽宁省地方官员已召集其债权人举行会议讨论解决方案。

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.

杨凯所持股份几乎全部用于质押贷款，因此股票很可能是被其中一个债权人抛售。中国财经新闻媒体财新(Caixin)表示，辽宁省政府向辉山施压，要求其在两周内恢复利息支付能力，包括通过出售股票的方式。

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.

辉山乳业在周二证实了债权人会议以及付息问题，该公司表示正在制定计划，在两周内支付逾期利息，并在一个月内缓解资金紧张。该公司同时详细说明了杨凯股份质押的程度，并表示他正与银行核查这些股份状况。

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.

杨凯所质押股票状况尚不清楚。银行放贷金额通常在质押股票价值的30%至40%之间。这些贷款有严格的“追加保证金”点，意味着如果股价下跌一定比例，借款者必须支付一些现金，或者追加股票来维持贷款，否则股票将被没收。当追加保证金要求未满足时，银行通常会立即售出股票。

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.

做空机构浑水公司(Muddy Waters)去年12月称，辉山乳业由于过度使用杠杆，似乎处于崩溃边缘，此后辉山一直处于不利境地。浑水报告还称杨凯窃取公司资产逾1.5亿元人民币。当时辉山大力否认了这些指控。