中国在线平台拍卖银行股引发担忧
中国拍卖网站出现了一个规模不小的银行股(包括上市和非上市股票)市场，引起人们对越来越多的相关交易如何进行定价和监管产生担忧。
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.
从2016年末起，中国最高法院核准五个在线拍卖平台被用于销售地方法院查扣的资产，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.
自那以来，在阿里巴巴(Alibaba)旗下类似于eBay的购物网站淘宝网(Taobao)等网站上，银行股的拍卖出现爆炸式增长。另一个电子商务网站京东(JD.com)也会举办拍卖活动。
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.
追踪这方面情况的专家们表示，规模越来越大的销售中国吸储机构股票的活动，处在一个监管灰色地带，缺乏对资产定价或投资者保护的明确指导。
“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.”
“你不会在发达市场看到这种现象，”标普全球评级(S&P Global Ratings)的金融机构高级总监廖强表示。“从股市的角度看，有一些地方令人担忧：一个是透明度;另一个是定价和公平。”
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.
根据英国《金融时报》汇编的数百次拍卖的资料，在淘宝网上，去年12月地方法院拍卖的银行、保险公司和其他持牌贷款机构的股票价值达到20.7亿元人民币，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.
淘宝的司法拍卖网站堪称一个在线交易集市，从大块玉石到烟花工厂的各类资产都在寻觅竞买人。
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.
除了由坏账组成的资产组合外，近几个月还有两架波音(Boeing)喷气式飞机和一座未完工的摩天大楼也被放到该网站上出售。对于出手不那么阔绰的竞买人来说，有各种被查扣的中国书法和古典艺术作品可供选择，每件起价只有700元人民币左右。
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.
拍卖的金融股包括中国一些小型农村贷款机构、地区保险集团的担保公司，以及在香港或上海证交所上市的较大型银行(如中原银行)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.
中原银行去年7月在香港进行首次公开发行(IPO)，募集约10亿美元，该行的股票已经在淘宝上进行了300多次拍卖。1月份的一次销售涉及该行620万股股票，最初定价为每股1.44元人民币，相比上周四香港股市上的价格有大约38%的折让。
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.
拍卖网页有一页资产评估内容，但缺乏股票如何得到定价的具体细节。许多拍卖连这样的评估文件也没有。
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.
法国巴黎资产管理公司(BNP Paribas Asset Management)资深经济学家罗念慈(Chi Lo)介绍说，在线销售金融资产(包括在淘宝网上的那些拍卖)近年来在中国一些监管松散的平台上大幅增多。
“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.”
“这些金融创新让北京方面感到不舒服，”他表示。他补充说，证券监管机构对这类拍卖活动没有直接监督权。“从投资者的角度看，存在种种风险，因为这些是不受监管的销售活动。”
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.
淘宝拒绝就拍卖平台置评。不过，其网站列出了有关这些股票如何进行销售的明确规则，并指出所有销售都在中国最高法院管辖之下。
