中国多家上市公司停牌以应对股票质押危机
中国一些上市公司正被迫停牌，原因是它们的所有者试图退出通过质押公司股票来获取贷款的高风险押注。
As China tightened access to credit in 2017 to address its mounting corporate debts, controlling shareholders in many smaller listed companies used their shares as collateral for credit.
随着中国在2017年收紧信贷获取渠道以试图解决国内愈演愈烈的公司债务问题，许多规模较小的上市公司的控股股东利用其股票作为抵押以获得信贷。
But market jitters since the start of this month have pushed companies to warn their shareholders that they could face margin calls as share prices fall.
但是，自本月初以来的市场恐慌已促使相关公司警告其股东：随着股价下跌，他们可能面临追加担保品的要求。
Shenzhen-listed Shenwu Environmental Technology was one of at least 20 groups in February that has stopped trading because of the risk of a “margin call”, where a share price decline triggers a demand to top up any money borrowed to buy the stock.
深圳上市的神雾环保技术是2月份因追缴保证金风险(股价下跌触发一个要求：追加为买入股票而借入的资金)而停牌的至少20家集团之一。
A margin call often forces a sell-off of the stock to raise this money and can lead to a collapse in the share price.
追加保证金要求往往会迫使股东抛售股票以筹集资金，可能导致股价崩盘。
China’s tighter controls over credit last year led to a wave of share pledges by listed groups: as of mid-December, shareholders in 317 Shanghai and Shenzhen-listed companies had pledged at least 40 per cent of their stock, compared with 224 companies a year earlier.
中国去年收紧对信贷的控制，导致上市集团纷纷质押股票：截至去年12月中旬，在上海和深圳上市的317家公司的股东质押了至少40%所持股票，而上年同期的这个数字为224家公司。
Pledged shares for loans is one means that the companies have to access funding outside the traditional banking sector. Many others have borrowed from “shadow” lenders, often at high costs.
以股票作质押获取贷款，是企业不得不从传统银行业以外获取资金的一种手段。还有很多企业向“影子”贷款机构借款，往往为此付出高昂费用。
“This is all part of the deleveraging campaign,” said Hong Hao, head of research in Bocom International in Hong Kong. “The owners of these companies have had to pledge shares just to get access to capital.”
“这是去杠杆化运动的一部分，”香港交银国际(Bocom International)研究部负责人洪灏表示。“这些公司的所有者为了获得资金而不得不质押股票。”
Shenwu noted in a regulatory filing that its controlling shareholder has pledged more than 40 per cent of the group’s shares and was now in discussion with the margin lender.
神雾环保在一份监管申报文件中指出，其控股股东已质押集团40%以上的股票，目前正与质权人沟通。
China’s securities regulator has started looking into the use of stock as collateral for loans, the state-owned newspaper Securities Times reported. In some cases, companies have noted in regulatory filings that the securities regulator is investigating the shareholders that have pledged the stock.
据官方的《证券时报》报道，中国证券监管机构已开始研究以股票作质押获取贷款的做法。在某些情况下，公司在监管申报文件中承认，证券监管机构正在调查已经质押股票的股东。
Many smaller listed companies in China are facing a slowdown in growth. Partly because it is trying to cut debt, China’s growth is likely to slow in 2018, a factor that has weighed on the performance of many of Shenzhen’s small-cap companies.
中国许多规模较小的上市公司正面临增长放缓。部分因为试图减少债务，2018年中国经济增长很可能会放缓，这是影响深圳许多小盘股公司业绩的一个因素。
Shenzhen’s tech-focused ChiNext index has been falling gradually since 2015, but fell around 12 per cent between January 25 and February 9.
侧重于科技股的深圳创业板(ChiNext)指数自2015年以来逐渐下跌，但在1月25日至2月9日期间下跌了12%左右。
“Some of these companies are heading toward dangerous territory,” said one Shanghai-based analyst at a global bank, who noted it was not normal for companies to halt trading because they faced the risk of margin calls.
“其中一些公司正在跌向危险区间，”某家全球性银行常驻上海的一名分析师表示。此人指出，上市公司因为面临追缴保证金的风险而停牌是不正常的。
But the halting of trading to deal with problems could be a good sign, Mr Hong said.
但洪灏表示，停牌以应对问题可能是一个好兆头。
In the past, shareholders facing margin calls would likely have been forced to sell off the stake without warning, he said. But China’s securities regulator has recently given companies permission to allow shareholders to work through problems with debtors instead of selling up to pay back loans.
他表示，过去，面临追缴保证金要求的股东很可能被迫在没有任何预警的情况下抛售股份。但中国证券监管机构最近授权公司允许股东与债权人协商解决问题，而不是为了偿还贷款而抛售股票。
