陆金所再次推迟上市

Lufax, one of China’s largest online lenders, has put its flotation on ice until it receives clarity on a new licensing regime expected to be imposed by Chinese authorities, according to people briefed on the plan, as regulators clamp down on the nascent sector.

知情人士称，中国最大网贷平台之一陆金所(Lufax)搁置了上市计划，以待主管部门预计将实施的一项新牌照制度明朗化。目前中国监管机构正在对这一新兴行业进行整顿。

The latest delay of the listing previously projected to raise up to $5bn shows China’s online lenders — a hot investor theme of 2017 — remain under a cloud as Beijing scrutinises groups’ credit controls and reports of high-interest lending.

据预计，陆金所原计划通过上市募集不超过50亿美元，其再次推迟上市表明，中国的网贷平台(2017年热门的投资主题之一)仍笼罩在阴云之下，原因是中国政府正在详查网贷集团的信贷控制和有关高利贷的报告。

Lufax, which is part of Ping An, one of the world’s biggest insurers by market value, had been aiming to file for an initial public offering in Hong Kong earlier this year, according to bankers briefed on the process. The latest postponement follows an attempted listing in 2017 that was likewise thwarted by Beijing’s probes into online lenders.

陆金所是全球市值最高的保险商之一平安集团(Ping An)旗下机构。听取过相关介绍的银行家表示，陆金所今年早些时候还打算在香港申请首次公开发行(IPO)。该公司2017年的上市尝试也是因中国政府对网贷平台的调查而搁浅。

However, two people close to Lufax said it has decided to wait until it becomes clear when the China Banking Regulatory Commission will require online lenders to apply for a licence, which would ultimately be needed to continue to operate.

但两名接近陆金所的人士表示，该平台已决定等待，直至形势明朗，即中国银保监何时将要求网贷平台申请牌照，平台要继续运营最终需要拿到这样的牌照。

“It is not a simple test, it is a systemic one. You need to have most of the items to be up to standard,” said Michael Xu, founder of wdzj.com, an online data provider. “Probably a batch [of licence approvals] will come out in April. However, there is still uncertainty because the leaders are so busy.”

“这不是一场简单的测试，而是一套系统测试，你需要让大多数事项达到标准，”在线数据提供商网贷之家(wdzj.com)创始人徐红伟(Michael Xu)表示，“可能会有一批(许可)在4月份出炉。但仍存在不确定性，因为领导们太忙了。”

“Lufax has been put on hold because of China’s clampdown on peer-to-peer lenders,” said one banker working with Lufax. “China wants to give out licences around April. You’d assume [Lufax] wants to get the licence before doing an investor roadshow.”

“由于中国对P2P网贷平台的整顿，陆金所上市计划搁置，”与陆金所合作的一名银行家表示，“中国可能在4月前后发放牌照。可想而知，(陆金所)可能希望在做投资者路演之前拿到牌照。”

Another banker said: “There is a lot of noise in the fintech space in China right now, so companies want to make sure they do it right, rather than go first. There’s a strong view that they [Lufax] are the leading fintech business, so they want to get the timing right.”

另一名银行家表示：“当前中国金融科技领域存在大量杂音，因此企业希望确保自己不要做错，而非抢占先机。有一种普遍观点认为，他们(陆金所)是领先的金融科技企业，因此他们希望把握好时机。”

Lufax was valued at $18.5bn after a fundraising in early 2016.

2016年初完成一轮融资后，陆金所的估值就已达到了185亿美元。

One investor said: “Lenders will have a grace period after authorities stipulate the requirements for operating under a permit, if there is a permit required.”

一名投资者称：“一旦当局规定了关于持照经营的要求后，网贷平台将有一个宽限期。”

Peer-to-peer online lenders are sites that channel investors’ cash directly to borrowers, cutting out the banks as the traditional middlemen. Online lenders claim to facilitate loans more efficiently than banks and to offer a superior service, while giving investors attractive interest rates.

P2P网贷平台是一些引导投资者的资金直接流入借款人手中的网站，绕过了银行这种传统中间商。网贷平台宣称贷款效率比银行更高，并提供更优质的服务，同时给投资者诱人的利息。

The licensing process in China is part of a crackdown on the sector by mainland authorities, which began scrutinising the industry in 2016 after a number of risky lending practices surfaced, such as high-interest loans to vulnerable borrowers and unorthodox collection methods.

此次发放牌照计划是中国内地主管部门整顿网贷行业的一部分。对该行业的审查始于2016年，此前，大量高风险的放贷操作浮出水面，比如向还款能力脆弱的借款人发放高利贷，以及使用非常规手段催收贷款。

Bankers said the clampdown and a lack of clarity over the timing of the regulatory process has affected the performance of Chinese online lenders after listing on exchanges.

银行家们表示，此番整顿行动以及监管程序时间表缺乏透明度，已经影响到了中国网贷平台上市后的表现。

Qudian, which operates an online site that facilitates small cash loans, listed on the New York Stock Exchange in October last year at $24 a share, above the marketed $19-$22 range. Although its share price initially surged, it slumped days later amid concern over data privacy and is now down about 42 per cent.

运营小额现金贷网站的趣店(Qudian)，去年10月以每股24美元的价格在纽约证券交易所(NYSE)上市，超出其此前预计的19美元至22美元的价格区间。虽然趣店股价起初大涨，但几天后便在外界对数据隐私的担忧中出现暴跌，目前股价已跌掉约42%。

PPDAI Group, which runs an online consumer lending site, listed at $13 on the NYSE last November, below its target range of $16-$19. Shares are now trading about 41 per cent lower.

运营在线消费贷款网站的拍拍贷(PPDAI Group)，去年11月在纽交所上市，发行价为13美元，低于16美元至19美元的目标区间。目前该公司股价已下跌了约41%。

Lufax was not immediately available to comment.

记者目前未能联系到陆金所请其置评。

Additional reporting by Don Weinland

唐•温兰(Don Weinland)补充报道