中國公司忠旺否認虛報銷售指控後股價仍下挫

Shares in China Zhongwang Holdings slumped 12 per cent on Thursday after trading in the world’s second-largest producer of aluminium products resumed for the first time since it denied allegations of inflated sales in a short sellers’ report.

週四，中國忠旺控股有限公司（China Zhongwang Holdings，簡稱“忠旺”）的股價下挫了12%。自否認一份沽空機構有關虛報銷售額的指控以來，這家世界第二大鋁材生產商的股票週四首次恢復交易。

The report by the previously unknown Dupre Analytics accused Zhongwang and Liu Zhongtian, its founder, of routing exports through undisclosed related companies. Dupre alleged this was done to obtain tax rebates from the Chinese government.

此前不爲人知的Dupre Analytics發表報告指控，忠旺及其創始人劉忠田通過未披露的關聯公司出口。Dupre指控稱，這麼做是爲了從中國政府獲得出口退稅。

Zhongwang declared the allegations “baseless” and suspended trading on July 31. In a statement on Thursday it said the allegations were “factually incorrect and defy normal commercial logic”.

忠旺宣稱這些指控“毫無依據”，並於7月31日申請股票停牌。週四，忠旺發表聲明稱，這些指控“與事實不符，且不符合正常商業邏輯”。

China is awash in aluminium but the tax system is designed to offer rebates to exporters of processed aluminium, while punishing producers of the energy-intensive base metal, as Beijing tries to curb pollution and incentivise companies to make higher-value products.

中國鋁資源十分豐富，但由於北京方面試圖抑制污染並鼓勵企業生產附加值更高的產品，稅收制度向鋁加工產品出口商提供退稅，同時懲罰這種能源密集型基礎金屬的生產商。

That has led some companies, however, to process the lightweight metal into basic products in China, then export them, before remelting the exports back into primary metal or other products once overseas.

然而，這導致部分企業在中國國內把這種輕金屬加工成基本產品，然後將其出口，接着在海外再熔回成原鋁或製成其他產品。

This trade is depressing international prices for the metal used in drinks cans, aircraft and cars, triggering complaints from aluminium processors in Europe and North America.

這種做法壓低了國際鋁價，引發了歐洲和北美的鋁加工企業的抱怨。鋁用於製造飲料罐、飛機和汽車。

Zhongwang, which has denied remelting any of its exports, has nevertheless found itself at the centre of the controversy after the short seller’s allegations. It faced US anti-dumping penalties four years ago for allegedly trying to sell subsidised metal into North America.

在上述沽空機構提出指控之後，否認對自家出口鋁材進行再熔處理的忠旺，仍發現自己深陷一場爭議。四年前，由於涉嫌試圖向北美出口得到補貼的鋁材，忠旺遭到了美國的反傾銷處罰。

The allegations come at a time of heightened attention on Chinese exports of aluminium products, which rose 28 per cent in the first seven months of this year. International aluminium prices have fallen to a six-year low.

沽空機構提出指控之際，今年前7個月中國鋁製品出口量上升了28%，引起外界更大的注意。國際鋁價已跌至6年新低。

A company called Peng Cheng Aluminum was identified by the short seller’s report as one of the main conduits for Zhongwang’s aluminium products to flow across the Pacific and into the US market.

Dupre Analytics的報告指認，一家名爲“Peng Cheng Aluminum”的公司是忠旺的鋁製品橫跨太平洋進入美國市場的主要渠道之一。

Dalian Liwang and state-owned China Aviation Engine Holdings sell Zhongwang’s aluminium products to Peng Cheng and Transport Aluminium, the Dupre report alleged.

Dupre的報告稱，大連利旺(Dalian Liwang)和國有的中航發動機控股有限公司(China Aviation Engine Holdings)把忠旺的鋁製品出售給Peng Cheng和Transport Aluminium。

Zhongwang’s rebuttal says Peng Cheng stopped doing business with Zhongwang in November 2014.

忠旺反駁稱，Peng Cheng於2014年11月終止了跟忠旺的業務往來。

In a July 10 interview with the FT, Lu Changqing, Zhongwang’s executive director, said Dalian Liwang, the company’s largest domestic customer, was controlled by Peng Cheng. “This is something we all know internally,” he said.

7月10接受英國《金融時報》採訪時，忠旺執行董事路長青表示，公司最大的國內客戶大連利旺是由Peng Cheng控股的。“我們內部都知道這一點，”他說。

Zhongwang’s rebuttal said an aluminium plate plant in the northern port city of Tianjin, which Dupre had said was delayed, will start as scheduled. It said loans raised by Zhongwang from banks in mainland China will fund the plant.

忠旺反駁稱，Dupre聲稱被推遲的天津鋁板廠將如期投產。忠旺表示，公司從中國內地銀行籌集的貸款將作爲該廠的運營資金。

With additional reporting by Naomi Rovnick and Henry Sanderson in London

納奧米圠夫尼克(Naomi Rovnick)和孫德生倫敦補充報道