漢能薄膜股價異動應受質疑

A Financial Times investigation over the past few weeks has shone a light on Hanergy, a Beijing-based solar business. One of a host of Chinese ventures that have achieved listings in Hong Kong in recent years, the company stands out mainly for the explosiveness of its stock price performance. Shares in Hanergy Thin Film, its 73 per cent owned Hong Kong-quoted subsidiary, have risen by about 1,800 per cent since the beginning of 2013.

英國《金融時報》過去幾周的調查，使北京太陽能企業漢能控股集團(Hanergy)引起關注。漢能是近年來大批實現在港上市的中國企業之一。該公司引人矚目的主要原因是其旗下公司股價的爆發性上漲。漢能集團持股73%的香港上市子公司漢能薄膜發電集團(Hanergy Thin Film Power Group)的股價自2013年初以來上漲了約1800%。

They now value the listed company, which distributes solar panel making machinery, at some $35bn, and have propelled the group’s founder, Li Hejun, to the summit of Forbes’s Chinese rich list. Hanergy’s bosses refer to the entrepreneur, without apparent hint of irony, as the region’s Steve Jobs.

漢能薄膜的業務是銷售太陽能電池板生產設備，當前股價使其市值達到350億美元左右，將漢能集團創始人李河君推上福布斯中國富豪榜榜首。漢能的高管們毫無諷刺意味地稱這位企業家爲亞洲的史蒂夫•喬布斯(Steve Jobs)。

HTF is valued at more than five times as much as its largest competitor, the US thin-film solar company First Solar. In China, it is worth more than all other Chinese solar companies combined. But the FT has uncovered unconventional practices that raise questions about this extraordinary performance.

漢能薄膜的市值是其最大對手、美國薄膜太陽能公司First Solar的5倍以上。在中國，漢能薄膜的市值高於所有其他太陽能企業的總和。但英國《金融時報》發現了一些不同尋常的做法，這些做法使人對漢能薄膜如此優異的股價表現產生了疑問。

There is no evidence of any misconduct by Hanergy or its proprietors. However, investors may be concerned by the sketchiness of Chinese disclosure and HTF’s reliance on its privately held parent for almost all of its sales. Owned by Mr Li, the parent company manufactures innovative thin-film solar panels for third parties and its own solar farms in China and Ghana. However, HTF’s investors have only limited visibility of these sales.

目前沒有證據表明漢能或其所有人存在任何不當做法。然而，投資者或許對中國企業信息披露之少、以及漢能薄膜的產品幾乎全部出售給私人持有的母公司感到擔憂。漢能薄膜的母公司漢能集團爲李河君所持有，爲第三方、以及自己在中國和加納的太陽能發電站生產創新性的薄膜太陽能電池板。然而，漢能薄膜的投資者對其銷售狀況的瞭解非常有限。

The related-party transactions between HTF and its parent seem far from ideal. According to HTF’s 2013 accounts, a large proportion of its sales to Hanergy has not yet been settled in cash. The rest is held on HTF’s balance sheet as amounts still due.

漢能薄膜與其母公司之間的關聯交易似乎一點兒也不理想。根據漢能薄膜2013年的財報，其向漢能集團銷售產品的一大部分尚未以現金結算，在資產負債表上仍被列爲應收賬款。

There are also unexplained anomalies in the trading patterns of HTF stock. Over more than two years, the shares have traded higher only in the final half-hour before the Hong Kong market closes. For any stock exchange, end-of-day trading is generally regarded as an important reference point for regulators.

漢能薄膜的股票交易中也存在一些無法解釋的異常現象。兩年多時間裏，該公司股價僅僅在香港股市收市前的最後半小時中會升高。對於任何一家交易所而言，收盤前交易通常都是監管機構關注的一個重要參照點。

The Hong Kong authorities have not publicly responded to these disclosures. So far, Hanergy has said that it is not aware of any reasons for the share price movements, nor has it received inquiries from any official party. But the authorities need to satisfy themselves that there are no reasons to require reassurances over the relationship between parent and subsidiary, nor to seek additional explanations concerning recent movements in the stock that have sometimes been extreme.

香港當局還沒有公開回應英國《金融時報》的調查結果。到目前爲止，漢能表示不清楚其股價變動的任何原因，也沒受到任何官方機構的質詢。但當局需要說服自己，沒有理由要求漢能方面就母公司與子公司之間的關係作出保證，也無需就漢能薄膜近期股價變動（有時是極端的）尋找額外的解釋。

No one suggests that any Chinese company that does well should face special scrutiny. But the record of Chinese companies in developed country markets such as the US and Hong Kong has not always been smooth.

誰也沒有暗示，任何股價表現好的中國企業都應當接受特別審查。但在美國和香港等發達市場上市的中國企業的記錄，並不總是無懈可擊的。

One problem has been the reliability of Chinese accounting. The US Public Company Accounting Oversight Board has been pressing for some time for more access to Chinese audits in the case of US listed companies after a series of glitches. However, that has not been conceded.

一個問題就是中國會計工作的可靠性。一段時間以來，在美上市中國企業出現一連串的小差錯之後，美國上市公司會計監督委員會(PCAOB)一直在施壓，希望看到更多對這些公司財報的審計資料。然而，中方並未同意此要求。

HTF may be the biggest beneficiary of the Hong Kong-Shanghai stock connect programme, a scheme by which mainland investors can put money into shares listed in the former colony.

漢能薄膜或許是滬港通計劃的最大受益者。在滬港通制度下，中國內地投資者可以購買在香港上市的股票。

But Beijing’s desire for good publicity regarding this state-sponsored initiative does not absolve Hong Kong officials of their responsibility to protect the credibility of their market. They need to remain sceptical and vigilant, however lucrative the opportunities across the Pearl river may seem.

但是，雖然北京方面希望這一政府推出的計劃具有良好的聲譽，香港官員也不應放鬆自己保護香港市場可信度的職責。他們需要保持懷疑和警覺，無論珠江對面的機會看上去能帶來多麼大的利益。