上市僅三月被停牌 天合化工遭遇空頭攻擊

Tianhe, the Chinese chemicals group, has suspended its shares just three months after listing in Hong Kong following claims of fraud by a group claiming links to Anonymous, the shadowy hacker collective.

中國的化工集團天合化工(Tianhe)在香港上市僅三個月就被停牌，原因是此前一個聲稱與祕密黑客團體Anonymous有關的團體稱該集團有欺詐行爲。

The short seller-style attack is one of the most ambitious in terms of size to have hit a mainland Chinese company in at least a year.

這次空頭風格的攻擊是至少一年內中國內地企業受到的攻擊中規模最大的一次。

Tianhe – which has been at the centre of the furore over investment banks’ China hiring practices – listed in June and had a market capitalisation of about $8bn when the 66-page report by Anonymous Analytics was published on Tuesday.

此前，天合化工一直由於投行在中國的招聘行爲而成爲輿論關注的中心。該集團於今年6月上市，在週二“匿名分析(Anonymous Analytics)”發表那篇長達66頁的報告時，該集團的市值大約爲80億美元。

The attack is also the most high-profile since new Hong Kong listing rules introduced last year made banks sponsoring – or leading – initial public offerings potentially liable for offences relating to misinformation in prospectuses. Tianhe’s sponsors were Morgan Stanley, UBS and Bank of America Merrill Lynch. All three declined to comment.

這次攻擊還是自去年香港引入新上市規則以來，最爲高調的一次。根據這一新的上市規則，對於企業首次公開招股(IPO)的擔保銀行來說，它們可能需要爲與招股說明書中的錯誤信息有關的違規行爲承擔責任。天合化工的擔保銀行是摩根士丹利(Morgan Stanley)、瑞銀(UBS)和美銀美林(Bank of America Merrill Lynch)。這三家銀行對此都拒絕置評。

Morgan Stanley’s private equity arm holds a 9.5 per cent stake in Tianhe, making it the second-largest shareholder, according to Bloomberg data.

根據彭博(Bloomberg)的數據，摩根士丹利(Morgan Stanley)私募股權部門持有天合化工9.5%的股份，是後者第二大股東。

UBS analyst Bonan Li's rating on Tianhe, which he previously recommended investors should buy, was suspended as of Wednesday, according to Bloomberg's service that tracks analysts' opinions on companies.

彭博旗下負責跟蹤分析師們對企業看法的服務部門的說法是，瑞銀於週三暫時凍結了其分析師李博南(Bonan Li)對天合化工的評級。此前，李伯南曾建議投資者應買入天合化工的股票。

The company’s shares slid 5 per cent on Tuesday before Tianhe asked they be suspended pending an announcement.

週二，消息傳來之際，天合化工股價暴跌5%。此後，依照天合化工的要求，該公司股票被停牌，等待公司的聲明。

In an initial statement, Tianhe reserved the right to “take legal action for damages or other relief”’.

在一份初步聲明中，天合化工表示保留權利“通過法律行動向該機構及/或有關的個人追討損害賠償或其他補償”。

“The [AA] report contains errors of fact, misleading statements and malicious accusations against the company and its directors,” Tianhe said, adding it would “address the allegations in the report as soon as practicable”.

天合化工表示：“該報告含有不符合事實的錯誤、誤導性陳述和對公司及其董事的惡意指責。”該公司還補充說，它將“儘快在可行情況下刊發澄清公告迴應該報告的指控”。

AA, as the hacker group styles itself, claimed that Tianhe had generated a fraction of the sales and profits it reported in the prospectus.

這個自稱“匿名分析”的黑客團體聲稱，天合化工在招股說明書中捏造了部分銷售和盈利數據。

In an emailed response to the Financial Times’ questions, AA said that Tianhe’s high margins were the trigger for it taking a closer look at the company.

在一封迴應英國《金融時報》問題的電子郵件中，“匿名分析”表示，促使該團體密切關注天合化工的，是該公司的高利潤率。

In the report, AA said: “We have conducted months of due diligence, field research and analysis which show that Tianhe is a massive fraud and one of the largest stock market scams ever conceived.”

在這份報告中，匿名分析表示：“經多個月的盡職審查、實地研究及分析，我們發現天合化工是一個大騙局，是有史以來最大規模的股市欺詐案之一。”

Among other things, Tianhe specialises in surface treatments such as waterproofing fabric and coatings for smartphones and tablets.

除了其他業務，天合化工的專長是表面處理——比如智能手機和平板電腦的防水面料和塗層。

Deloitte, auditor to Tianhe, declined to comment, as did the Hong Kong Securities and Futures Commission, the market regulator.

天合化工的審計方德勤(Deloitte)對此拒絕置評。香港市場監管機構香港證監會(Hong Kong Securities and Futures Commission)也同樣拒絕置評這一消息。

Short sellers aim to profit from falling share prices – often by publicly attacking their targets.

對於賣空者來說，他們的目標是通過股價的下跌盈利，其方法往往是通過公開攻擊做空對象實現的。

AA said that it held no position in Tianhe’s shares, but that readers could assume affiliates stood to gain from any fall in the company’s stock.

“匿名分析”表示，該團體對於天合化工的股票不持立場，不過讀者可以假設有相關機構等待從該公司股票的任何下跌行情中獲利。

The AA report’s claims could not be swiftly independently verified.

“匿名分析”報告中的說法尚不能立即得到獨立驗證。

Recent attacks on the credibility of Chinese companies have generated less attention than they did in 2011 when Muddy Waters, the US short seller, claimed Sino-Forest, a Toronto-listed mainland forestry group, was a fraud.

最近對中國企業信譽的攻擊，不再像2011年嘉漢林業(Sino Forest)一案那樣轟動。當時，美國空頭渾水公司(Muddy Waters)曾聲稱這家在多倫多上市的林業集團有欺詐行爲。

Previous companies targeted by AA have included Chaoda Modern Agriculture, a Chinese vegetable supplier, in 2011, whose shares fell sharply. In 2012, however, it failed to win over investors for a critique of New York-listed Qihoo 360, a Chinese search and cyber security company. Qihoo’s shares have risen five-fold since.

在此之前，“匿名分析”還曾在2011年攻擊過中國蔬菜供應商超大現代農業(Chaoda Modern Agriculture)，後者在受到攻擊後股價曾急劇下跌。不過，2012年該團體對於在紐約上市的奇虎360(Qihoo 360)的批評文章卻未能說服投資者，奇虎360的股票自那以來上漲了4倍。奇虎360是一家中國搜索與網絡安全公司。