外資銀行再也不青睞中外合夥模式
Macquarie and Morgan Stanley have sold out of theirChinese trust businesses, raising questions aboutthe viability of the remaining joint-venture partnerships between foreign and domesticinstitutions in China.
麥格理(Macquarie)和摩根士丹利(Morgan Stanley)出售了它們的中國信任營業，使人對殘剩的中外合夥信任企業可否保持下去發生疑難。
Morgan Stanley, the US bank, sold its 19.9 per cent stake in the Hangzhou Industrial &Commercial Trust, which it acquired in 2008, last month.
美資銀行摩根士丹利到上月全體賣掉了其在2008年收購的杭州工商信任(Hangzhou Industrial &Commercial Trust)的19.9%的股分。
The divestment followed a similar move by Macquarie, the Australian financial group, which soldits 19.9 per cent stake in the Sino-Australian International Trust in November after entering thebusiness in 2009.
在此以前麥格理也做出了相似的行動，這家澳大利亞金融團體於2015年11月出售了其在2009年收購的華澳國際信任(Sino-Australian International Trust)的19.9%的股分。
Tough new regulations aimed at improving the robustness of Chinese trust companies, whichconduct asset management, private equity and lending activities among others, havediminished the appeal of participating in these businesses.
為改良中國信任公司的妥當性而出台的嚴格的新羈系舉動，下降了外資介入這些營業的吸引力。信任公司從事資產治理、私家股本和信貸等營業。
The divestments also follow years of frustration among foreign institutions over their lack ofcontrol in these joint ventures, where they were limited to holding a minority stake.
在此前的多年裏，外國公司對它們在合夥企業中缺少掌握權覺得不滿——它們只被許可持有少數股權。
Stewart Aldcroft, Asia chief executive of CitiTrust, Citigroup’s securities and fund servicesbusiness, said: “Very few joint-venture companies have succeeded in China. Most are secondtier or lower, [and] have been dominated by the local Chinese partner.
花旗團體(Citigroup)旗下證券與基金辦事機構CitiTrust的亞洲首席履行官斯圖爾特攠爾德克羅夫特(StewartAldcroft)表現：“很少有合夥企業在中國獲得勝利。大多合夥企業都位於二流乃至更低地位，(並且)由中方互助火伴主導。”
“The foreign partner has had very little involvement in the business.”
“外國合夥火伴很少介入營業。”
Barclays, the UK bank, has also reduced its stake in its Chinese joint venture, New ChinaTrust, significantly, from 19.5 per cent to 6 per cent, according to Z-Ben, the Shanghai-basedconsultancy.
上海哲奔咨詢公司(Z-Ben)表現，英國銀行巴克萊(Barclays)也將其在中國合夥企業新華信任(New ChinaTrust)中的股分從19.5%大幅減少至6%。
Macquarie, Morgan Stanley and Barclays declined to comment.
麥格理、摩根士丹利和巴克萊全都謝絕置評。
The appeal of joint ventures has diminished as foreign institutions no longer need to take astake in these businesses in order to access onshore investors.
跟著外國機構再也不須要為了打仗中國海內投資者而持有合夥企業的股分，合夥企業的吸引力降低。
This follows the introduction of rules, such as the mutual fund recognition programme, thathave made it easier for foreign institutions to sell products directly to Chinese investors.
此前中國當局出台的基金互認等項目，讓外國機構更易直接向中國投資者發賣產物。
Chris Powers, an analyst at Z-Ben, said: “Many [foreign companies] are re-evaluating theirapproach to mainland China.
哲奔剖析師克裏斯贠爾斯(Chris Powers)表現：“很多(外國公司)正在從新評估它們對中國要地本地的投資計謀。”
“Foreign partners have never been particularly pleased with their joint ventures, but they stuckwith them as they were the only way to access China.
“外國合夥火伴從未對它們的合夥企業覺得特殊滿足過，但它們一向苦守，是由於這是它們進入中國的獨一門路。”
“[Now] there are more opportunities to engage with [domestic investors].”
“(如今)有更多的機遇(與海內投資者)打仗。”
Macquarie and Morgan Stanley’s decision to pull out of these businesses means that just eightforeign joint-venture trusts remain.
麥格理和摩根士丹利退出這些營業的決議象征著，中國還剩下8家中外合夥信任公司。
These include the Bridge Trust, which saw US bank JPMorgan buy a small stake in 2012, andthe Beijing International Trust, which saw UK asset manager Ashmore buy a 19.9 per centstake in 2007.
這些公司包含百瑞信任(Bridge Trust)和北京國際信任(Beijing International Trust)，美國的摩根大通在2012年收購了前者的少許股權，而英國資產治理公司安石(Ashmore)在2007年收購了後者19.9%的股分。
Mr Aldcroft believes more companies will pull out of these businesses in 2016. He said: “China israpidly opening up the many routes to access its stock market [and domestic investors]. Withall this, why would a foreign company want to get involved in a joint venture it can’t control?”
奧爾德克羅夫特以為2016年將會有更多的外國公司退出這些營業。他說：“中國正在敏捷開放多個進入其股票市場(和打仗海內投資者)的渠道。是以，外國公司為什麽要參加一個它不克不及掌握的合夥公司?”
市場價：HK$ 110
