證監會主席劉士餘怒批“鐵公雞”

The head of China’s securities regulator signalled at the weekend he would not countenance listed firms acting as “iron cockerels” – that is, not paying out dividends to investors.

中國證券監管機構負責人週末表示，他將不會容忍那些“鐵公雞”型上市公司——指不向投資者分紅的公司。

Liu Shiyu, chair of the China Securities Regulatory Commission, rattled off a laundry list of warnings and advice on Saturday at a meeting of the China Association for Public Companies – including an admonition against failing to pay out dividends.

週六，中國證監會(CSRC)主席劉士餘在中國上市公司協會(China Association for Public Companies)的一次會議上飛快地說出了一份警告和意見細目清單，其中包括對不分紅公司的警告。

“There are companies that listed in 1994 and still haven’t paid out dividends,” Mr Liu said, according to state news outlet Xinhua, which framed his warning as targeting companies that act like “iron cockerels” – a Chinese phrase for cheapskates.

新華社(Xinhua)報道稱，劉士餘表示，“有些上市公司自1994年上市以來至今沒有分紅。”新華社認爲，他的警告瞄準了像“鐵公雞”一樣的公司。

“The CSRC is already paying close attention to this problem – we won’t fail to ensure accountability, and will respond with firm measures as warranted,” he added.

“證監會已經在高度關注這個問題，不能放任不管，會有相應的硬措施，”他接着說。

According to Bloomberg data, 330 profitable companies listed in Shanghai and Shenzhen paid out nothing last year – roughly 10 per cent of all companies.

彭博社(Bloomberg)數據顯示，去年滬深兩市有330家實現盈利的公司並未分紅——大約佔到上市公司總數的10%。

Payout ratios – the amount of profit paid out to shareholder each year – are also low, at about 35 per cent. While that is roughly in line with global emerging markets, where in theory the funds are reinvested to grow the company, it pales next to developed markets such as the US, where the S&P 500 pays out 54 per cent.

股利支付率——即每年向股東支付的利潤佔總利潤的比例——也很低，約爲35%。雖然這與全球新興市場大致相符——從理論上說，這些資金進行了再投資，用於公司的發展壯大——但與美國等發達市場相比則相形見絀。在美國，標普500指數(S&P 500)成分股的股利支付率爲54%。

Among seven other aphorisms issued by the regulatory chief: “stockholding hierarchy is too complex; it can provide opportunities for insider trading” and “the Xiong’an New Area is a major opportunity; listed companies must not stir up trouble.”

這位證券監管機構負責人說出的其他7個警句，包括“上市公司的股權層級不能太複雜；否則就會爲內幕交易提供可乘之機”和“雄安新區是重大機遇；上市公司不要給國家添亂。”

That last warning comes after companies from Hebei like cement manufacturer BBMG saw shares skyrocket last week on word that the province would host a new special development zone announced by President Xi Jinping.

劉士餘發出警告之前，在中國國家主席習近平公佈將在河北省設立一個新的特別開發區的消息的刺激下，水泥製造商金隅股份(BBMG)等雄安概念股的股價在上週出現了飆升。