融資交易助推中國股市

China’s brokers have raised more capital this year than in the past three combined — and more than half the $14bn proceeds are being ploughed straight back into financing the equity boom that enabled them to tap the markets in the first place.

中國券商今年的融資規模超過了過去3年的總和，在140億美元籌資所得中，超過一半正被直接投入股市熱潮，正是這波股市熱潮令它們得以利用市場籌資。

The frenzied rallies in Shanghai and Shenzhen this year have been largely fuelled by margin lending, where loans to invest in the market are secured against the stocks purchased.

上海和深圳股市今年的瘋狂上漲，在很大程度上是由融資交易推動的，即以購買的股票爲擔保，向券商貸款投資股市。

Margin-financed long positions in the onshore A-Share market now total Rmb1.9tn, or $307bn — up 84 per cent this year, and four times the level this time last year, according to Macquarie analysts. The sharp rise has stoked fears it could reverse almost as quickly: if the value of margin-financed portfolios were to fall, lenders would demand more collateral or reduce the size of loans, which could trigger forced selling.

據麥格理(Macquarie)分析師介紹，如今，中國A股市場的融資買入額總計1.9萬億元人民幣（合3070億美元），今年累計增長84%，是去年這個時候的4倍。這一巨大增幅令人擔心，當前局面可能幾乎同樣迅速地逆轉：如果融資買入的股票組合價值下跌，券商將要求追加保證金或縮小貸款規模，這可能導致投資者被迫賣出。

Yet more than half of the $9.5bn of equity raised in Hong Kong this year by brokers will be used to finance more margin loans, according to the companies’ filings.

然而，根據券商的監管申報文件，在今年券商在香港籌集的95億美元資金中，超過一半將被用來發放更多融資貸款。

Still more funds will soon be added to the financing pool after Huatai Securities on Friday priced its initial public offering in Hong Kong at the top end of the range, raising a further $4.5bn. If its underwriters exercise an option to sell more shares when it begins trading on June 1, Huatai could raise a further $700m, making it the biggest IPO in Hong Kong since AIA raised $20bn in 2010, according to Dealogic.

華泰證券(Huatai Securities)上週五將其香港首次公開發行(IPO)發行價確定在定價區間高端，華泰將增加籌資45億美元，進而意味着很快將有更多資金流入融資貸款資金池。根據Dealogic的數據，如果在華泰股票於6月1日上市時，承銷商行使超額配售選擇權，那麼華泰可能會再多融資7億美元，這將令其成爲自友邦保險(AIA) 2010年籌資200億美元以來香港規模最大的IPO。

“Brokers are the perfect stock in this market — they’re a leveraged derivative on what’s going on in China,” said one equities banker, who described the mainland rally as a “state-sanctioned bull run”.

一位從事股票業務的銀行業人士表示：“券商是此類市場的完美股票，它們是中國股市目前現狀的槓桿衍生品。”他將中國內地股市的大幅上漲形容爲“政府支持的牛市行情”。

The Shanghai Composite closed last week at a seven-year high, up 44 per cent this year amid trading volumes that topped $150bn on Friday. Shenzhen, home to start-ups and tech stocks, has nearly doubled and hit its fifth record high in as many days on Friday.

上證綜指上週收盤創下7年高點，今年已累計上漲44%，上週五的交易額超過1500億美元。初創和科技股所在的深圳股市幾乎上漲一倍，上週五連續第五日創新高。

Huatai has already said that 60 per cent of the proceeds from listing will go towards margin financing. Chinese investors opened almost 5m new share trading accounts in the first two weeks of May alone, Macquarie said.

華泰已表示，60%的上市所得將用於提供融資貸款。麥格理表示，單單5月頭兩週，中國投資者新開股票交易賬戶就高達近500萬個。

Tapping international investors via Hong Kong has been brokers’ preferred route. GF Securities raised $4.1bn in a Hong Kong IPO in March, while China Galaxy Securities sold new shares worth $3.1bn in a private placement in April.

通過香港接觸到國際投資者一直是券商們青睞的路線。今年3月廣發證券(GF Securities)通過IPO在香港籌資41億美元，而中國銀河證券(China Galaxy Securities)在4月的增發中發行了價值31億美元的新股。