【英语财经】中信“影子银行敞口逾500亿美元” Citic Group extends its exposure to shadow banking by $50bn

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2014-5-19 15:47

小艾摘要: China’s largest conglomerate by revenue has invested more than $50bn in shadow banking products over the past three years, highlighting the proliferation of riskier financing channels in the world’s ...
Citic Group extends its exposure to shadow banking by $50bn
China’s largest conglomerate by revenue has invested more than $50bn in shadow banking products over the past three years, highlighting the proliferation of riskier financing channels in the world’s second-largest economy.

According to disclosures by Citic Group, an industrial and financial services conglomerate, its “maximum loss exposure” to wealth management products and other higher yielding investments reached Rmb322bn ($52bn) at the end of 2013, 36 times higher than its 2011 exposure of Rmb9bn.

Citic is selling almost all of its assets to Citic Pacific, its Hong Kong-listed arm, in a $36bn transaction that has been hailed as a landmark in China’s efforts to reform its state-owned companies.

Many of China’s largest Hong Kong and Shanghai-listed state companies are controlled by mainland parent companies with their own vast array of assets, which can give rise to complicated and sometimes opaque related-party transactions. State sector reform advocates hope that Citic Group’s asset injection into Citic Pacific will create a more transparent entity and serve as a model for other groups to follow.

In a 740-page document released last week to Citic Pacific shareholders, Citic Group opened a rare window on to workings of its financial, energy and infrastructure arms. These included details about the enthusiasm with which its companies had leapt into the shadow banking sector.

Wealth management products (WMPs) and other non-standard credit instruments, which offer higher yields than traditional corporate bank deposits, are issued by property developers, coal miners or other third parties. Though often sold through state banks, which collect fees for acting as intermediaries, there is no guarantee that investors will get their money back if the third-party issuer has financial difficulties.

Citic Group is also an active conduit for the sale of WMPs and other non-standard credit instruments, mainly through Citic Bank. As of the end of last year, Citic Group companies had sold WMPs worth Rmb976bn on behalf of third-party issuers. The corresponding figure for China’s largest bank, Industrial and Commercial Bank of China, was Rmb1.1tn.

Citic Group did not respond to a request for comment. But a person close to the Citic Pacific transaction said: “These are normal operating and investment activities. The majority of them will have been taken on by Citic Bank.”

Citic Group’s investment in WMPs was equivalent to about 8 per cent of its total assets. WMPs and other non-standard credit instruments account for as much as one-third of assets at some of China’s smaller banks.

The Financial Stability Board, the Basel-based body that monitors the global financial system, estimates that China’s shadow banking sector is worth more than Rmb13tn, or about 10 per cent of the country’s banking system.

中国以营收计的最大企业集团在过去3年里投资了逾500亿美元的影子银行产品,凸显出风险较高的融资渠道在世界第二大经济体大行其道。

据实业和金融服务集团中信集团(Citic Group)披露,截至2013年底,其对理财产品和其他高收益投资的“最大损失敞口”已达到3220亿元人民币(合520亿美元),是2011年敞口(90亿元人民币)的36倍。

中信集团即将以一笔价值360亿美元的交易,把近乎全部资产出售给旗下在香港上市的子公司中信泰富(Citic Pacific)。这笔交易被誉为中国国企改革努力的标志性举动。

在香港和上海上市的很多中国大型国企都由内地母公司控制,这些母公司本身拥有庞杂的资产,可能导致复杂、有时不透明的关联交易。国有部门改革的支持者希望,中信集团对中信泰富的注资将缔造一个更加透明的实体,为其他国企树立榜样。

在上周发给中信泰富股东的一份长达740页的文件中,中信集团难得地让人们得以窥见其金融、能源和基建业务部门的运作情况,包括详细展现中信旗下企业投身影子银行业的热情。

收益率高于传统单位银行存款的理财产品(WMP)和其他非标信贷工具,是由房地产开发商、煤炭矿商或其他第三方发行的。尽管往往通过国有银行发售(银行充当中介并据此收取费用),但如果第三方发行人遇到财务困难,投资者并无收回本金的保障。

中信集团本身也是出售理财产品和其他非标信贷工具的活跃渠道,主要是通过中信银行(Citic Bank)。截至去年底,中信集团旗下企业为第三方发行人代卖的理财产品价值达到9760亿元人民币。中国最大银行工商银行(ICBC)的这个数字则为1.1万亿元人民币。

中信集团未回应置评请求。但一名接近中信泰富交易的人士表示:“这些操作和投资活动是正常的。大部分应该是由中信银行经手的。”

中信集团的理财产品投资相当于其总资产的8%左右。理财产品和其他非标信贷工具能占到中国一些中小型银行总资产的三分之一。

位于巴塞尔、负责监督全球金融体系的金融稳定理事会(FSB)估计,中国影子银行业的价值超过13万亿元人民币,相当于中国银行体系的10%左右。

译者/阑天

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