陸金所再次推遲上市

Lufax, one of China’s largest online lenders, has put its flotation on ice until it receives clarity on a new licensing regime expected to be imposed by Chinese authorities, according to people briefed on the plan, as regulators clamp down on the nascent sector.

知情人士稱(chēng)，中國(guó)最大網(wǎng)貸平臺(tái)之一陸金所(Lufax)擱置了上市計(jì)劃，以待主管部門(mén)預(yù)計(jì)將實(shí)施的一項(xiàng)新牌照制度明朗化。目前中國(guó)監(jiān)管機(jī)構(gòu)正在對(duì)這一新興行業(yè)進(jìn)行整頓。

The latest delay of the listing previously projected to raise up to $5bn shows China’s online lenders — a hot investor theme of 2017 — remain under a cloud as Beijing scrutinises groups’ credit controls and reports of high-interest lending.

據(jù)預(yù)計(jì)，陸金所原計(jì)劃通過(guò)上市募集不超過(guò)50億美元，其再次推遲上市表明，中國(guó)的網(wǎng)貸平臺(tái)(2017年熱門(mén)的投資主題之一)仍籠罩在陰云之下，原因是中國(guó)政府正在詳查網(wǎng)貸集團(tuán)的信貸控制和有關(guān)高利貸的報(bào)告。

Lufax, which is part of Ping An, one of the world’s biggest insurers by market value, had been aiming to file for an initial public offering in Hong Kong earlier this year, according to bankers briefed on the process. The latest postponement follows an attempted listing in 2017 that was likewise thwarted by Beijing’s probes into online lenders.

陸金所是全球市值最高的保險(xiǎn)商之一平安集團(tuán)(Ping An)旗下機(jī)構(gòu)。聽(tīng)取過(guò)相關(guān)介紹的銀行家表示，陸金所今年早些時(shí)候還打算在香港申請(qǐng)首次公開(kāi)發(fā)行(IPO)。該公司2017年的上市嘗試也是因中國(guó)政府對(duì)網(wǎng)貸平臺(tái)的調(diào)查而擱淺。

However, two people close to Lufax said it has decided to wait until it becomes clear when the China Banking Regulatory Commission will require online lenders to apply for a licence, which would ultimately be needed to continue to operate.

但兩名接近陸金所的人士表示，該平臺(tái)已決定等待，直至形勢(shì)明朗，即中國(guó)銀保監(jiān)何時(shí)將要求網(wǎng)貸平臺(tái)申請(qǐng)牌照，平臺(tái)要繼續(xù)運(yùn)營(yíng)最終需要拿到這樣的牌照。

“It is not a simple test, it is a systemic one. You need to have most of the items to be up to standard,” said Michael Xu, founder of wdzj.com, an online data provider. “Probably a batch [of licence approvals] will come out in April. However, there is still uncertainty because the leaders are so busy.”

“這不是一場(chǎng)簡(jiǎn)單的測(cè)試，而是一套系統(tǒng)測(cè)試，你需要讓大多數(shù)事項(xiàng)達(dá)到標(biāo)準(zhǔn)，”在線(xiàn)數(shù)據(jù)提供商網(wǎng)貸之家(wdzj.com)創(chuàng)始人徐紅偉(Michael Xu)表示，“可能會(huì)有一批(許可)在4月份出爐。但仍存在不確定性，因?yàn)轭I(lǐng)導(dǎo)們太忙了。”

“Lufax has been put on hold because of China’s clampdown on peer-to-peer lenders,” said one banker working with Lufax. “China wants to give out licences around April. You’d assume [Lufax] wants to get the licence before doing an investor roadshow.”

“由于中國(guó)對(duì)P2P網(wǎng)貸平臺(tái)的整頓，陸金所上市計(jì)劃擱置，”與陸金所合作的一名銀行家表示，“中國(guó)可能在4月前后發(fā)放牌照?？上攵?，(陸金所)可能希望在做投資者路演之前拿到牌照。”

Another banker said: “There is a lot of noise in the fintech space in China right now, so companies want to make sure they do it right, rather than go first. There’s a strong view that they [Lufax] are the leading fintech business, so they want to get the timing right.”

另一名銀行家表示：“當(dāng)前中國(guó)金融科技領(lǐng)域存在大量雜音，因此企業(yè)希望確保自己不要做錯(cuò)，而非搶占先機(jī)。有一種普遍觀(guān)點(diǎn)認(rèn)為，他們(陸金所)是領(lǐng)先的金融科技企業(yè)，因此他們希望把握好時(shí)機(jī)。”

Lufax was valued at $18.5bn after a fundraising in early 2016.

2016年初完成一輪融資后，陸金所的估值就已達(dá)到了185億美元。

One investor said: “Lenders will have a grace period after authorities stipulate the requirements for operating under a permit, if there is a permit required.”

一名投資者稱(chēng)：“一旦當(dāng)局規(guī)定了關(guān)于持照經(jīng)營(yíng)的要求后，網(wǎng)貸平臺(tái)將有一個(gè)寬限期。”

Peer-to-peer online lenders are sites that channel investors’ cash directly to borrowers, cutting out the banks as the traditional middlemen. Online lenders claim to facilitate loans more efficiently than banks and to offer a superior service, while giving investors attractive interest rates.

P2P網(wǎng)貸平臺(tái)是一些引導(dǎo)投資者的資金直接流入借款人手中的網(wǎng)站，繞過(guò)了銀行這種傳統(tǒng)中間商。網(wǎng)貸平臺(tái)宣稱(chēng)貸款效率比銀行更高，并提供更優(yōu)質(zhì)的服務(wù)，同時(shí)給投資者誘人的利息。

The licensing process in China is part of a crackdown on the sector by mainland authorities, which began scrutinising the industry in 2016 after a number of risky lending practices surfaced, such as high-interest loans to vulnerable borrowers and unorthodox collection methods.

此次發(fā)放牌照計(jì)劃是中國(guó)內(nèi)地主管部門(mén)整頓網(wǎng)貸行業(yè)的一部分。對(duì)該行業(yè)的審查始于2016年，此前，大量高風(fēng)險(xiǎn)的放貸操作浮出水面，比如向還款能力脆弱的借款人發(fā)放高利貸，以及使用非常規(guī)手段催收貸款。

Bankers said the clampdown and a lack of clarity over the timing of the regulatory process has affected the performance of Chinese online lenders after listing on exchanges.

銀行家們表示，此番整頓行動(dòng)以及監(jiān)管程序時(shí)間表缺乏透明度，已經(jīng)影響到了中國(guó)網(wǎng)貸平臺(tái)上市后的表現(xiàn)。

Qudian, which operates an online site that facilitates small cash loans, listed on the New York Stock Exchange in October last year at $24 a share, above the marketed $19-$22 range. Although its share price initially surged, it slumped days later amid concern over data privacy and is now down about 42 per cent.

運(yùn)營(yíng)小額現(xiàn)金貸網(wǎng)站的趣店(Qudian)，去年10月以每股24美元的價(jià)格在紐約證券交易所(NYSE)上市，超出其此前預(yù)計(jì)的19美元至22美元的價(jià)格區(qū)間。雖然趣店股價(jià)起初大漲，但幾天后便在外界對(duì)數(shù)據(jù)隱私的擔(dān)憂(yōu)中出現(xiàn)暴跌，目前股價(jià)已跌掉約42%。

PPDAI Group, which runs an online consumer lending site, listed at $13 on the NYSE last November, below its target range of $16-$19. Shares are now trading about 41 per cent lower.

運(yùn)營(yíng)在線(xiàn)消費(fèi)貸款網(wǎng)站的拍拍貸(PPDAI Group)，去年11月在紐交所上市，發(fā)行價(jià)為13美元，低于16美元至19美元的目標(biāo)區(qū)間。目前該公司股價(jià)已下跌了約41%。

Lufax was not immediately available to comment.

記者目前未能聯(lián)系到陸金所請(qǐng)其置評(píng)。

Additional reporting by Don Weinland

唐•溫蘭(Don Weinland)補(bǔ)充報(bào)道