復星調(diào)整對印度制藥商Gland Pharma的收購方案

Hong Kong’s financial regulator has largely scrapped plans to reform the city’s listings process after finding alternative ways of policing markets and as it prepares for a heated debate on whether to allow dual-class shares.

香港的金融監(jiān)管機構在找到市場治理的替代途徑之后，基本上放棄了改革上市流程的計劃。目前該監(jiān)管機構正準備展開一場激烈辯論，其焦點問題是應不應該允許雙層股權結構。

The proposals, published more than a year ago, were effectively the first salvo in what has since become a multi-pronged effort by the Hong Kong Exchange and the Securities and Futures Commission to improve oversight. It is examining how the city can best compete against New York and London for new listings.

一年多前發(fā)表的改革上市流程提議，實際上是香港交易所(HKEx)和證券及期貨事務監(jiān)察委員會(SFC)改進監(jiān)管的多方面努力的第一步，目的是研究該市如何以最好的方式與紐約和倫敦開展競爭，爭取新上市交易。

Last year’s plans generated nearly 9,000 responses — a record for the city — with most opposing the changes, according to sources familiar with the process.

根據(jù)熟悉這一過程的消息來源，去年提出的計劃收到了近9000份回應——創(chuàng)下香港公眾咨詢的紀錄——多數(shù)意見是反對改變。

The proposals sought to give the SFC a greater role in approving listings by diluting the power of the Listing Committee, a group of industry professionals whose status is prized by the banks, accountants and law firms that dominate its membership.

這些提議尋求通過稀釋上市委員會(Listing Committee)的權力，使證監(jiān)會在批準上市方面扮演更大角色。上市委員會由業(yè)界專業(yè)人士組成，他們的地位受到主導其成員資格的銀行、會計師事務所和律師事務所的重視。

An official conclusion to the consultation could be published as early as today.

此輪咨詢的官方結論最快在今日就能公布。

But instead of pushing itself deeper into the listings process, the SFC has already begun to focus on better use of its existing powers by more actively questioning, and in some cases blocking, applications for initial public offerings and capital raisings.

但是，證監(jiān)會無意讓自己更深入地介入上市流程，而是已經(jīng)開始著眼于如何更好地利用其現(xiàn)有權限，更加積極地質疑、在某些情況下阻止首次公開發(fā)行(IPO)和資本募集申請。

Senior regulators say privately that this more robust frontline enforcement essentially superseded last year’s proposals.

高級監(jiān)管者私下表示，這種更為強勢的“前置式”執(zhí)法基本上取代了去年發(fā)布的提議。

今年以來，證監(jiān)會已責令8只股票停牌(是此前三年要求停牌總數(shù)的兩倍)，還至少阻止了一次籌資活動。

This year the regulator has suspended eight stocks — double its total actions in the previous three years — and blocked at least one capital raising.

這一姿態(tài)改變也有助于為有關雙層股權結構的辯論作好鋪墊。此前香港交易所提議創(chuàng)建“三板”，允許公司發(fā)行具有不同投票權的股票。

The change in approach also helps clear the decks for a debate on dual-class shares after the HKEX proposed creating a third board that would allow companies to issue shares with varying voting rights. 在堅持“一股一票原則”30年的香港，這場辯論觸及一個存在已久的痛處。就在兩年前，該市拒絕了一項有關多重股權結構的提議。

The debate is a long-running sore in the city that has stuck to a one share, one vote principle for 30 years. It is only two years since it rejected a proposal for multiple classes.

對于這個問題，大致上有兩派意見：一派是尋求維護股東權益的投資者，另一派是投資銀行家、交易員和律師，后一個陣營仍對2014年的一件事情耿耿于懷：在香港當局拒絕接受阿里巴巴(Alibaba)有爭議的治理結構之后，該公司轉赴紐約進行創(chuàng)紀錄的上市，融資額高達250億美元。

The issue broadly pits investors guarding shareholder rights against investment bankers, traders and lawyers still mourning the loss of Alibaba’s record-breaking $25bn float to New York in 2014 after Hong Kong authorities refused to accept its controversial governance structure.

上周，香港交易所行政總裁李小加(Charles Li)表示，他覺得該交易所擁有足夠支持，可以推進一個具體的建議。

“如果我們認為有必要，我們是否……引入潛在加權投票權，允許一些大型(科技)公司在本港上市?”他在一個論壇上表示，“我認為答案是非常強烈地贊成。”

投資者私下?lián)?，李小加信心滿滿，表明接受雙層股權結構是有政治支持的，足以克服任何異議。

Last week Charles Li, chief executive of the HKEX, said he felt the exchange had the support to push ahead with a concrete proposal. “If we think it’s necessary, do we . . . introduce potentially weighted voting rights to allow some of the major [tech] companies to be listed here?” he told a forum. “I think theChinese investment group Fosun says it has revised an offer for Indian pharmaceutical company Gland Pharma after regulators in India held up the $1.1bn deal during a time of political discord between the two countries.

中國投資集團復星(Fosun)表示，已調(diào)整對印度制藥商Gland Pharma的報價，此前印度監(jiān)管機構在兩國政治不和的背景下叫停了這筆11億美元的交易。

Fosun Pharma said in a regulatory filing that it would lower the stake it planned to take in the company from 86 to 74 per cent, below the threshold needed for certain regulatory approval in India.

復星醫(yī)藥(Fosun Pharma)在一份監(jiān)管??申報文件中表示，該公司將把擬收購的Gland Pharma股份從86%降到74%，低于需要某些印度監(jiān)管審批的門檻。

The founders of the company will retain a higher stake in Gland but Fosun will still take control over the group, which produces anti-coagulants, anaesthetics and other injectable medicines, mainly for export to the US.

Gland Pharma創(chuàng)始人將保留對該公司的較多持股，但復星仍將控制該集團，這家印度公司生產(chǎn)抗凝劑、麻醉劑和其他注射用藥物，主要出口到美國。

New Delhi’s Cabinet Committee on Economic Affairs, which has the power to block buyouts of more than 75 per cent of certain types of companies, had halted the deal earlier this year, leading to speculation it could fail.

印度經(jīng)濟事務內(nèi)閣委員會(Cabinet Committee on Economic Affairs)有權阻止對某些公司持股比例超過75%的收購，今年早些時候該委員會叫停了這筆交易，令外界猜測此交易可能落空。

The committee had concerns about India losing its edge in some areas of the pharmaceutical industry, the Financial Times reported at the time.

據(jù)英國《金融時報》當時報道，該委員會擔心印度在制藥業(yè)某些領域失去優(yōu)勢。

Fosun said on Sunday that the deal no longer required the approval of the Cabinet Committee on Economic Affairs and that it had received approval from competition regulators in India and the US, as well as from authorities in China.

復星周日表示，這筆交易不再需要經(jīng)濟事務內(nèi)閣委員會的批準，并已獲得印度和美國競爭監(jiān)管機構以及中國相關部門的批準。

Private equity firm KKR, an investor in Gland Pharma, will sell its holdings to Fosun.

Gland Pharma投資者之一，私人股權投資公司KKR將向復星出售其持股。

The deal stalled during a serious flare-up in a territorial dispute between China and India in a remote part of the Himalayas.

此前中印兩國在喜馬拉雅山一處偏僻地區(qū)的領土糾紛嚴重升級，其間這筆交易被擱淺。