青島希尼爾翻譯公司（theheretical.com）整理發(fā)布2016-01-12

希尼爾翻譯公司（theheretical.com）2016年1月12日了解到：Macquarie and Morgan Stanley have sold out of their Chinese trust businesses, raising questions about the viability of the remaining joint-venture partnerships between foreign and domestic institutions in China.

麥格理(Macquarie)和摩根士丹利(Morgan Stanley)出售了它們的中國(guó)信托業(yè)務(wù)，令人對(duì)剩余的中外合資信托企業(yè)能否維持下去產(chǎn)生疑問(wèn)。

Morgan Stanley, the US bank, sold its 19.9 per cent stake in the Hangzhou Industrial & Commercial Trust, which it acquired in 2008, last month.

美資銀行摩根士丹利到上月全部賣掉了其在2008年收購(gòu)的杭州工商信托(Hangzhou Industrial & Commercial Trust)的19.9%的股份。

The divestment followed a similar move by Macquarie, the Australian financial group, which sold its 19.9 per cent stake in the Sino-Australian International Trust in November after entering the business in 2009.

在此之前麥格理也做出了類似的動(dòng)作，這家澳大利亞金融集團(tuán)于2015年11月出售了其在2009年收購(gòu)的華澳國(guó)際信托(Sino-Australian International Trust)的19.9%的股份。

Tough new regulations aimed at improving the robustness of Chinese trust companies, which conduct asset management, private equity and lending activities among others, have diminished the appeal of participating in these businesses.

為改善中國(guó)信托公司的穩(wěn)健性而出臺(tái)的嚴(yán)厲的新監(jiān)管舉措，降低了外資參與這些業(yè)務(wù)的吸引力。信托公司從事資產(chǎn)管理、私人股本和信貸等業(yè)務(wù)。

The divestments also follow years of frustration among foreign institutions over their lack of control in these joint ventures, where they were limited to holding a minority stake.

在此前的多年里，外國(guó)公司對(duì)它們?cè)诤腺Y企業(yè)中缺乏控制權(quán)感到不滿——它們只被允許持有少數(shù)股權(quán)。

Stewart Aldcroft, Asia chief executive of CitiTrust, Citigroup’s securities and fund services business, said: “Very few joint-venture companies have succeeded in China. Most are second tier or lower, [and] have been dominated by the local Chinese partner.

花旗集團(tuán)(Citigroup)旗下證券與基金服務(wù)機(jī)構(gòu)CitiTrust的亞洲首席執(zhí)行官斯圖爾特?cái)}爾德克羅夫特(Stewart Aldcroft)表示：“很少有合資企業(yè)在中國(guó)取得成功。大多合資企業(yè)都處于二流甚至更低位置，（而且）由中方合作伙伴主導(dǎo)?！?span id="vady3im" class="style52">

“The foreign partner has had very little involvement in the business.”

“外國(guó)合資伙伴很少參與業(yè)務(wù)?！?span id="ofpr4lv" class="style52">

Barclays, the UK bank, has also reduced its stake in its Chinese joint venture, New China Trust, significantly, from 19.5 per cent to 6 per cent, according to Z-Ben, the Shanghai-based consultancy.

上海哲奔咨詢公司(Z-Ben)表示，英國(guó)銀行巴克萊(Barclays)也將其在中國(guó)合資企業(yè)新華信托(New China Trust)中的股份從19.5%大幅削減至6%。

Macquarie, Morgan Stanley and Barclays declined to comment.

麥格理、摩根士丹利和巴克萊全都拒絕置評(píng)。

The appeal of joint ventures has diminished as foreign institutions no longer need to take a stake in these businesses in order to access onshore investors.

隨著外國(guó)機(jī)構(gòu)不再需要為了接觸中國(guó)國(guó)內(nèi)投資者而持有合資企業(yè)的股份，合資企業(yè)的吸引力下降。

This follows the introduction of rules, such as the mutual fund recognition programme, that have made it easier for foreign institutions to sell products directly to Chinese investors.

此前中國(guó)政府出臺(tái)的基金互認(rèn)等項(xiàng)目，讓外國(guó)機(jī)構(gòu)更容易直接向中國(guó)投資者銷售產(chǎn)品。

Chris Powers, an analyst at Z-Ben, said: “Many [foreign companies] are re-evaluating their approach to mainland China.

哲奔分析師克里斯贠爾斯(Chris Powers)表示：“許多（外國(guó)公司）正在重新評(píng)估它們對(duì)中國(guó)內(nèi)地的投資策略?！?span id="in9xqae" class="style52">

“Foreign partners have never been particularly pleased with their joint ventures, but they stuck with them as they were the only way to access China.

“外國(guó)合資伙伴從未對(duì)它們的合資企業(yè)感到特別滿意過(guò)，但它們一直堅(jiān)守，是因?yàn)檫@是它們進(jìn)入中國(guó)的唯一途徑?！?span id="vrtvfy9" class="style52">

“[Now] there are more opportunities to engage with [domestic investors].”

“（現(xiàn)在）有更多的機(jī)會(huì)（與國(guó)內(nèi)投資者）接觸。”

Macquarie and Morgan Stanley’s decision to pull out of these businesses means that just eight foreign joint-venture trusts remain.

麥格理和摩根士丹利退出這些業(yè)務(wù)的決定意味著，中國(guó)還剩下8家中外合資信托公司。

These include the Bridge Trust, which saw US bank JPMorgan buy a small stake in 2012, and the Beijing International Trust, which saw UK asset manager Ashmore buy a 19.9 per cent stake in 2007.

這些公司包括百瑞信托(Bridge Trust)和北京國(guó)際信托(Beijing International Trust)，美國(guó)的摩根大通在2012年收購(gòu)了前者的少量股權(quán)，而英國(guó)資產(chǎn)管理公司安石(Ashmore)在2007年收購(gòu)了后者19.9%的股份。

Mr Aldcroft believes more companies will pull out of these businesses in 2016. He said: “China is rapidly opening up the many routes to access its stock market [and domestic investors]. With all this, why would a foreign company want to get involved in a joint venture it can’t control?”

奧爾德克羅夫特認(rèn)為2016年將會(huì)有更多的外國(guó)公司退出這些業(yè)務(wù)。他說(shuō)：“中國(guó)正在迅速開(kāi)放多個(gè)進(jìn)入其股票市場(chǎng)（和接觸國(guó)內(nèi)投資者）的渠道。因此，外國(guó)公司為何要加入一個(gè)它不能控制的合資公司？”