<div><div style="margin: 0px; padding: 0px 0px 15px; box-sizing: border-box; line-height: 30.912px; font-size: 1.2em; color: #777777; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; background-color: #fff1e0;">这家资金紧张的中资企业集团在德银的投票权份额已从9.9%降至9.2%，同时为筹集资金已经出借一部分德银股票。</div><div style="margin: 0px auto 15px; padding: 0px; box-sizing: border-box; line-height: 22.4px; position: static; top: 0px; left: 15px; right: 15px; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 16px; background-color: #fff1e0;"><figure data-url="http://i.ftimg.net/picture/5/000071135_piclink.jpg" style="margin: 0px; padding: 0px 0px 376.875px; box-sizing: border-box; position: relative; background-color: #f6e9d8; background-size: cover; background-repeat: no-repeat; transition: opacity 1s ease-in; overflow: hidden;"><img src="https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fi.ftimg.net%2Fpicture%2F5%2F000071135_piclink.jpg?source=ftchinese&width=670&height=377&fit=cover&from=next001" data-backupimage="https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fi.ftmailbox.com%2Fpicture%2F5%2F000071135_piclink.jpg?source=ftchinese&width=670&height=377&fit=cover&from=next001" style="margin: 0px; padding: 0px; box-sizing: border-box; border-width: medium; border-style: none; max-width: none; transition: transform 0.5s ease, -webkit-transform 0.5s ease; position: absolute; left: 0px; right: 0px;" alt="" /></figure></div></div><div><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">中国的海航集团(HNA Group)已削减其在德意志银行(Deutsche Bank)的股份，同时监管申报文件显示，这家资金紧张的企业集团为筹集资金，已经出借一部分德银股票。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">海航集团在周五提交的申报文件中表示，其在德银的投票权份额已从9.9%降至9.2%。虽然这一持股在纸面上仍意味着这家业务涵盖航空公司和金融的企业集团是德银的最大股东，但申报文件称，海航已出借其在该行所持的4.9%股份，同时保留收回这批股票的权利。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">最近几个月，海航日益显示出遭遇流动性问题的迹象，今年已开始寻求出售资产或通过抵押资产融资，逆转了过去三年以债务助燃的400亿美元收购狂欢。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">海航集团通过奥地利资产管理公司C-Quadrat持有其在德银所持股份。C-Quadrat的发言人表示，这家中国企业集团“将继续是德意志银行的重要投资者”。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">“与实施这笔德意志银行持股的长期融资结构有关，由于直接持有和金融工具的变化，投票权门槛可能被暂时跨越，届时会有相应的投票权公告，”C-Quadrat发言人补充说。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">海航在2017年初积累德银股份，吸引人们关注其获取欧洲最知名银行之一大量股权所用融资的复杂性。为了筹资买入德银股票，这家负债累累的中资集团结合使用保证金贷款和所谓“股权领口”（另一种基于股票的贷款，使用衍生品）。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">瑞银(UBS)安排了“股权领口”，并与工行标准银行(ICBC Standard Bank)一起提供了保证金贷款。这两家银行在去年12月重组了这一头寸，增加了股权领口的规模，缩小了保证金贷款的规模。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">今年以来，德银股价累计下跌逾20%，引发一些分析师担忧海航的融资可能触发保证金追缴。未参与海航融资的一名银行家表示，其不认为这已经发生。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">“如果发生那种情况，你会预期他们披露保证金贷款和领口的部分解除，但他们没有披露，”这位银行家说。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">海航已针对其在其他上市公司所持股份筹集类似融资，于去年12月宣布增加其在瑞士免税零售商Dufry的领口安排，以覆盖其全部20.9%股权。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">由摩根大通(JPMorgan)提供的这一领口意味着，对冲基金Elliott利用海航的流动性紧张，获得了Dufry 5.6%的股份。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">在交易完成后的一个月内，Dufry股价上涨14%以上，Elliott在2月初披露，它已经出售了大部分股份。</p><p style="padding: 0px 0px 1em; box-sizing: border-box; line-height: 28.336px; color: #333333; font-family: "Helvetica Neue", Verdana, Arial, "Hiragino Sans GB", "WenQuanYi Micro Hei", "Heiti SC", STHeiti, "Microsoft Yahei", SimSun, sans-serif; font-size: 17.6px; background-color: #fff1e0;">译者/何黎</p> </div>