<div></div><div><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">香港——2014年，安邦保险集团一夜之间成为全球企业并购的弄潮儿，宣布以近20亿美元的价格<a rel="nofollow" target="_blank" href="https://cn.nytimes.com/business/20141010/c10waldorf/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">收购华尔道夫-阿斯托利亚(Waldorf Astoria)酒店</a>，这是浸透香槟的纽约上层生活的一座装饰风象征。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">乍看上去，它并不像是一个有资格参与这一级别游戏的公司。中国境内一度很少有人听说过安邦，境外就更不用提了。仅仅在十年前，它才在低调的中国城市宁波建立。其业务是汽车保险。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">但是，安邦拥有一种极具中国特色的显贵出身。它的创始人吴小晖以及很多早期董事会成员有着值得夸耀的显赫家族关系。在这个政治和商业都由共产党统治的国家，拥有党内人际关系可以为成功铺平道路。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">不管是否拥有这样的关系，上周五，这家企业垮塌了。中国政府<a rel="nofollow" target="_blank" href="https://cn.nytimes.com/business/20180223/china-anbang-waldorf-astoria/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">控制了安邦</a>，称其违反有关规定，并危及其偿付能力。它的前董事长吴小晖目前在上海一家法院面临刑事指控。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">下面是安邦崛起及陨落的过程。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-weight: 700;">安邦是一家什么样的公司？</span></span></p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">安邦从2004年起步，最初是一家汽车保险公司。其名字的中文意思是：为一个地区带来和平。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">多年来它低调神秘地运作着，但其董事会经常吹嘘自己显赫的出身。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">吴小晖本人曾经当过汽车推销员和低阶政府官员。但他和邓小平的孙女结了婚，这位前中国最高领导人是中国现代史上最重要的人物之一。其他安邦的早期董事还包括中国前总理的儿子朱云来，以及<a rel="nofollow" target="_blank" href="https://cn.nytimes.com/china/20131212/c12chenxiaolu/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">著名陆军元帅的儿子陈小鲁</a>。在中国，这些关系都可以帮助企业发展。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-weight: 700;">安邦归谁所有？</span></span></p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">在成立后的几年里，吴小晖和其他一些早期人物的名字从公司向中国官方提交的文件中消失了。在文件中，该公司由一些通过各种控股公司运作的个人拥有。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">在2016年的一次调查中，《纽约时报》<a rel="nofollow" target="_blank" href="https://cn.nytimes.com/business/20160902/anbang-wu-xiaohui-chen-xiaolu/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">试图找到这些人</a>，他们不是知名投资人或富人，但对安邦的所有权，却能令他们成为中国最富有的人。时报发现，许多拥有股份的人是吴小晖的家人或熟人。<a rel="nofollow" target="_blank" href="http://cn.nytimes.com/business/20160902/china-anbang-insurance/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">一些股东的注册地址是破旧的建筑，或是开办空壳公司的企业</a>。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">在中国，富人通常把自己的财产归于他人名下，很多时候是朋友和家人。这样的安排在中文里被称为“白手套”。安邦表示，该公司由若干位股东拥有，他们已按要求向政府披露资料。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-weight: 700;">它是怎么变得如此之大？</span></span></p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">安邦目前仍然销售保险。但近年来它开始出售在中国被称为“理财产品”的投资。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">理财产品是短期投资，通常提供固定回报率，往往比银行提供的普通存款利率高得多。它们通常被直接出售给寻求更高回报但不愿承担股市风险的大众投资者，在中国，股市往往不够稳定。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">这样的产品是中国和其他国家的企业筹集资金的常用方式。但是它们的增长规模之大，已经让许多人认为它们<a rel="nofollow" target="_blank" href="http://cn.nytimes.com/business/20160815/murky-investments-pose-china-risk/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">对金融体系的稳定性构成了潜在的威胁</a>。它们没有受到严格的监管，投资者往往不清楚自己的资金流向何处。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;"><a rel="nofollow" target="_blank" href="https://cn.nytimes.com/business/20170615/china-anbang-wu-xiaohui-detained/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">安邦大量出售理财产品</a>。在六年时间里，安邦人寿保险部门的资产增长了2876倍，达到2130亿美元。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-weight: 700;">它收购了什么？</span></span></p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">华尔道夫-阿斯托利亚酒店上了新闻，但安邦的收购项目不止这一个。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">两年前，它同意从私募股权公司黑石集团(Blackstone)购买酒店物业，以65亿美元买下了黑石在纽约、芝加哥和圣地亚哥等地的酒店。它以10亿美元的价格收购了韩国保险公司东洋人寿(Tongyang Life)；以约1.7亿美元的价格收购了荷兰维瓦保险公司(Vivat)，但承诺再注资多达10亿美元。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">其最大的目标如今已经失败——安邦曾出价140亿美元收购喜达屋酒店及度假村(Starwood Hotels and Resorts)，一旦成功，这将是中国买家对美国公司的最大收购。后来，安邦出于未作解释的原因<a rel="nofollow" target="_blank" href="http://cn.nytimes.com/business/20160401/c01db-starwood/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">放弃了这笔交易</a>。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-weight: 700;">为什么安邦遇到了麻烦？</span></span></p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">在安邦竞购喜达屋的时候，中国开始严肃看待本国的大手笔并购交易。</p><p style="box-sizing: border-box; font-size: 1.125rem; line-height: 1.875em; margin-bottom: 1.75rem; color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif;">中国当时正在应对经济增长放缓和<a rel="nofollow" target="_blank" href="https://www.nytimes.com/interactive/2017/02/07/business/china-bank-foreign-reserves.html" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">大量资金离境</a>的问题。在此期间，官员们开始密切注意一些公司累积的债务，并批评<a rel="nofollow" target="_blank" href="https://cn.nytimes.com/business/20170313/china-deals-capital-controls-hollywood/" style="box-sizing: border-box; color: #004276; text-decoration-line: none;">他们的一些收购</a>。</p><span style="color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif; font-size: 18px;">随着压力的增加，吴小晖去年被</span><a rel="nofollow" target="_blank" href="https://cn.nytimes.com/business/20170614/insurance-china-anbang/" style="box-sizing: border-box; color: #004276; text-decoration-line: none; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif; font-size: 18px;">中国当局拘捕</a><span style="color: #333333; font-family: Georgia, "PingFang SC", "Heiti SC", "Microsoft Yahei", simsun, sans-serif; font-size: 18px;">，原因未作披露。</span><br /> </div>