ドミノ#2:$105Bの資産を持つ中国の銀行が倒産の危機








While the western world (and much of the eastern) has been preoccupied with predicting the consequences of Trump's accelerating global trade/tech war, Beijing has had its hands full with avoiding a bank run in the aftermath of Baoshang Bank's failure, scrambling to inject massive amounts of liquidity last week in the form of a 250 billion yuan net open market operation to thaw the interbank market which was on the verge of freezing, and sent overnight funding rates spiking and bond yields and NCD rates higher.


西側世界ではトランプの貿易/テック戦争の行方に夢中になっているが、北京政府はBaoshang Bank倒産の後遺症としての連鎖的倒産回避に懸命だ、先週は250B人民元という巨額資金を公開市場操作で銀行間市場に緊急注入した、銀行間市場は凍結寸前で一夜物金利が急騰し、国債金利やNCD金利も上昇する状況だ。

Unfortunately for the PBOC, Beijing is now racing against time to prevent a widespread panic after it opened the Pandora's box when it seized Baoshang Bank two weeks ago, the first official bank failure in a odd replay of what happened with Bear Stearns back in 2008, when JPMorgan was gifted the historic bank for pennies on the dollar.

PBOCにとって残念なことに、北京政府は今や、2周間前のBaoshang Bank 吸収でパンドラの箱を開いた後の混乱拡大を収束させることで手一杯だ、公式に銀行倒産を認めたことが2008年のベア・スターンズを思い起こさせる、当時JPMorgaは棚ぼたでこの伝統ある銀行を手中に納めた。


And with domino #1 down, the question turns to who is next, and will they be China's Lehman.

ドミノ#1に伴い、問題は次に起こることだ、それは中国のレーマン銀行となるだろう。

This was the question we asked last Thursday, when we published a list of regional banks that have delayed publishing 2018 reports, the biggest red flag suggesting an upcoming bank solvency "event."

これこそZeroHedgeが火曜に問いかけたもので、2018年決算開示が遅れている地方銀行リストを示した、大きな赤旗が指し示すものはこれから起きる銀行の支払能力「イベンド」だ。




One day later we may have gotten our answer, when the Bank of Jinzhou,  a city commercial bank in Liaoning Province, the second name in the list above, and with some $105 billion in assets, notably bigger than Baoshang, announced that its auditors Ernst & Young Hua Ming LLP and Ernst & Young had resigned, not long after the bank announced it would delay the publication of its annual reports.

その翌日に我々は答えを得たかもしれない、それはBank of Jinzhou 錦州銀行、遼寧省の商業銀行だ、この表では二番目に書かれている、資産規模は$105B、Baoshangよりもずっと大きい、この銀行の広報によると、監査法人Ernst & Young Hua Ming LLP and Ernst & Young  が辞退した、当行が年次報告開示遅延を広報してからそう遅くない時期にだ。


For those confused, the delay of an annual report and the resignation of an auditor, means a bank failure is not only virtually certain but practically imminent.
As the bank - which first got in hot water in 2015 over its exposure to the scandal-ridden Hanergy Group - writes in a filing on the Hong Kong Stock Exchange, E&Y was first appointed as the auditors of the Bank at the last annual general meeting of the Bank held on 29 May 2018 to hold office until the conclusion of the next annual general meeting of the Bank. That never happened, because on 31 May 2019, out of the blue, the board and its audit committee received a letter from EY tendering their resignations as the auditors of the Bank with immediate effect.


決算開示遅延と監査法人辞退という混乱からすると、倒産が確実というだけでなくそれが差し迫っていることを意味する。当行としては2015年に最初の煮え湯を飲まされた、スキャンダルまみれのHanergy Groupへの露出があったためだーー香港証券取引書上場申請に関してだ、昨年の2018年5月29日の年次総会でE&Yは翌年まで一年間当行の監査法人に指定された。ところが、2019年5月31日に突然、取締役会と監査委員会はEYから即時に監査法人を辞退するとの通知を受け取った。

The reason for the resignation: the bank refused to provide E&Y with documents to confirm the bank's clients were able to service loans, amid indications that the use of proceeds of certain loans granted by the Bank to its institutional customers were not consistent with the purpose stated in their loan documents.
As a result, "after numerous discussions and as at the date of this announcement, no consensus was reached between the Bank and EY on the Outstanding Matters and the proposed timetable for the completion of audit." As a result, after a clear breakdown in relations with its own auditor, the Board decided to appoint Crowe (HK) CPA Limited as the new auditors of the Bank to fill the casual vacancy following the Resignation and to hold the office until the conclusion of the 2018 annual general meeting of the Bank (we are taking the under with lots of leverage as Crowe will likewise quit in the coming weeks if not days).

辞退の理由として:当行はE&Yに対して、銀行顧客のローン返済能力に関する書類開示を拒んだという、さらに当行の法人向けローンの利用目的が当初の貸出契約と異なっていたのだ。結果として、「何度も議論をしたがこの日までに、当行と監査法人EYの間で懸案事項と監査完了までの日程において合意に至らなかった」と言う。さらには、明らかに監査法人との関係が絶たれ、取締役はCrowe(HK) CPA Limitedを新規監査法人に指名した、EY辞退から当行の年次総会までに時間が無いためだ(ZeroHedgeは大きな掛け率で、数週のうちにCeoweもまた辞退する方に、賭けよう。)

And confirming that not even the bank's management believes this "justification" will be enough to avoid a rout in the stock, the bank reported that it has requested the trading in the H shares (which was frozen on April 1) on The Stock Exchange of Hong Kong Limited to be suspended until the publication of the 2018 Annual Results. For anyone who hopes that these shares will ever be unfrozen for trading, there are a few bridges in Brooklyn that are for sale.
The real question facing Beijing now is how quickly will Bank of Jinzhou collapse, how will Beijing and the PBOC react, and what whether the other banks on the list above now suffer a raging bank run, on which will certainly not be confined just to China's small and medium banks.


当行取締役はこの出来事を「正当化」することで株価下落を回避するのに十分と考えている一方、香港証券取引所での売買は2018年次決算開示までサスペンドとされている(すでに4月1日から売買凍結となっている)。ただし株式売買再開は望み薄だ。現在北京政府が直面している疑念は、 Bank of Jinzhou 倒産までにどれだけの時間があるか、またその時如何に北京政府とPBOCが対応するかだ、そしてこの表の他の銀行も倒産となる銀行等産の嵐がおきるかどうか、どうなるかだ、さらにはそれが中小銀行にとどまるかも懸念される。


Source: Bloomberg/HKex.

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