中国证监会严控上市公司跨界定增

China’s securities regulator is barring companies from selling new shares to fund investments in non-core businesses such as internet finance, online gaming and virtual reality, in a bid to head off a speculative bubble, according to local media.

中国国内媒体报道称，中国证券业监管机构将禁止上市公司为投资互联网金融、网络游戏和虚拟现实(VR)等非核心业务而定增融资，以避免出现投机性泡沫。

As China’s economic slowdown has slammed traditional industries such as manufacturing and construction, investors have piled into sunrise industries including technology, finance and media.

随着中国经济放缓沉重打击制造业和建筑业等传统行业，投资者已蜂拥进科技、金融和媒体等朝阳产业。

In a bid to renew their fortunes and boost stock prices, listed companies in declining sectors have made abrupt shifts into new business lines, often signalling them with eye-catching name changes designed to capture investor interest.

为了改变命运并提振股价，衰落行业中的上市公司突然进军新的业务线，并且往往会更换一个引人注目的公司名称，希望引起投资者的兴趣。

The China Securities Regulatory Commission will no longer approve private share placements by companies in traditional industries if the purpose of the fundraising is to invest in “virtual” sectors outside the company’s core business, Caixin, a respected business news website, reported on Wednesday, citing an unnamed person close to regulators. The CSRC will also tighten approvals of mergers and acquisitions where a traditional company targets these sectors.

周三，受尊敬的商业新闻网站财新网(Caixin)援引一名接近监管层的未具名人士的话称，如果传统行业上市公司为投资于公司核心业务之外的“虚拟”行业而定向增发，中国证监会将不再予以批准。中国证监会还将收紧对传统行业公司并购上述行业公司的审批。

Market observers have warned of a tech bubble as investors bid up shares in companies expected to benefit from China's economic transformation. The average 12-month trailing price-to-earnings ratio for companies listed on ChiNext, the tech-heavy startup board in Shenzhen, was 67 at Tuesday’s close, according to stock exchange data. That compares with a ratio 14 for Shanghai-listed shares.

随着投资者抬高有望受益于中国经济转型的公司的股价，市场观察人士已警告可能出现科技股泡沫。深交所数据显示，周二收盘时，创业型科技企业云集的深圳创业板(ChiNext) 12个月往绩市盈率均值为67倍。相比之下，沪市上市公司12个月往绩市盈率均值为14倍。

“If a listed company can’t even succeed in its main business, then if it steps across into a completely unrelated virtual industry, it’s most likely using the banner of M&A to engage in ‘concept’ speculation,” the person told Caixin. The term “concept stock” refers to Chinese shares that fit into popular investment themes often used to drive demand from retail investors.

“如果一家上市公司连主营业务都做不好，跨界做跟主业完全不沾边的虚拟产业，通常都是打着并购重组的旗号进行概念炒作，”上述人士告诉财新网。“概念股”是指符合热门投资题材、经常用来引诱散户购买的中国公司的股票。

Xiao Gang, former CSRC chairman, was sacked in February after facing widespread criticism for failing to contain a stock market bubble last year that eventually collapsed. Analysts say new chairman Liu Shiyu is keen to avoid similar mistakes.

今年2月，肖钢被免去了中国证监会主席职务。在那之前，他因未能抑制住去年的股市泡沫而广受批评——那场泡沫最终破灭了。分析人士称，中国证监会新主席刘士余希望避免犯类似的错误。

But the latest move cuts against the regulator’s long-term goal of reducing regulatory interference and allowing market forces to determine who sells shares and makes acquisitions. CSRC tightly manages the flow of initial public offerings on mainland bourses but traditionally has been more relaxed towards secondary offerings by companies that have already listed. Private placements are more common than public issuance for such fundraising.

但是，中国证监会的这一最新举动与其长期目标——减少监管干预、让市场力量决定谁卖股票和进行收购——格格不入。中国证监会严格控制着中国内地交易所的首次公开发行(IPO)进度，但对已上市公司的增发历来限制较少。就这类融资而言，定向增发比公开增发更为常见。

“The CSRC is striking a very fine balance between proper regulatory supervision and dictating what the market could do,” said Hao Hong, head of research at Bocom International in Hong Kong. “The speculation in some of the companies in named industries has been rampant. It’s about time to rein it in.”

“中国证监会正在适当的管理监督与指示市场能做什么之间寻求非常微妙的平衡，”交银国际(Bocom International)驻香港研究总监洪灏表示，“被点名行业中的某些公司，受到的炒作非常厉害。现在是时候加以抑制了。”

Listed companies have raised Rmb104bn ($16bn) for investments just in virtual reality since 2015, according to data from Wind Information.

万得资讯(Wind Information)数据显示，2015年以来，上市公司仅为投资虚拟现实领域就已融资1040亿元人民币（合160亿美元）。

The CSRC did not respond to a request for comment.

中国证监会未回复记者的置评请求。