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A Financial Times investigation over the past few weeks has shone a light on Hanergy, a Beijing-based solar business. One of a host of Chinese ventures that have achieved listings in Hong Kong in recent years, the company stands out mainly for the explosiveness of its stock price performance. Shares in Hanergy Thin Film, its 73 per cent owned Hong Kong-quoted subsidiary, have risen by about 1,800 per cent since the beginning of 2013.
英国《金融时报》过去几周的调查，使北京太阳能企业汉能控股集团(Hanergy)引起关注。汉能是近年来大批实现在港上市的中国企业之一。该公司引人瞩目的主要原因是其旗下公司股价的爆发性上涨。汉能集团持股73%的香港上市子公司汉能薄膜发电集团(Hanergy Thin Film Power Group)的股价自2013年初以来上涨了约1800%。
They now value the listed company, which distributes solar panel making machinery, at some $35bn, and have propelled the group’s founder, Li Hejun, to the summit of Forbes’s Chinese rich list. Hanergy’s bosses refer to the entrepreneur, without apparent hint of irony, as the region’s Steve Jobs.
汉能薄膜的业务是销售太阳能电池板生产设备，当前股价使其市值达到350亿美元左右，将汉能集团创始人李河君推上福布斯中国富豪榜榜首。汉能的高管们毫无讽刺意味地称这位企业家为亚洲的史蒂夫•乔布斯(Steve Jobs)。
HTF is valued at more than five times as much as its largest competitor, the US thin-film solar company First Solar. In China, it is worth more than all other Chinese solar companies combined. But the FT has uncovered unconventional practices that raise questions about this extraordinary performance.
汉能薄膜的市值是其最大对手、美国薄膜太阳能公司First Solar的5倍以上。在中国，汉能薄膜的市值高于所有其他太阳能企业的总和。但英国《金融时报》发现了一些不同寻常的做法，这些做法使人对汉能薄膜如此优异的股价表现产生了疑问。
There is no evidence of any misconduct by Hanergy or its proprietors. However, investors may be concerned by the sketchiness of Chinese disclosure and HTF’s reliance on its privately held parent for almost all of its sales. Owned by Mr Li, the parent company manufactures innovative thin-film solar panels for third parties and its own solar farms in China and Ghana. However, HTF’s investors have only limited visibility of these sales.
目前没有证据表明汉能或其所有人存在任何不当做法。然而，投资者或许对中国企业信息披露之少、以及汉能薄膜的产品几乎全部出售给私人持有的母公司感到担忧。汉能薄膜的母公司汉能集团为李河君所持有，为第三方、以及自己在中国和加纳的太阳能发电站生产创新性的薄膜太阳能电池板。然而，汉能薄膜的投资者对其销售状况的了解非常有限。
The related-party transactions between HTF and its parent seem far from ideal. According to HTF’s 2013 accounts, a large proportion of its sales to Hanergy has not yet been settled in cash. The rest is held on HTF’s balance sheet as amounts still due.
汉能薄膜与其母公司之间的关联交易似乎一点儿也不理想。根据汉能薄膜2013年的财报，其向汉能集团销售产品的一大部分尚未以现金结算，在资产负债表上仍被列为应收账款。
There are also unexplained anomalies in the trading patterns of HTF stock. Over more than two years, the shares have traded higher only in the final half-hour before the Hong Kong market closes. For any stock exchange, end-of-day trading is generally regarded as an important reference point for regulators.
汉能薄膜的股票交易中也存在一些无法解释的异常现象。两年多时间里，该公司股价仅仅在香港股市收市前的最后半小时中会升高。对于任何一家交易所而言，收盘前交易通常都是监管机构关注的一个重要参照点。
The Hong Kong authorities have not publicly responded to these disclosures. So far, Hanergy has said that it is not aware of any reasons for the share price movements, nor has it received inquiries from any official party. But the authorities need to satisfy themselves that there are no reasons to require reassurances over the relationship between parent and subsidiary, nor to seek additional explanations concerning recent movements in the stock that have sometimes been extreme.
香港当局还没有公开回应英国《金融时报》的调查结果。到目前为止，汉能表示不清楚其股价变动的任何原因，也没受到任何官方机构的质询。但当局需要说服自己，没有理由要求汉能方面就母公司与子公司之间的关系作出保证，也无需就汉能薄膜近期股价变动（有时是极端的）寻找额外的解释。
No one suggests that any Chinese company that does well should face special scrutiny. But the record of Chinese companies in developed country markets such as the US and Hong Kong has not always been smooth.
谁也没有暗示，任何股价表现好的中国企业都应当接受特别审查。但在美国和香港等发达市场上市的中国企业的记录，并不总是无懈可击的。
One problem has been the reliability of Chinese accounting. The US Public Company Accounting Oversight Board has been pressing for some time for more access to Chinese audits in the case of US listed companies after a series of glitches. However, that has not been conceded.
一个问题就是中国会计工作的可靠性。一段时间以来，在美上市中国企业出现一连串的小差错之后，美国上市公司会计监督委员会(PCAOB)一直在施压，希望看到更多对这些公司财报的审计资料。然而，中方并未同意此要求。
HTF may be the biggest beneficiary of the Hong Kong-Shanghai stock connect programme, a scheme by which mainland investors can put money into shares listed in the former colony.
汉能薄膜或许是沪港通计划的最大受益者。在沪港通制度下，中国内地投资者可以购买在香港上市的股票。
But Beijing’s desire for good publicity regarding this state-sponsored initiative does not absolve Hong Kong officials of their responsibility to protect the credibility of their market. They need to remain sceptical and vigilant, however lucrative the opportunities across the Pearl river may seem.
但是，虽然北京方面希望这一政府推出的计划具有良好的声誉，香港官员也不应放松自己保护香港市场可信度的职责。他们需要保持怀疑和警觉，无论珠江对面的机会看上去能带来多么大的利益。
