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Listed companies in which Anbang Insurance Group owns significant stakes fell on Wednesday after the insurer acknowledged that chairman Wu Xiaohui, who has been detained by authorities, is “unable to perform its duties”.
安邦保险集团(Anbang Insurance Group)持股量较大的多家上市公司的股价周三出现下跌。此前，安邦承认已被当局带走的董事长吴小晖“不能履职”。
Anbang had used proceeds from the sale of high-yielding investment products — known as “universal insurance” policies — to buy public and private equity in China and abroad.
安邦曾用销售名为“万能险”的高收益投资产品所得资金，在中国和海外购买公开上市的股票或投资私人股本。
The detention of Mr Wu casts doubt on the company’s future and raises the prospect that it may be forced to sell stakes to meet upcoming maturities or early redemptions by nervous policyholders.
吴小晖被带走给安邦的未来蒙上疑云，安邦或许将被迫卖出手中的股票，来偿付即将到期的产品或应付紧张的保户的提前赎回。
Anbang ranked among the 10 largest shareholders in 18 mainland-listed companies at the end of March, with its stakes worth a combined Rmb1.06tn ($155bn), according to data compiled from Wind Information.
万得资讯(Wind Information)编制的数据显示，截至3月底，安邦是18家在中国内地上市的公司的前十大股东。
The biggest loser on Wednesday was Shanghai-listed property developer Gemdale Corp, in which Anbang owns 20 per cent stake of tradeable shares, which fell 3.4 per cent.
周三股价跌幅最大的是在沪上市的地产开发商金地集团(Gemdale Corp)，安邦持有该公司20%的流通股，金地的股价收跌4.34%。
China Vanke, the country’s second-largest residential property developer by sales, was down 2.2 per cent at midday in Shenzhen. Anbang built up its Vanke stake in 2015 as part of a high-profile boardroom battle in which Anbang rival Baoneng Group sought to gain control of the developer.
按销售额计为中国第二大住宅地产开发商的万科(China Vanke)，在深市收跌2.95%。2015年，在一场高调的董事会争斗战中，安邦增持了万科的股份，当时安邦与竞争对手宝能(Baoneng Group)试图获得万科的控制权。
China Merchants Bank, China’s eighth-largest bank by assets, fell 1.3 per cent in Shanghai. China Minsheng Banking Corp, the country’s tenth-largest lender, dropped 0.9 per cent.
以资产规模计为中国第八大银行的招商银行(CMB)，在沪市收跌2.07%。中国第十大银行民生银行(CMBC)的股价收跌0.37%。
Mr Wu has long sought control of a large commercial bank, market observers say. That would have allowed Anbang to consolidate the bank’s balance sheet with Anbang’s and use the lender’s funding base to finance acquisitions. Anbang has controlled small, unlisted Chengdu Rural Commercial Bank since 2011.
市场观察人士称，长期以来，吴小晖一直寻求控股一家大型商业银行，这会让安邦得以将该银行的资产负债表与安邦的整合在一起，并利用这家银行的供资基础为并购提供所需资金。自2011年以来，安邦已控股规模较小、未上市的成都农商行(Chengdu Rural Commercial Bank)。
But the detention of Mr Wu and a broader regulatory crackdown on universal insurance raises doubts about Anbang’s ability to remain a stock market juggernaut.
但吴小晖被带走以及监管机构对万能险的更广泛整治，令外界怀疑安邦是否仍然有能力在股市呼风唤雨。
Anbang and other insurers rely at least in part on new products in order to raise money needed to meet redemptions and maturities on universal policies. But last month China’s insurance regulator banned Anbang from introducing products for three months as a penalty for “wreaking havoc” on the market with aggressive sales tactics and risky instruments.
为了筹集到所需的资金应对万能险的赎回和偿付到期产品，安邦和其他保险公司至少在一定程度上依赖于发售新产品。但上月，中国保险业监管机构禁止安邦在3个月内申报新产品，以惩罚其用激进的销售策略和高风险工具“扰乱”市场秩序。
A similar punishment meted out to Baoneng subsidiary Foresea Life Insurance in December prompted Foresea to plead with regulators to resume approval of new products. Foresea cited risk of social unrest if a protracted ban on new product sales forced the company to default on payouts due to customers.
去年12月，宝能子公司前海人寿(Foresea Life Insurance)受到类似的惩罚，前海被迫恳请监管机构恢复新产品审批。前海指出，若长时间禁止销售新产品导致该公司无法及时支付应付给客户的资金，可能会引发社会动荡。
In recent years, China’s insurance regulator significantly loosened longstanding restrictions on what kinds of investments insurers are allowed to make, paving the way for aggressive moves by Anbang, Foresea and others into the domestic stock market and foreign acquisitions.
最近几年，中国保险业监管机构大大放松了长期以来对保险公司可投资种类的限制，这为安邦、前海和其他保险公司大胆进军国内股市和开展海外并购创造了条件。
But in recent months, Chinese regulators also have warned insurers not to engage in activist shareholding or interfere with management of listed companies.
然而最近几个月，中国监管机构还警告保险公司不要参与维权投资或干预上市公司管理。
Problems at Anbang could also hit demand for global private equity, for which Anbang emerged as a frequent bidder for trophy assets. Anbang bought property assets from Blackstone in a string of deals since 2014, including the Waldorf Astoria hotel in New York.
安邦的问题可能还会影响对全球私人股本的需求。对全球私人股本而言，安邦已成为炫耀性资产的频繁收购者。自2014年以来，安邦通过一系列交易从黑石(Blackstone)手中收购了房地产资产，其中包括纽约华尔道夫酒店(Waldorf Astoria)。
