停牌潮给中国股票ETF带来压力

China’s market-tracking ETFs under pressure as more than half of stocks are suspended

英国《金融时报》 乔希 诺布尔 香港报道

A wave of stock suspensions has played havoc with exchange traded funds tracking Chinese markets, causing wild price swings and big price gaps between passive funds and the assets they track.

一轮股票停牌潮扰乱了追踪中国市场的交易所交易基金(ETF)，导致了巨大的价格波动，并导致被动型基金和其追踪的资产出现巨大价差。

At least 1,400 companies — more than half of all listings — are on trading halts in China, to shield themselves from the dramatic equity market sell-off that has wiped trillions of dollars off the value of Chinese stocks.

中国至少有1400家上市企业处于停牌状态，超过A股所有上市企业的一半。这些企业申请停牌是为了避开股市的剧烈抛售行为，这轮抛售已令中国股市的市值蒸发了数万亿美元。

The suspensions have left a number of ETFs holding frozen shares or derivatives linked to them, even as the funds themselves continue to trade.

停牌行为使多只ETF持有被冻结的股票或与这些股票关联的衍生品——尽管基金自身仍在交易。

One Hong Kong-listed ETF that tracks China’s small-cap board, the ChiNext, traded every day last week, despite more than two-thirds of the underlying shares it reflects being suspended. On Friday, the CSOP ChiNext ETF jumped by a fifth, while the index itself rose only 4.1 per cent.

上周，一只在香港上市的追踪创业板（ChiNext，即中国的小盘股板块）的ETF天天交易——尽管其追踪的股票逾三分之二处于停牌状态。上周五，南方东英创业板ETF(CSOP ChiNext ETF)跃升了五分之一，而创业板指数自身只上涨了4.1%。

Concerns have been growing globally over the potential mismatch between the liquidity of the underlying collateral that ETFs hold and that of their units.

在全球，人们越来越担心，ETF所持基础抵押品的流动性及其单位的流动性之间可能发生错配。

The Bank of International Settlements warned last month that the growth of passive funds may have created a “liquidity illusion” in bonds, although analysts say the problems facing Chinese equity ETFs are specific to the idiosyncrasies of that market.

国际清算银行(Bank of International Settlements)上月警告，被动型基金的增长可能已在债券领域产生了“流动性幻觉”，尽管分析师们表示，中国股票ETF面临的问题是中国市场特殊性的结果。

Chinese shares have tumbled in the past month, as millions of retail investors unwind leveraged bets on the market. Beijing has responded with various supportive measures, including bans on short selling, and on stock sales by large shareholders. The central bank has also been funnelling money to brokerages to help them buy equities.

过去一个月里，随着数百万散户解除在股市的杠杆式押注，中国的股价急剧下跌。为应对这一暴跌，中国政府采取了多种支持性举措，包括禁止做空，禁止大股东减持股票。此外，中国央行(PBoC)还在向券商输送资金，帮助它们买入股票。

Trading volumes for many China-tracker ETFs have doubled over the past two weeks, as market volatility has risen. ETFs have experienced wild daily price swings as investors use passive funds for price discovery of suspended Chinese assets.

随着市场波动性的增加，过去两周许多追踪中国的ETF的成交量已经翻番。随着投资者将被动型基金用于中国停牌资产的价格发现，ETF经历巨大的每日价格波动。

译者/简易