寶能董事長(zhǎng)姚振華被禁入保險(xiǎn)業(yè)10年

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China’s fourth-richest man has been banned from the country’s insurance industry for 10 years, in the most aggressive move yet by regulators to tame borrowing and hostile corporate takeovers by insurers.

中國(guó)第四大富豪被禁入保險(xiǎn)業(yè)10年，這是監(jiān)管機(jī)構(gòu)在懲戒保險(xiǎn)商借款和發(fā)起敵意收購(gòu)方面迄今最嚴(yán)厲的舉措。

Yao Zhenhua, chairman of financial conglomerate Baoneng Group, last year launched a high-profile raid on China Vanke, the country’s largest residential developer. He acquired a stake worth 25 per cent, prompting Vanke’s chairman to label Baoneng “barbarians”.

身為金融綜合企業(yè)寶能集團(tuán)(Baoneng Group)董事長(zhǎng)的姚振華，去年對(duì)中國(guó)最大的住宅房地產(chǎn)開發(fā)商萬科(China Vanke)發(fā)起了高調(diào)的突襲行動(dòng)。他收購(gòu)了萬科25%的股份，促使萬科董事長(zhǎng)給寶能貼上“野蠻人”的標(biāo)簽。

Much of the funding for Baoneng’s Vanke stake and other investments came from policies sold by its life insurance unit, Foresea Life Insurance, which Mr Yao also chairs.

寶能買下萬科股票的大部分資金以及其他投資，均來自其壽險(xiǎn)部門前海人壽(Foresea Life Insurance)出售的保單。姚振華也是前海人壽的董事長(zhǎng)。

Foresea quickly scaled the premium rankings of China’s life insurance industry by selling so-called “universal insurance” products, which are essentially wealth management vehicles with a small protection component.

通過出售所謂的“萬能險(xiǎn)”產(chǎn)品——本質(zhì)上是帶有較小的保障成分的理財(cái)工具——前海人壽在中國(guó)壽險(xiǎn)行業(yè)的保費(fèi)收入排行榜上迅速攀升。

Investors flocked to the products, which are mostly distributed through banks, drawn to their high yields and short maturities.

受高收益和短期限吸引，投資者蜂擁購(gòu)買這些主要通過銀行分銷的產(chǎn)品。

Insurers are able to offer higher yields than those available on comparable vehicles from banks and other fund managers because they have the freedom to invest in a wider range of assets. Anbang Insurance Group has also relied on sales of universal insurance products to fund a high-profile global shopping spree.

由于保險(xiǎn)商可以在更廣泛的資產(chǎn)類別中進(jìn)行投資，因此它們可以提供比銀行和其他基金管理公司的類似理財(cái)產(chǎn)品更高的收益率。安邦保險(xiǎn)集團(tuán)(Anbang Insurance Group)也依靠出售萬能險(xiǎn)產(chǎn)品，為其在全球高調(diào)的收購(gòu)活動(dòng)提供資金。

But analysts have warned against the strategy. Such products essentially force insurers to seek out risky, high-yielding assets in order to meet future payouts. Analysts are also concerned by a liquidity risk when short-duration products are matched to long-term, illiquid assets such as real estate or large equity stakes.

但分析師對(duì)該策略提出了警告。此類產(chǎn)品實(shí)際上迫使保險(xiǎn)商為了滿足未來兌付而尋找高風(fēng)險(xiǎn)、高收益的資產(chǎn)。流動(dòng)性風(fēng)險(xiǎn)——當(dāng)短期產(chǎn)品與房地產(chǎn)或大筆股份等期限長(zhǎng)、流動(dòng)性低的資產(chǎn)搭配時(shí)——也引發(fā)了分析師的擔(dān)憂。

In banning Mr Yao from the industry for 10 years, the China Insurance Regulatory Commission announced that Foresea had “provided false data” and “used insurance funds against regulations” without providing specifics.

在禁止姚振華入保險(xiǎn)業(yè)10年的同時(shí)，中國(guó)保險(xiǎn)監(jiān)督管理委員會(huì)(CIRC)宣布前海人壽“提供虛假資料”和“違規(guī)運(yùn)用保險(xiǎn)資金”，但并未提供具體細(xì)節(jié)。

Rarely seen in public, Mr Yao was China’s fourth richest man in 2024 with a fortune of $17bn, up more than ninefold from a year earlier, according to the Hurun Report. Local media say he started as a vegetable seller before making his first fortune as a property developer in the freewheeling city of Shenzhen in the 1990s.

胡潤(rùn)百富榜(Hurun Report)數(shù)據(jù)顯示，很少在公開場(chǎng)合露面的姚振華，在2024年中國(guó)富豪排行榜上排名第四，身價(jià)達(dá)到170億美元，是一年前的9倍多。國(guó)內(nèi)媒體稱，他最初以賣菜起家，然后在20世紀(jì)90年代自由放任的深圳市成為房地產(chǎn)開發(fā)商，賺到了他的第一桶金。

Before the latest punishment, the CIRC had already signalled an intention to crack down on such practices. At a press conference on Wednesday, CIRC chairman Xiang Junbo said the agency “will never allow the insurance industry to be turned into a rich boys’ club” or become a “sanctuary of large financial crocodiles”. Mr Xiang previously warned that insurers cannot be “ATM machines” for corporate raiders.

在出臺(tái)最新處罰之前，中國(guó)保監(jiān)會(huì)已發(fā)出要打擊這種做法的信號(hào)。在上周三的資訊發(fā)布會(huì)上，中國(guó)保監(jiān)會(huì)主席項(xiàng)俊波表示，保監(jiān)會(huì)“絕不能允許把保險(xiǎn)辦成富豪俱樂部”，“更不容許保險(xiǎn)被金融大鱷借道藏身”。項(xiàng)俊波警告稱，決不能讓保險(xiǎn)企業(yè)成為企業(yè)掠奪者的“提款機(jī)” 。

Mr Xiang also promised on Wednesday to curb “aggressive” pricing and “unreasonably” high returns on some insurance products. He said insurers should not interfere with the management of listed companies. Instead, the industry should focus on its core function of providing risk protection.

上周三，項(xiàng)俊波還做出承諾，保監(jiān)會(huì)還將遏止部分保險(xiǎn)產(chǎn)品的“激進(jìn)”定價(jià)和“不合理”高回報(bào)。項(xiàng)俊波說，保險(xiǎn)公司不應(yīng)干預(yù)上市公司的管理層。相反，保險(xiǎn)業(yè)應(yīng)當(dāng)關(guān)注其風(fēng)險(xiǎn)保障的核心功能。

In December, CIRC banned Foresea from selling universal life products stemming from an inspection team’s findings. Evergrande Life Insurance, a unit of property developer China Evergrande Group, was also temporarily banned from buying stock after the securities regulator labelled leverage-fuelled stock purchasers as “robbers”.

去年12月，在一個(gè)檢查組得出結(jié)論之后，中國(guó)保監(jiān)會(huì)禁止前海人壽銷售萬能險(xiǎn)產(chǎn)品。在中國(guó)證監(jiān)會(huì)主席把一些實(shí)施杠桿化收購(gòu)的企業(yè)稱為“強(qiáng)盜”后，房地產(chǎn)開發(fā)商中國(guó)恒大集團(tuán)(China Evergrande Group)旗下的恒大人壽(Evergrande Life Insurance)也被暫時(shí)禁止投資股票。

Anbang and another insurer, Shenzhen-based Funde Sino Life Insurance, were also subject to inspection. They have not been punished. An Anbang spokesman denied that the CIRC sent inspectors to Anbang last May.

安邦和另一家總部設(shè)在深圳的保險(xiǎn)企業(yè)富德生命人壽(Funde Sino Life Insurance)也是檢查對(duì)象。它們沒有受到懲罰。安邦發(fā)言人否認(rèn)中國(guó)保監(jiān)會(huì)去年5月向該公司派駐了檢查人員。