China Vanke falls as stock resumes trading
万科A股复牌后跌停
广州房地产翻译公司：这家陷入所有权纠纷的中国最大房地产开发商，其在深圳上市的股票六个多月来首次恢复交易仅一分钟后就跌停。
China Vanke’s Shenzhen-listed shares fell by their 10 per cent daily limit yesterday, triggering a halt barely a minute after they resumed trading for the first time in more than six months.
万科(China Vanke)在深圳上市的股票昨日触及10%的每日跌幅上限，在六个多月来首次恢复交易仅一分钟后就跌停。广州房地产翻译公司。
The property developer, one of China’s largest by sales, has a mix of public and private shareholders that is unusual in a country where there tends to be a clear divide between state-owned enterprises and private groups. An unprecedented public power struggle has made Vanke a test case for whether the country’s ruling Communist party will allow market forces to prevail, as it has promised.
按销售额计算为中国最大房地产开发商之一的万科，拥有公共部门和私人部门的股东组合，这在国有企业和民营企业之间往往界限分明的中国是不寻常的。一场前所未有的公开角力已经使万科成为一个关键案例，看执政的中国共产党会不会像它承诺的那样，允许市场力量发挥决定作用。
Yesterday’s fall of 10 per cent to Rmb21.99 per share prompted a temporary halt in trading as sellers overwhelmed buyers. The Shenzhen-listed A-shares last traded at Rmb24.43 on December 18, before being suspended as Vanke’s founding chairman Wang Shi sought support to see off a potentially hostile takeover.
由于卖家远远超过买家，万科股票昨日跌停（即下跌10%，触及每日跌幅上限），至每股21.99元人民币。在深圳上市的万科A股在去年12月18日的最后交易价为24.43元人民币，之后该股停牌，原因是万科创始人和董事长王石寻求支持，以挫败一场潜在的敌意收购。广州房地产翻译公司。
Baoneng Group, a privately held insurer, quietly amassed a 24 per cent stake in Vanke last year, prompting Mr Wang to label the interloper a “barbarian”. Last month, Vanke revealed that Baoneng was seeking to convene a shareholder meeting in an effort to oust Mr Wang and senior management.
私有保险商宝能集团(Baoneng Group)去年悄悄积累了万科24%的股份，促使王石给其贴上“野蛮人”的标签。上月万科透露，宝能正寻求召开一次特别股东大会，以罢免王石本人和万科董事会全体成员。
While Vanke has theoretically been vulnerable to a hostile takeover since listing on the Shenzhen bourse in the 1990s, it is rare for private investors to mount full-on ownership assaults akin to that of Baoneng’s in China, where extensive regulatory approval is usually necessary for groups to change hands.
尽管万科自上世纪90年代在深圳证券交易所上市以来，理论上一直很容易受到敌意收购，但是像宝能这样的私人部门投资者发起全面的所有权之争在中国是极其罕见的；中国通常需要大量的监管部门批准才能让企业变更所有权。广州房地产翻译公司。
Mr Wang appeared to have found a saviour in March, when Vanke agreed a deal to buy assets from rail operator Shenzhen Metro Group in return for new shares, which would dilute the value of Baoneng’s holding. But the move would also dilute China Resources — Vanke’s second-largest shareholder — which echoed Baoneng in expressing opposition to the deal.
3月份，王石似乎找到了白衣骑士，当时万科达成一项协议，拟向深圳地铁集团(Shenzhen Metro Group)发行新股以购买后者的资产，此举将稀释宝能的股份。但此举也将稀释万科第二大股东华润(China Resources)的股份；华润呼应了宝能的立场，反对这笔交易。
A few Vanke shares have continued to trade in Hong Kong, where open-ended share trading halts are less common. Those shares closed up 6.7 per cent yesterday.
万科的少量股票一直在香港继续交易；在香港，无止境的股票停牌比较少见。万科在港上市的股票昨日收涨6.7%。
Additional reporting by Lucy Colback in Hong Kong
露西•科尔贝克(Lucy Colback)香港补充报道
