香港漸漸失去中國門戶地位
For a tiny territory on the edge of a vast country, Hong Kong has played a disproportionately large role in China’s development. Over more than 150 years, most of which was spent as a British imperial entrepot, the mercantile port has acted as a conduit for the west into the Middle Kingdom — and a harbour for the exchange of goods, services and ideas.
作爲地處大國邊緣的彈丸之地，香港在中國的發展過程中發揮了與其規模並不相稱的極大作用。150多年來——其中多數時間裏香港是隸屬大英帝國的一個轉口港——這座商港充當着西方進入中國的通道，同時也是一座商品與服務交換、思想交流的港口。
But that status as the bridge into China is threatened. Local businesses can now raise funds in China itself, and foreign investors find it easier than before to invest directly in the mainland, albeit in a slower, riskier and more restrictive fashion than in much of the west. China’s free trade zones in Shanghai and Shenzhen present opportunities for foreign investment; the use of the renminbi as a trading currency is growing; and the recently implemented Shanghai-Hong Kong Stock Connect are all bolstering ties between China and the rest of the world, both directly and through Hong Kong.
然而，香港作爲“進入中國的橋樑”的地位開始受到了威脅。如今中國內地企業可以在境內融資，而外國投資者要在中國內地直接投資也比以前容易多了，儘管與投資西方大部分地區相比，在中國投資進度更慢、風險更大，限制也更多。中國在上海和深圳設立的自貿區爲外國投資提供了機會；人民幣越來越多地被用作貿易結算貨幣；再加上近年來啓動的“滬港通”(Shanghai-Hong Kong Stock Connect)，這些都促進了中國與世界其他地區的聯繫，包括直接聯繫以及通過香港的間接聯繫。
These shifts raise questions about Hong Kong’s future role as a financial intermediary between China and the rest of the world, while rival cities in the region such as Singapore also pose a challenge.
看到這些變化，人們不由得產生疑問：未來香港還能繼續扮演中國與世界其他地區的金融中介角色嗎？與此同時，亞太地區的新加坡等其他城市也對香港構成了挑戰。
But David Webb, a Hong Kong-based investor and governance activist, insists the territory still enjoys key advantages. “Part of what distinguishes Hong Kong from its competitors is that it is part of China,” he says. “It has a large contingent of lawyers fluent in Mandarin and who are familiar with mainland business practices.”
但香港投資人、企業治理維權人士戴維•韋布(David Webb)堅稱，香港仍擁有極大優勢。“香港區別於競爭對手的一個地方是，它是中國的一部分，”他說，“香港有大批律師能講流利的普通話，他們熟知中國內地的商業慣例。”
Any lessening of Hong Kong’s dominance would require China to improve its legal disclosure rules and accounting practices and expand its professional legal industry, experts say. “Hong Kong is a hub of experience — a critical mass of deal and product expertise, and diverse viewpoints and vital insight. You don’t get that unique mix in many other places,” says Hwang Hwa Sim, a capital markets partner in Hong Kong for law firm Linklaters. “Almost all of the knowledge sits with people. They understand what is possible. The legal profession needs to be aware of what makes Hong Kong unique.”
專家們表示，除非中國內地改善法律披露規則和會計實務，並大力發展專業法律服務行業，香港的主導地位纔可能被削弱。“香港是一個經驗的中心，擁有與交易和產品相關的豐富專業知識，人們觀念多元，具備真知灼見。你在許多其他地方都看不到這種獨特的組合，”年利達律師事務所(Linklaters)駐香港的資本市場合夥人Hwang Hwa Sim說，“人們幾乎擁有所有知識，他們知道什麼事是有可能做到的。法律專業人士要明白是什麼使得香港獨一無二。”
However, a sign that China is starting to rely less on Hong Kong as an intermediary was the South Korean government’s issuance last December of Rmb3bn ($460m) in “panda bonds” — renminbi-denominated debt sold by foreigners into China’s bond markets.
然而有一件事卻表明，中國正開始減少依賴香港作爲中間媒介，那就是韓國政府於去年12月發行了30億元人民幣（合4.6億美元）的“熊貓債券”，熊貓債券是一種由境外機構在中國發行的人民幣債券。
The deal created the first non-Chinese sovereign bonds issued in the renminbi in China’s onshore market — sneaking in ahead of a similarly sized issuance by the Canadian province of British Columbia.
這是首隻在中國在岸市場發行的以人民幣計價的非中國主權債券——悄悄搶在了加拿大不列顛哥倫比亞省（BC省）前面，後者也緊跟着發行了規模相近的熊貓債券。
Several law firms were involved. Bae, Kim & Lee, based in South Korea, advised the national government, as did King & Wood Mallesons; Allen & Overy worked on behalf of the issuers, HSBC and Bank of China (Hong Kong). A&O diplomatically refers to the “considerable differences in practice and procedure for bond offerings in the international and China interbank bond market”.
多家律所參與了發行事務。韓國太平洋律師事務所(Bae, Kim & Lee)爲韓國政府提供了建議，還有金杜律師事務所(King & Wood Mallesons)也是。安理律師事務所(Allen & Overy)爲發行方匯豐(HSBC)和中銀香港提供了服務。安理委婉地指出，“國際銀行間債券市場和中國銀行間債券市場在債券發行的實踐和程序方面存在相當大的差異”。
“There was no established precedent in this matter. This was a very adventurous task,” says Eui Jong Chung, BKL’s lead partner on the deal. “There were also troubles relating to timing issues. There were three languages involved — Chinese, Korean and communications in English — so getting the translations approved in time was challenging.” Mr Chung thinks the deal sets a precedent for South Korean banks.
“以前在這方面還沒有先例。這是一項非常冒險的任務，”韓國太平洋律師事務所負責這項交易的首席合夥人Eui Jong Chung說。“此外還存在時間問題。交易涉及到三種語言——中文、韓語以及溝通中使用的英語——所以，及時使翻譯文本獲批是有挑戰的。”Eui Jong Chung認爲，這次發行給韓國銀行業樹立了一個先例。
Another sign of China’s lessening dependence on Hong Kong came with the formation of the China Europe International Exchange (Ceinex) — a Frankfurt-based exchange that trades several renminbi-denominated financial instruments. The exchange was set up by the Shanghai Stock Exchange, advised by King & Wood Mallesons; German exchange operator Deutsche Börse; and China Financial Futures Exchange, advised by Dacheng Law Offices.
中歐國際交易所(Ceinex)的設立是中國減少依賴香港的另一個跡象。該所設在德國的法蘭克福，交易多種以人民幣計價的金融工具。該所由多家交易所共同出資設立，包括上海證券交易所——金杜律師事務所爲其提供建議；德意志交易所集團(Deutsche Börse)；以及中國金融期貨交易所——大成律師事務所(Dacheng Law Offices)爲其提供建議。
The exchange’s opening last October — attended by Germany’s chancellor Angela Merkel and China’s premier Li Keqiang — was the latest move by Europe to court Beijing for its significant business. Dacheng calls Ceinex “a crucial overseas extension and supplement for China’s capital market” and says it will have “a significant influence” on China’s economy, capital markets and currency.
去年10月舉行的中歐國際交易所簽約儀式——德國總理安格拉•默克爾(Angela Merkel)和中國總理李克強出席——代表着歐洲爲了中國的巨大商機而討好北京的最新舉動。大成律師事務所表示中歐國際交易所是“中國資本市場在海外重要的延伸和補充”，將對中國的經濟、資本市場和貨幣產生“重要影響”。
Christian Cornett, a partner at KWM, says the ambition behind Ceinex is that a range of financial products relating to Chinese markets should be tradable in the west. “The main challenge was it had not been done before [so we had] to find a common denominator where the converging interests could agree, where both interests are equally well promoted,” he says.
金杜律師事務所的合夥人克里斯蒂安•科尼特(Christian Cornett)說，中歐國際交易所背後的雄心是，應該讓一系列與中國市場相關的金融產品可以在西方進行交易。“主要挑戰是以前沒這樣做過，（所以我們不得不）尋找一個共同要素，讓雙方相近的利益趨於一致，並且都同樣大爲獲益，”他說。
Norton Rose Fulbright in November 2014 advised Hong Kong-listed Renhe Commercial Holdings — the Chinese developer known for turning China’s disused underground bomb shelters into shopping malls — on its $436m rights issue. The deal was the first by an eligible Hong Kong Stock Exchange issuer since the launch of the Shanghai-Hong Kong Stock Connect. The Stock Connect is a cross-border trading programme that has given overseas funds free access to mainland-listed companies for the first time.
2014年11月，諾頓羅氏富布萊特律師事務所(Norton Rose Fulbright)爲人和商業控股有限公司(Renhe Commercial Holdings)4.36億美元配股事宜提供建議。人和商業是一家在香港上市的中國開發商，以把廢棄地下防空洞改造爲購物中心而聞名。這筆交易是“滬港通”啓動以來，第一筆由港交所合格發行企業完成的交易。滬港通是一個跨境交易項目，第一次允許海外資金直接買入中國內地上市公司股票。
Previously, global investors needed approval to invest if they wanted to hold domestic shares. Stock Connect also gave many Chinese investors access to Hong Kong stocks for the first time. The local exchange of the southern Chinese city of Shenzhen was last year due to launch a trading link with Hong Kong, although this has been delayed.
此前，國際投資者如果想持有中國內地上市公司股票，需要首先獲得審批。滬港通也讓許多中國投資者第一次能夠直接買入港交所上市股票。深圳交易所原本計劃在去年開通“深港通”，只是推遲了。
As well as the rights issue, Norton Rose Fulbright advised Renhe on bank financing and tender offers that were combined into a triple-layered financing arrangement, which had not been done before, says Rachel Chan, senior counsel at the law firm. “Normally these parts could have been separate, but because of the innovative structure we were able to make it one,” she says.
諾頓羅氏律師事務所的資深顧問Rachel Chan表示，除這次配股之外，諾頓羅氏也爲人和商業的銀行融資和要約收購提供建議，這些被整合成一項前所未有的三層融資安排。“通常情況下，這種安排的各個部分都是獨立的，但由於採取了創新性的結構，我們得以把各部分融合爲一個整體，”她說。
Even though international investors gained direct access to China, Hong Kong’s capital markets remain an important financial conduit. Last December, Linklaters advised the underwriters for Baosteel Group’s $500m issuance of a China Construction Bank Corporation bond that was exchangeable into so-called H shares, which are listed on the Hong Kong stock exchange. There are more than 200 Chinese companies with such H shares, and the agreement has paved the way for future equity-linked deals.
儘管國際投資者獲得了直接投資中國內地上市股票的機會，但香港資本市場仍將是一條重要的金融管道。去年12月，寶鋼集團(Baosteel Group)發行5億美元可交換債券，標的股票爲中國建設銀行股份有限公司(China Construction Bank Corporation)的H股股票，年利達律師事務所爲各承銷商提供了服務。200多家中國內地公司發行了H股，該協議爲未來掛鉤股票的交易鋪平了道路。
The transaction achieved several firsts, including creating the first international bond changeable into H shares and the first equity-linked deal with underlying shares in a Chinese bank. “The deal itself was only possible because of a combination of technologies. It was basically introducing a new product to a new class of investors. It opened up a whole new market,” says Mr Sim.
這項交易開創了多個第一，包括創建了第一種可交換爲H股的國際債券，以及第一宗標的股票是中資銀行股票的掛鉤股票交易。“正因爲綜合運用了多種技術，該交易纔有可能完成。這基本上是針對一個全新類別的投資者推出了一種全新的產品。這打開了一個嶄新的市場，”Hwang Hwa Sim說。
Slaughter and May’s work with China Re’s insurance IPO was also notable for its inventiveness. “This was a groundbreaking transaction for us. It was also the first reinsurance group listed in Hong Kong, the first Chinese reinsurance company listed anywhere,” says John Moore, partner at Slaughter and May.
在中國再保險(China Re)的IPO中，司利達(Slaughter and May)所提供的服務也因其創造性而引人注意。“這對我們而言是開創性的交易。這也是在香港上市的第一家再保險集團，是第一家上市的中國再保險公司，”司利達的合夥人約翰•摩爾(John Moore)說。
Despite the competitive threats from the mainland, Singapore and other emerging cities, Hong Kong still holds substantial legal advantages over its rivals. “Hong Kong seems to have developed a dynamic of its own in so many areas,” says Mr Moore.
儘管面對來自中國內地、新加坡和其他新興城市的競爭威脅，香港相對這些對手仍擁有很大的法律優勢。“香港似乎在衆多領域形成了一種自己特有的活力，”摩爾說。
“Hong Kong has an incredible amount of talent that is bilingual, and they have been brought up within the system. I have no doubt that Hong Kong will continue to play an important role in the future.”
“香港擁有多得不可思議的雙語人才，他們是在這個體系內成長的。我毫不懷疑，香港在未來將繼續扮演一個重要角色。”
Mr Webb, the governance activist, says: “Hong Kong does have appeal as a trustworthy legal jurisdiction, but do keep in mind that we have only 31 years until the promises of the Basic Law [the territory’s mini constitution], expire. By 2047, we may have a new highest court in the land — potentially in mainland China. That could undermine the confidence of long-term investors.”
企業治理維權人士韋布說：“作爲一個可信賴的司法管轄區，香港確實具有吸引力，但要記住《基本法》的承諾還有31年就要到期。到2047年，香港可能會有一家新的最高法院，可能就在內地。這一點可能會削弱長期投資者的信心。”
Mr Sim of Linklaters adds: “[The Baosteel transaction] couldn’t have been done by a group outside of a vibrant hub such as Hong Kong. We knew what our investors were willing to accept, and also what was possible. Unless Hong Kong loses its ability to remain as a catalyst for ideas, it will stay a hub for deals.”
年利達的Hwang Hwa Sim說：“一個團隊若不是在香港這樣一個充滿活力的中心可能就完不成（寶鋼交易）。我們知道我們的投資者願意接受什麼，也知道什麼是有可能辦到的。除非香港失去催生思想創意火花的能力，否則香港仍將保持交易中心的地位。”
