证监会主席刘士余怒批“铁公鸡”

The head of China’s securities regulator signalled at the weekend he would not countenance listed firms acting as “iron cockerels” – that is, not paying out dividends to investors.

中国证券监管机构负责人周末表示，他将不会容忍那些“铁公鸡”型上市公司——指不向投资者分红的公司。

Liu Shiyu, chair of the China Securities Regulatory Commission, rattled off a laundry list of warnings and advice on Saturday at a meeting of the China Association for Public Companies – including an admonition against failing to pay out dividends.

周六，中国证监会(CSRC)主席刘士余在中国上市公司协会(China Association for Public Companies)的一次会议上飞快地说出了一份警告和意见细目清单，其中包括对不分红公司的警告。

“There are companies that listed in 1994 and still haven’t paid out dividends,” Mr Liu said, according to state news outlet Xinhua, which framed his warning as targeting companies that act like “iron cockerels” – a Chinese phrase for cheapskates.

新华社(Xinhua)报道称，刘士余表示，“有些上市公司自1994年上市以来至今没有分红。”新华社认为，他的警告瞄准了像“铁公鸡”一样的公司。

“The CSRC is already paying close attention to this problem – we won’t fail to ensure accountability, and will respond with firm measures as warranted,” he added.

“证监会已经在高度关注这个问题，不能放任不管，会有相应的硬措施，”他接着说。

According to Bloomberg data, 330 profitable companies listed in Shanghai and Shenzhen paid out nothing last year – roughly 10 per cent of all companies.

彭博社(Bloomberg)数据显示，去年沪深两市有330家实现盈利的公司并未分红——大约占到上市公司总数的10%。

Payout ratios – the amount of profit paid out to shareholder each year – are also low, at about 35 per cent. While that is roughly in line with global emerging markets, where in theory the funds are reinvested to grow the company, it pales next to developed markets such as the US, where the S&P 500 pays out 54 per cent.

股利支付率——即每年向股东支付的利润占总利润的比例——也很低，约为35%。虽然这与全球新兴市场大致相符——从理论上说，这些资金进行了再投资，用于公司的发展壮大——但与美国等发达市场相比则相形见绌。在美国，标普500指数(S&P 500)成分股的股利支付率为54%。

Among seven other aphorisms issued by the regulatory chief: “stockholding hierarchy is too complex; it can provide opportunities for insider trading” and “the Xiong’an New Area is a major opportunity; listed companies must not stir up trouble.”

这位证券监管机构负责人说出的其他7个警句，包括“上市公司的股权层级不能太复杂；否则就会为内幕交易提供可乘之机”和“雄安新区是重大机遇；上市公司不要给国家添乱。”

That last warning comes after companies from Hebei like cement manufacturer BBMG saw shares skyrocket last week on word that the province would host a new special development zone announced by President Xi Jinping.

刘士余发出警告之前，在中国国家主席习近平公布将在河北省设立一个新的特别开发区的消息的刺激下，水泥制造商金隅股份(BBMG)等雄安概念股的股价在上周出现了飙升。