海航计划让佳美在瑞士上市

Switzerland’s Gategroup announced on Tuesday that it was exploring a public offering of its shares just days after the country’s takeover watchdog censured its Chinese owner HNA Group for providing “untrue or incomplete” information when it acquired the air-services company.

瑞士佳美集团（Gategroup，以下简称：佳美）周二宣布，正在研究公开发行股票的可能性。就在不久前，瑞士并购监管部门指责佳美的中国所有者海航集团（HNA Group，以下简称：海航）在收购这家航空服务公司时提供了“不真实或不完整的”信息。

The disclosure came hours after HNA chief executive Adam Tan told a media gathering in Beijing that his company was looking at a 2018 listing of Gategroup, Bloomberg reported.

据彭博(Bloomberg)报道，在佳美作出此项披露前数小时，海航首席执行官谭向东(Adam Tan)在北京举行的一场媒体活动上表示海航准备让佳美在2018年上市。

Gategroup said in its statement that it was evaluating a potential return to public markets and considering the SIX Swiss Exchange in Zurich as its listing venue. It cited Mr Tan’s earlier comments, in which he also said he would consider selling overseas investments in property and other sectors.

佳美在声明中称，它正在评估重新公开上市的可能性，并考虑把位于苏黎世的瑞士证券交易所(SIX Swiss Exchange)作为上市地。该集团援引了谭向东早些时候说过的话，谭向东当时讲话时还表示将考虑出售在房地产和其他行业的海外投资。

The company added that it could give no details on the proportion of shares which would be listed on the Swiss exchange, nor on the timing of the listing.

该公司补充称，无法提供关于在瑞士证交所上市的具体股份比例以及上市时间表。

The Swiss Takeover Board, citing several Financial Times articles, late last week said the original information the company provided in May 2016 when acquiring Gategroup for SFr1.4bn had been “untrue or incomplete”.

上周晚些时候，瑞士并购委员会(Swiss Takeover Board)援引了英国《金融时报》的多篇报道，称2016年5月海航在以14亿瑞士法郎收购佳美时提供的原始信息是“不真实或不完整的”。

Asked whether the Swiss takeover panel’s ruling last week would be a problem for a new listing, a SIX spokesman declined to comment.

当被问及瑞士并购委员会上周的裁决是否会阻碍佳美上市时，瑞士证交所的发言人拒绝置评。

Hainan-based HNA, whose roots lie in running a domestic Chinese airline, took the Swiss aircraft-catering company private as part of its push into global aviation and logistics. The deal came amid a $40bn sprawling overseas acquisition binge over the past three years, which has also seen HNA emerge as the single biggest shareholder in Deutsche Bank and Hilton Worldwide.

总部位于海南的海航（起家于经营一家中国国内航空公司）当初把这家瑞士飞机配餐公司私有化，此举是其进军全球航空和物流业努力的一部分。该交易达成之际，正值海航在海外大举收购时期（过去三年豪掷400亿美元），其间海航还成为了德意志银行(Deutsche Bank)和希尔顿全球酒店集团(Hilton Worldwide)最大的股东。

But questions about HNA’s true ownership continue to plague its prospects, and its aggressive financing techniques have also drawn investor concerns.

但是有关海航真实所有权结构的质疑继续困扰着它的前景，它激进的融资手段也引发了投资者的担忧。

Gategroup is one of the two Swiss aviation services assets owned by HNA — it acquired Swissport at the start of 2016. Swissport recently started providing short-term loans to companies linked to the HNA Group, raising concerns among investors about the intermingling of the Swiss airline services company’s funds with its Chinese parent.

佳美是海航拥有的两项瑞士航空服务资产之一——海航于2016年初收购了瑞士空港(Swissport)。最近瑞士空港开始为与海航相关的企业提供短期贷款，这使得投资者担心这家瑞士航空服务公司的资金与其中国母公司搅在一起。

Analysts have flagged up issues around HNA’s continued access to affordable debt funding amid a broad crackdown on riskier lending in China. They pointed out that HNA recently paid a nearly 9 per cent yield to raise a 363-day bond — an incredibly high interest cost for such short-term debt.

分析师提醒人们关注有关如下问题的事件：在中国大范围打击高风险借贷之际，海航能否持续获得可负担的借款。他们指出，海航最近发行一笔363天期的债券来融资时，不得不提供将近9%的利率——这一利率对于此类短期债券来说算是非常高了。