中国股市高频交易退潮

A “traffic-straddling” Chinese bus project that was touted as a solution to road congestion has been scrapped amid allegations of illegal fundraising, with authorities claiming it was used as a lure to sell financial products.

中国一个曾被吹嘘为道路拥堵解决方案的高架巴士项目在非法集资的指控声中夭折。有关部门称，该项目被用作一个诱饵，目的是销售金融产品。

The futuristic bus, known as the “batie”, became an internet sensation last year after it was marketed as a solution to China’s notoriously clogged roads.

这款被称为“巴铁”、具有未来世界风采的巴士，去年在互联网上轰动一时，被誉为中国出了名的道路堵塞的解决方案。

However, many people doubted the practicality of an elevated bus that allows lanes of cars to flow underneath it, but was too low for trucks to fit.

然而，许多人当时就怀疑一款高架巴士的实用性，它将让汽车的车流在其下方流动，但对卡车来说净空高度仍然不够。

The project hit a further speedbump when Chinese media alleged that Bai Zhiming — chief executive of the Transit Elevated Bus company — was using the technology as a vehicle to lure investors into buying financial products sold on funding platforms.

中国媒体发表的指控使该项目触及又一个“减速路障”；这些指控称，巴铁公司首席执行官白志明把该技术用作一个工具，吸引投资者购买融资平台上销售的金融产品。

On Sunday Chinese authorities said they had launched a probe into the company for alleged illegal fundraising through Huaying Kailai, an online financing platform founded by Mr Bai.

中国有关部门周日表示，白志明创立的在线融资平台“华赢凯来”涉嫌非法集资，已对其展开调查。

Huaying Kailai had raised Rmb130m ($19m) as of the end of 2016 at a 12 per cent annual interest rate for the development of the bus, Chinese media reported last year. Mr Bai was among 32 people detained over the past week, according to police in Beijing.

据中国媒体去年报道，截至2016年底，华赢凯来打着开发这款巴士的旗号，以12%的年利率筹集了1.3亿元人民币（合1900万美元）。据北京警方介绍，白志明是过去一周内被拘留的32人之一。

Mr Bai could not be reached for comment and the project’s former chief engineer did not respond to messages.

记者联系不上白志明请其置评，该项目的前总工程师没有回复留言。

The axing of the elevated bus project comes as Chinese authorities look to crack down on the use of shadow banking products to fund overseas acquisitions.

高架巴士项目被砍之际，中国当局也在打击利用影子银行产品为境外收购提供资金的做法。

Last month, the head of insurer Anbang was detained as regulators warned against the systemic risks posed by high-interest fundraising. The collapse of high-interest Chinese fundraising schemes in 2017, including the Ezubao peer-to-peer lending scheme and the Fanya metals fundraising scheme, prompted investor protests in the streets.

上月，安邦保险掌门人被带走，同时监管机构就高利率筹资所构成的系统性风险发出警告。2017年中国几个高利率集资计划的崩溃——包括e租宝(Ezubao)和泛亚有色金属交易所(Fanya Metals Exchange)——促使投资者走上街头抗议。

The elevated bus prototype — an electric vehicle 22m long, 7.8m wide and 4.8m high that could hold 300 passengers — appeared to enjoy some official support.

高架巴士的原型车（一款长22米、宽7.8米、高4.8米，可容纳300名乘客的电动巴士）似乎得到了一些官方支持。

It was supposed to be tested in Beidaihe, the seaside resort where China’s top political leaders and retired Communist party elders retreat each summer. The government of Qinhuangdao city, which includes Beidaihe, signed a memorandum of understanding for the company to invest Rmb10bn ($1.5bn) in the project.

该车原计划在北戴河进行测试，那里是中国最高政治领导人和已退休党内老同志的海滨避暑胜地。辖区包括北戴河的秦皇岛市政府曾与巴铁公司签署战略合作协议，协议显示，巴铁公司将投资人民币100亿元（合15亿美元）用于巴铁项目建设。

Mr Bai purchased the “batie” trademark from its inventor with the intention of entering public-private partnerships (PPP) with local governments, he told the FT last year. But his main business appeared to be online fundraising platforms.

白志明在去年告诉英国《金融时报》，他从发明者那里买下了“巴铁”商标，打算与地方政府建立公私伙伴关系(PPP)。但他的主要业务似乎是在线集资平台。

Another of his organisations, an association founded to facilitate PPP projects, was included in a Ministry of Civil Affairs list of “fake social organisations”.

他名下的另一个组织，一个号称为促进PPP项目而成立的协会，早就被中国民政部列入“山寨社团”名单。

The first sign of official action against the project came last month, when pilot tracks in Beidaihe were ripped up.

官方对该项目采取行动的第一个迹象在上月出现，当时在北戴河铺设的试验轨道被拆除。