2008年4月23日 中国证券监管机构打击股市“老鼠仓”

中国证券监管机构对一位基金经理实行终生资本市场禁入，对另一位基金经理实行7年禁入，此举向基金管理行业发出警告，要求它们整顿松懈的内部控制。

China’s securities regulator has banned one fund manager from the country’s capital markets for life and another for seven years in a warning to the industry to clean up lax internal controls.

此前，这两位基金经理买进自己基金所投资的公司股票，并卖出这些股票获利，因此被市场禁入。在中文中，上述做法被称作“老鼠仓”。 The two managers were banned after buying shares in companies their funds invested in and then selling them for a profit – a practice known as “building a rathole” in Chinese.

中国证监会(CSRC)称，上投摩根基金管理有限公司(China International Fund Management)前经理唐建被实行终身市场禁入，此前他通过“老鼠仓”非法获利153万元人民币（合22万美元）。上投摩根是摩根大通(JPMorgan)和上海国际信托有限公司(Shanghai International Trust Co., Ltd)组建的一家合资公司。

Tang Jian, a former manager for China International Fund Management, a joint venture between JPMorgan and Shanghai International Trade and Investment Corp, was banned for life after storing up Rmb1.53m ($220,000) in his rathole, according to the China Securities Regulatory Commission (CSRC).

中国南方基金管理公司(China Southern Fund Management)原基金经理王黎敏被实行7年市场禁入，此前他通过类似行为获利150万元人民币。

Wang Limin, formerly a manager at China Southern Fund Management, was banned for seven years after similarly making a profit of Rmb1.5m.

两人均被罚款50万元人民币，并没收其非法所得。

Both managers were also fined Rmb500,000 and had their illicit earnings confiscated.

上述交易发生在2006年，当时中国股市正不断升温，投资者开始纷纷涌入股市，在截至2007年10月的两年半时间里，中国股市上涨近5倍。

The transactions occurred in 2006 as the Chinese stock market was heating up and investors began pouring into a market that rose nearly six-fold in the two-and-a-half years to October 2007.

此后，基准的上证综合指数跌幅近半。

The benchmark Shanghai Composite Index has since dropped by almost half from that peak.

上证综指昨日上涨1%，收于3,148点，因市场预期政府将推出一些新举措，以支持不断暴跌的股价。

The index rose 1 per cent yesterday to 3,148 points, on expectations the government will introduce new measures to support slumping prices.

这种处罚以及公开发布此类案件细节的做法，是监管机构的一种常见策略——被称之为“杀鸡儆猴”。监管机构面临着中国资本市场中普遍存在的违规和不当行为。

Such punishment, and the public release of details of such cases, is a common tactic – referred to as “killing the rooster to scare the monkey” – used by the regulator in the face of widespread irregularities and malfeasance in the country’s capital markets.

侯伟(Fraser Howie)曾撰写过一部关于中国资本市场的著作。他表示：“中国腐败、信息披露不佳、内幕交易及市场操纵的规模，基本上是监管机构有限的资源所无法应付的。市场就是这么运行的，这些家伙要么是运气不好，要么是太笨了。”

“The scale in China of corruption, poor disclosure, insider trading and market manipulation basically swamps the regulator’s limited resources,” said Fraser Howie, author of a book on China’s capital markets. “This is just how the market works and these guys were either unlucky or stupid.”

中国证监会昨日通过国有媒体警告基金管理公司，称其准备处罚那些内部管理松懈导致基金经理违反交易法规的公司。

The CSRC issued a warning to fund management firms through state media yesterday that it was prepared to punish companies whose lax internal controls allowed managers to break trading?laws and regulations.

证监会还命令基金公司对投资经理在工作场所的所有沟通进行监控。

It also ordered firms to monitor all communications of investment managers in the workplace.

根据证监会的数据，中国共同基金行业管理的资产规模总计2.5万亿元人民币，各家基金控制着在上海和深圳证交所上市交易股票23%的市值。

Assets under management in China’s mutual fund industry total Rmb2,500bn, with funds controlling about 23 per cent of the market capitalisation of all tradeable shares on the Shanghai and Shenzhen exchanges, according to CSRC figures.