香港渐渐失去中国门户地位

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.

作为地处大国边缘的弹丸之地，香港在中国的发展过程中发挥了与其规模并不相称的极大作用。150多年来——其中多数时间里香港是隶属大英帝国的一个转口港——这座商港充当着西方进入中国的通道，同时也是一座商品与服务交换、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，香港作为“进入中国的桥梁”的地位开始受到了威胁。如今中国内地企业可以在境内融资，而外国投资者要在中国内地直接投资也比以前容易多了，尽管与投资西方大部分地区相比，在中国投资进度更慢、风险更大，限制也更多。中国在上海和深圳设立的自贸区为外国投资提供了机会；人民币越来越多地被用作贸易结算货币；再加上近年来启动的“沪港通”(Shanghai-Hong Kong Stock Connect)，这些都促进了中国与世界其他地区的联系，包括直接联系以及通过香港的间接联系。

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.

看到这些变化，人们不由得产生疑问：未来香港还能继续扮演中国与世界其他地区的金融中介角色吗？与此同时，亚太地区的新加坡等其他城市也对香港构成了挑战。

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.”

但香港投资人、企业治理维权人士戴维•韦布(David Webb)坚称，香港仍拥有极大优势。“香港区别于竞争对手的一个地方是，它是中国的一部分，”他说，“香港有大批律师能讲流利的普通话，他们熟知中国内地的商业惯例。”

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.”

专家们表示，除非中国内地改善法律披露规则和会计实务，并大力发展专业法律服务行业，香港的主导地位才可能被削弱。“香港是一个经验的中心，拥有与交易和产品相关的丰富专业知识，人们观念多元，具备真知灼见。你在许多其他地方都看不到这种独特的组合，”年利达律师事务所(Linklaters)驻香港的资本市场合伙人Hwang Hwa Sim说，“人们几乎拥有所有知识，他们知道什么事是有可能做到的。法律专业人士要明白是什么使得香港独一无二。”

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.

然而有一件事却表明，中国正开始减少依赖香港作为中间媒介，那就是韩国政府于去年12月发行了30亿元人民币（合4.6亿美元）的“熊猫债券”，熊猫债券是一种由境外机构在中国发行的人民币债券。

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.

这是首只在中国在岸市场发行的以人民币计价的非中国主权债券——悄悄抢在了加拿大不列颠哥伦比亚省（BC省）前面，后者也紧跟着发行了规模相近的熊猫债券。

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”.

多家律所参与了发行事务。韩国太平洋律师事务所(Bae, Kim & Lee)为韩国政府提供了建议，还有金杜律师事务所(King & Wood Mallesons)也是。安理律师事务所(Allen & Overy)为发行方汇丰(HSBC)和中银香港提供了服务。安理委婉地指出，“国际银行间债券市场和中国银行间债券市场在债券发行的实践和程序方面存在相当大的差异”。

“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.

“以前在这方面还没有先例。这是一项非常冒险的任务，”韩国太平洋律师事务所负责这项交易的首席合伙人Eui Jong Chung说。“此外还存在时间问题。交易涉及到三种语言——中文、韩语以及沟通中使用的英语——所以，及时使翻译文本获批是有挑战的。”Eui Jong Chung认为，这次发行给韩国银行业树立了一个先例。

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.

中欧国际交易所(Ceinex)的设立是中国减少依赖香港的另一个迹象。该所设在德国的法兰克福，交易多种以人民币计价的金融工具。该所由多家交易所共同出资设立，包括上海证券交易所——金杜律师事务所为其提供建议；德意志交易所集团(Deutsche Börse)；以及中国金融期货交易所——大成律师事务所(Dacheng Law Offices)为其提供建议。

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月举行的中欧国际交易所签约仪式——德国总理安格拉•默克尔(Angela Merkel)和中国总理李克强出席——代表着欧洲为了中国的巨大商机而讨好北京的最新举动。大成律师事务所表示中欧国际交易所是“中国资本市场在海外重要的延伸和补充”，将对中国的经济、资本市场和货币产生“重要影响”。

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.

金杜律师事务所的合伙人克里斯蒂安•科尼特(Christian Cornett)说，中欧国际交易所背后的雄心是，应该让一系列与中国市场相关的金融产品可以在西方进行交易。“主要挑战是以前没这样做过，（所以我们不得不）寻找一个共同要素，让双方相近的利益趋于一致，并且都同样大为获益，”他说。

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，诺顿罗氏富布莱特律师事务所(Norton Rose Fulbright)为人和商业控股有限公司(Renhe Commercial Holdings)4.36亿美元配股事宜提供建议。人和商业是一家在香港上市的中国开发商，以把废弃地下防空洞改造为购物中心而闻名。这笔交易是“沪港通”启动以来，第一笔由港交所合格发行企业完成的交易。沪港通是一个跨境交易项目，第一次允许海外资金直接买入中国内地上市公司股票。

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，国际投资者如果想持有中国内地上市公司股票，需要首先获得审批。沪港通也让许多中国投资者第一次能够直接买入港交所上市股票。深圳交易所原本计划在去年开通“深港通”，只是推迟了。

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.

诺顿罗氏律师事务所的资深顾问Rachel Chan表示，除这次配股之外，诺顿罗氏也为人和商业的银行融资和要约收购提供建议，这些被整合成一项前所未有的三层融资安排。“通常情况下，这种安排的各个部分都是独立的，但由于采取了创新性的结构，我们得以把各部分融合为一个整体，”她说。

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.

尽管国际投资者获得了直接投资中国内地上市股票的机会，但香港资本市场仍将是一条重要的金融管道。去年12月，宝钢集团(Baosteel Group)发行5亿美元可交换债券，标的股票为中国建设银行股份有限公司(China Construction Bank Corporation)的H股股票，年利达律师事务所为各承销商提供了服务。200多家中国内地公司发行了H股，该协议为未来挂钩股票的交易铺平了道路。

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.

这项交易开创了多个第一，包括创建了第一种可交换为H股的国际债券，以及第一宗标的股票是中资银行股票的挂钩股票交易。“正因为综合运用了多种技术，该交易才有可能完成。这基本上是针对一个全新类别的投资者推出了一种全新的产品。这打开了一个崭新的市场，”Hwang Hwa Sim说。

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.

在中国再保险(China Re)的IPO中，司利达(Slaughter and May)所提供的服务也因其创造性而引人注意。“这对我们而言是开创性的交易。这也是在香港上市的第一家再保险集团，是第一家上市的中国再保险公司，”司利达的合伙人约翰•摩尔(John Moore)说。

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.

尽管面对来自中国内地、新加坡和其他新兴城市的竞争威胁，香港相对这些对手仍拥有很大的法律优势。“香港似乎在众多领域形成了一种自己特有的活力，”摩尔说。

“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.”

“香港拥有多得不可思议的双语人才，他们是在这个体系内成长的。我毫不怀疑，香港在未来将继续扮演一个重要角色。”

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.”

企业治理维权人士韦布说：“作为一个可信赖的司法管辖区，香港确实具有吸引力，但要记住《基本法》的承诺还有31年就要到期。到2047年，香港可能会有一家新的最高法院，可能就在内地。这一点可能会削弱长期投资者的信心。”

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.”

年利达的Hwang Hwa Sim说：“一个团队若不是在香港这样一个充满活力的中心可能就完不成（宝钢交易）。我们知道我们的投资者愿意接受什么，也知道什么是有可能办到的。除非香港失去催生思想创意火花的能力，否则香港仍将保持交易中心的地位。”