海航計劃讓佳美在瑞士上市

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.

瑞士佳美集團（Gategroup，以下簡稱：佳美）周二宣布，正在研究公開發行股票的可能性。就在不久前，瑞士并購監管部門指責佳美的中國所有者海航集團（HNA Group，以下簡稱：海航）在收購這家航空服務公司時提供了“不真實或不完整的”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 2024 listing of Gategroup, Bloomberg reported.

據彭博(Bloomberg)報道，在佳美作出此項披露前數小時，海航首席執行官譚向東(Adam Tan)在北京舉行的一場媒體活動上表示海航準備讓佳美在2024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.

佳美在聲明中稱，它正在評估重新公開上市的可能性，并考慮把位于蘇黎世的瑞士證券交易所(SIX Swiss Exchange)作為上市地。該集團援引了譚向東早些時候說過的話，譚向東當時講話時還表示將考慮出售在房地產和其他行業的海外投資。

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.

該公司補充稱，無法提供關于在瑞士證交所上市的具體股份比例以及上市時間表。

The Swiss Takeover Board, citing several Financial Times articles, late last week said the original information the company provided in May 2024 when acquiring Gategroup for SFr1.4bn had been “untrue or incomplete”.

上周晚些時候，瑞士并購委員會(Swiss Takeover Board)援引了英國《金融時報》的多篇報道，稱2024年5月海航在以14億瑞士法郎收購佳美時提供的原始信息是“不真實或不完整的”。

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

當被問及瑞士并購委員會上周的裁決是否會阻礙佳美上市時，瑞士證交所的發言人拒絕置評。

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.

總部位于海南的海航（起家于經營一家中國國內航空公司）當初把這家瑞士飛機配餐公司私有化，此舉是其進軍全球航空和物流業努力的一部分。該交易達成之際，正值海航在海外大舉收購時期（過去三年豪擲400億美元），其間海航還成為了德意志銀行(Deutsche Bank)和希爾頓全球酒店集團(Hilton Worldwide)最大的股東。

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

但是有關海航真實所有權結構的質疑繼續困擾著它的前景，它激進的融資手段也引發了投資者的擔憂。

Gategroup is one of the two Swiss aviation services assets owned by HNA — it acquired Swissport at the start of 2024. 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.

佳美是海航擁有的兩項瑞士航空服務資產之一——海航于2024年初收購了瑞士空港(Swissport)。最近瑞士空港開始為與海航相關的企業提供短期貸款，這使得投資者擔心這家瑞士航空服務公司的資金與其中國母公司攪在一起。

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.

分析師提醒人們關注有關如下問題的事件：在中國大范圍打擊高風險借貸之際，海航能否持續獲得可負擔的借款。他們指出，海航最近發行一筆363天期的債券來融資時，不得不提供將近9%的利率——這一利率對于此類短期債券來說算是非常高了。

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.

瑞士佳美集團（Gategroup，以下簡稱：佳美）周二宣布，正在研究公開發行股票的可能性。就在不久前，瑞士并購監管部門指責佳美的中國所有者海航集團（HNA Group，以下簡稱：海航）在收購這家航空服務公司時提供了“不真實或不完整的”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 2024 listing of Gategroup, Bloomberg reported.

據彭博(Bloomberg)報道，在佳美作出此項披露前數小時，海航首席執行官譚向東(Adam Tan)在北京舉行的一場媒體活動上表示海航準備讓佳美在2024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.

佳美在聲明中稱，它正在評估重新公開上市的可能性，并考慮把位于蘇黎世的瑞士證券交易所(SIX Swiss Exchange)作為上市地。該集團援引了譚向東早些時候說過的話，譚向東當時講話時還表示將考慮出售在房地產和其他行業的海外投資。

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.

該公司補充稱，無法提供關于在瑞士證交所上市的具體股份比例以及上市時間表。

The Swiss Takeover Board, citing several Financial Times articles, late last week said the original information the company provided in May 2024 when acquiring Gategroup for SFr1.4bn had been “untrue or incomplete”.

上周晚些時候，瑞士并購委員會(Swiss Takeover Board)援引了英國《金融時報》的多篇報道，稱2024年5月海航在以14億瑞士法郎收購佳美時提供的原始信息是“不真實或不完整的”。

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

當被問及瑞士并購委員會上周的裁決是否會阻礙佳美上市時，瑞士證交所的發言人拒絕置評。

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.

總部位于海南的海航（起家于經營一家中國國內航空公司）當初把這家瑞士飛機配餐公司私有化，此舉是其進軍全球航空和物流業努力的一部分。該交易達成之際，正值海航在海外大舉收購時期（過去三年豪擲400億美元），其間海航還成為了德意志銀行(Deutsche Bank)和希爾頓全球酒店集團(Hilton Worldwide)最大的股東。

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

但是有關海航真實所有權結構的質疑繼續困擾著它的前景，它激進的融資手段也引發了投資者的擔憂。

Gategroup is one of the two Swiss aviation services assets owned by HNA — it acquired Swissport at the start of 2024. 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.

佳美是海航擁有的兩項瑞士航空服務資產之一——海航于2024年初收購了瑞士空港(Swissport)。最近瑞士空港開始為與海航相關的企業提供短期貸款，這使得投資者擔心這家瑞士航空服務公司的資金與其中國母公司攪在一起。

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.

分析師提醒人們關注有關如下問題的事件：在中國大范圍打擊高風險借貸之際，海航能否持續獲得可負擔的借款。他們指出，海航最近發行一筆363天期的債券來融資時，不得不提供將近9%的利率——這一利率對于此類短期債券來說算是非常高了。