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The A shares of China Vanke (2202) resume trading today after a suspension of more than six months, but the price may come under significant downward pressure considering the sluggishness of the market.

經(jīng)過(guò)六個(gè)多月的停板后，萬(wàn)科(股票代碼：2202)在A股市場(chǎng)上重新恢復(fù)交易，然而鑒于目前低迷的市場(chǎng)行情，其股價(jià)卻面臨著嚴(yán)重的下行壓力。

"When Vanke suspended trading, its share price was at peak. However, the A-share market has plunged by over 20 percent this year, so there’s great possibility that Vanke’s share price will catch up with the fall ," said Hong Hao, chief China strategist at BoCom International Holdings.

交銀國(guó)際控股有限公司的首席首席策略師洪灝表示：“萬(wàn)科停板時(shí)其股價(jià)處于最高點(diǎn)。然而今年A股市場(chǎng)成交額已下降了20%，因此萬(wàn)科的股價(jià)極有可能受到拖累。”

Its shares may be hit by tension between management and top shareholders.

萬(wàn)科管理層與大股東間的沖突可能將導(dǎo)致其股價(jià)大幅下跌。

A restructuring plan to introduce Shenzhen Metro as the largest shareholder is opposed by Baoneng and China Resources, two top Vanke shareholders. Although they deny acting in concert illegally, both have expressed discontent Vanke appeared to be controlled by internal personnel.

引入深圳地鐵作為最大股東的重組計(jì)劃遭到了萬(wàn)科兩個(gè)大股東--寶能和華潤(rùn)的反對(duì)。盡管兩大股東并不否認(rèn)該行為的合法性，卻仍表達(dá)了對(duì)萬(wàn)科遭到內(nèi)部人士控制的苗頭的不滿。

Yesterday, Vanke’s board decided not to hold an extraordinary meeting as required by Baoneng,which aims to oust directors and supervisors, including Wang Shi.

昨日萬(wàn)科的董事會(huì)沒(méi)有應(yīng)寶能集團(tuán)的要求召開(kāi)特別會(huì)議商討是否罷免王石在內(nèi)的高管。

The trading halt was not only for restructuring but also came after Baoneng becoming the largest shareholder in December through its two subsidiaries, Shenzhen Jushenghua and Foresea Life Insurance.

萬(wàn)科股票停止交易不僅是為了進(jìn)行重組，還在于寶能集團(tuán)于去年12月通過(guò)引入旗下兩大子公司深圳鉅盛華和前海人壽保險(xiǎn)成為了萬(wàn)科最大的股東。

Baoneng is not welcomed by chairman Wang Shi, who said it lacks credibility as its stake in Vanke was largely funded by margin financing.

王石并不歡迎寶能集團(tuán)，認(rèn)為其采用證券保證金融資的方式購(gòu)買萬(wàn)科股份缺乏信用基礎(chǔ)。

In its latest share acquisition of Vanke’s shares, Jushenghua borrowed 6.43 billion yuan (7.46 billion HK dollars), which is twice the amount of its own investment.

鉅盛華最近一次購(gòu)入萬(wàn)科股份時(shí)舉債64.3億人民幣(74.6億港幣)，兩倍于其自身投資。

If Vanke’s A-share price slumps by over 20 percent of its bid price, Jushenghua needs to meet margin calls, otherwise it will face a forced liquidation.

倘若萬(wàn)科在A股市場(chǎng)股價(jià)的跌幅超過(guò)20%，鉅盛華將不得不進(jìn)行補(bǔ)倉(cāng)，否則將面臨清算。

In the first half, Vanke’s total sales area was 140.9 million square meters and turnover was 190.1 billion yuan, surging by 56.1 percent and 72.9 percent year on year.

上半年，萬(wàn)科售出的房產(chǎn)面積達(dá)到1.49億平方米，同比增長(zhǎng)56.1%;其營(yíng)業(yè)額為1901億人民幣，同比增長(zhǎng)72.9%