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Yao Zhenhua, former chairman of Foresea Life Insurance Co. [Photo/China Daily] |
Illegal action results in heavy penalties, severe ban on chairman
China's insurance regulator on Friday imposed heavy penalties on Foresea Life Insurance Co and several executives including its chairman Yao Zhenhua for illegal investment.
The move came after Xiang Junbo, chairman of the China Insurance Regulatory Commission, pledged to punish speculative and illegal activities by the insurers as the regulator seeks to prevent the buildup of systemic risk in the industry.
Yao, the business tycoon and owner of private conglomerate Baoneng Group, was barred from the insurance industry for 10 years by the regulator. The CIRC also stripped Yao of his title as the chairman of Foresea Life, a subsidiary of Baoneng.
In addition, the regulator imposed a combined fine of 1.36 million yuan ($198,000) on Foresea Life and six of its executives.
The regulator said in a statement that Foresea Life had provided fake documents and broke the rules capping the maximum investment in equities including publicly traded stocks at 30 percent of insurers' total assets.
The CIRC said in a statement: "The regulator will closely monitor the company's operation and urge it to adopt effective measures to keep its operation intact."
On Friday, Yao pleaded for lighter punishment and argued that he was not directly responsible for the malpractice at Foresea Life.
Yao gained prominence and drew the regulator's attention for a string of high-profile and hostile investments for the stakes in listed companies, including property developer China Vanke Co Ltd.
Zhu Junsheng, an insurance researcher at the Development Research Center of the State Council, said that the punishment by the CIRC reflected the regulator's determination to clean up illegal practices and to prevent the accumulation of risks in the market.
He said: "The rapid growth of the insurers and their aggressive investments have exposed serious risks in the system. It is reasonable for the regulator to take such actions and to contain risks."
BEIJING - The top insurance regulator Friday barred Yao Zhenhua, chairman of Foresea Life Insurance, from the insurance industry for 10 years for irregular market operations.
Foresea Life was suspended from selling its questionable high-return insurance service in December
China Insurance Regulatory Commission (CIRC) said in a statement that Foresea Life violated insurance regulations and provided false information for its capital increase.
Yao has been removed from the post, it said.
Foresea Life, a subsidiary of financial conglomerate Baoneng, was suspended from selling its questionable high-return insurance service in December, after speculative stake buyouts in listed companies by heavyweight insurers caused concern.
To contain possible financial risks, the CIRC sent investigation teams to insurance companies, including Foresea Life, to review their management, financial sheets, insurance product services and capital use.
The CIRC said Foresea Life had stated that its shareholders had used their own fund for capital replenishment in November 2015, but an investigation revealed that the statement did not match the actual capital source. The CIRC said Yao was directly responsible for the false information.
The punishment on Yao is in line with insurance law and his situation does not serve to mitigate or remit the punishment, according to the regulator.
CIRC chairman Xiang Junbo warned earlier this week that using insurance funds for short-term speculation and hostile takeovers in listed firms would be addressed without mercy.
The CIRC said it would help the insurer improve the way it is run.
Regulator suspends several insurers' sales to rein in risks of leveraged acquisitions
Shares of Chinese companies involved in leveraged acquisitions plunged on Monday, after the country's top securities regulator condemned the "barbaric" buyouts of listed companies by speculative capital.
GreeElectric Appliances, the country's biggest air conditioner producer , tumbled by the 10 percent daily trading limit, while China State Construction Engineering Corp, the country's biggest construction company, suffered a 9.15 percent loss. Both companies have been among the targets of the latest stake-buying spree by aggressive and cash-rich insurance funds in the equity market.
Regulator suspends several insurers' sales to rein in risks of leveraged acquisitions
To rein in the risks associated with the surge of aggressive buyouts by insurance funds, China's insurance regulator suspended on Monday the sales of new universal life insurance policies by Foresea Life Insurance Co, the insurance arm of private conglomerate Baoneng Group, which is known for its aggressive purchase of China Vanke Co's shares in the public market, which resulted in a power struggle within the developer.
The regulator said in a statement on its website that it has suspended online sales of insurance products from six major insurers, adding that it will closely follow developments in the market and will take additional regulatory measures if necessary.
It was the latest move by the regulator to adopt tighter control of stock investment by insurance funds and to curb the risks in deals using capital raised from high-yielding and short-term insurance products.
Chinese media reports cited unnamed sources in the industry saying that the securities regulator has collected evidence of illegal insurance funds used in some buyout deals.
Liu Shiyu, chairman of the China Securities Regulatory Commission, lashed out at the leveraged buyouts of listed companies, during a financial industry meeting over the weekend. He called some institutions "barbarians at the gate" and "robbers of the industry" who have challenged the bottom line of the country's legal and financial system.
The securities chief questioned the source of their capital, saying that the use of "improperly obtained" capital for leveraged trading is "unacceptable".
The comment from the top regulator caught the stock market by surprise, prompting investors to sell their holdings on Monday.
"The comments are surprisingly harsh, but with good intention to protect smaller shareholders. It is aiming at the speculative use of capital that may have been sourced inappropriately," said Hong Hao, chief strategist at BOCOM International in Hong Kong.
Hong said that the potential tightening of control by the regulators on the open market purchase of listed companies will mean less support for the share prices, which could in turn pressure the overall A-share market.
The benchmark Shanghai Composite Index fell by 1.2 percent on Monday as market sentiment worsened after Italy rejected a constitutional referendum.
The latest wave of controversial purchases of listed companies' stakes by insurance funds "have helped fan the speculative mood in the market, which is harmful for the capital market's long-term and healthy development", said Zheng Mingang, an analyst at Dongxing Securities.
前海人寿实际控制人、董事长，也是前海人寿所在宝能系的老板姚振华，自2015年举牌万科开始，在资本市场四处出击，然而2016年底起，激进的动作屡受监管，今天再度遭到来自保监会的重击。
“给予姚振华撤销任职资格并禁止进入保险业10年的处罚。”
上述表述出自于今日保监会网站发布的《保监会对前海人寿保险股份有限公司有关违法案件作出行政处罚》与《中国保险监督管理委员会行政处罚决定书（保监罚〔2017〕13号）》。两个文件，阐述了对前海人寿和相关人员的行政处罚。
从叫停万能险开展新业务、三个月内禁止申报新产品，到如今董事长被撤销任职资格并禁止进入保险业10年的处罚，前海人寿遭到诸多监管，令资本市场上肇始于宝万之争的宝能系，非常被动。
这个处罚重不重？
保监会对前海人寿作出的处罚如下：
1、前海人寿编制提供虚假资料的行为，罚款50万元；
2、给予姚振华撤销任职资格并禁止进入保险业10年的处罚；
3、前海人寿违规运用保险资金，罚款30万元；
4、对李明警告并罚款8万元，对游海警告并罚款8万元，对程靖刚警告并罚款10万元，对李济伟警告并罚款10万元，对黄皓警告并罚款10万元，对孙磊警告并罚款10万元。
为啥惩罚？保监会给出了“两大罪状”：
一、编制提供虚假资料。主要是前海人寿在增资活动中，表明增资资金是自有资金，但保监会调查与现实不符。
二、违规运用保险资金。这里又分了5条小“罪状”：
1、权益类投资比例超过总资产30%后投资非蓝筹股票；
2、办理T+0结构性存款业务；
3、股权投资基金管理人资质不符合监管要求；
4、未按规定披露基金管理人资质情况；
5、部分项目公司借款未提供担保
从保监会给出的处罚缘由看，与前海持股万科、格力甚至南玻A都没有太明显的直接关系。而从处罚力度看，罚款一共136万元，对前海或者这些高管来说，不会放在眼里。真正引起市场关注的，是对姚振华的个人处罚，“撤销任职资格，并10年禁止进入保险业”。
撤销姚老板的任职资格，严重吗？舆论普遍解读这是顶格处罚，非常严厉。但实质上来讲，警示作用大于实际影响。
撤销任职资格意味着姚老板不能再担任前海人寿的董监高职务，也不能去其他任何一家保险机构任职。但并不影响他前海人寿大股东的身份，其在前海的股权也不需变动。宝能集团是前海人寿第一大股东，姚振华依然是前海人寿及宝能系实际控制人。所以对姚振华来讲，只是退出了公司管理实务，退居幕后指挥。
本次处罚警示作用更多一些，对险企乱用资金的警示作用，对其他险资譬如许老板的恒大人寿等险企的警示作用，“杀一儆百”的意图十分明显。
而影响更为深远的是，预计将对行业模式选择产生重大影响，较为激进的“资产驱动模式”或将终结，保险行业回归保障本源更为确信。
从过去两年险资动作来看，保监会如今的严惩倒是有些“亡羊补牢”的意思。
自2015年以来，资本市场上出现了多起险资举牌上市公司的事件，比较有名的当属“宝万之争”，宝能系自2015年7月10日首次举牌万科之后，就开始牵动资本市场各方“神经”，期间恒大也参与其中，举牌万科。
不仅是万科，恒大还接连与梅雁吉祥、嘉凯城、廊坊发展、中元股份、栋梁新材等公司上演了一出出举牌与减持的纠葛剧情。
宝能系旗下的前海人寿方面隔空“对战”南玻A原高管，将南玻A的“宫斗”引燃至台面上。一系列的险企举牌事件使得保险资金成为了“搅动”资本市场的一支“生力军”。
安邦、前海、恒大成为在二级市场肆意掠杀的龙头。截至2016年8月的粗略统计，恒大人寿持有9只个股，而前海人寿则持有28只个股，安邦保险持有15只。
▼截至2016一季度前海人寿持仓数据
▲图片来源：券商中国
而此时，保监会在干什么？除了喊话“保险姓保”以外，可以说毫无动作。
反倒是证监会的刘主席，在12月3日的基金业协会上发表了那句著名的“我希望资产管理人，不当奢淫无度的土豪、不做兴风作浪的妖精、不做坑民害民的害人精”。将股市“动乱”的矛头直指险资，谁是土豪、谁是妖精，一眼便知。
于是两天后，保监会出手暂停了前海和恒大的万能险业务，并对万能险全面监管。
今年2月10日，刘士余再喊话：“资本市场不允许大鳄呼风唤雨，对散户扒皮吸血”、“要有计划地把一批资本大鳄逮回来。”
13天后，保监会主席项俊波也表示“坚决采取停止新业务、处罚高管人员直至吊销牌照等监管措施，绝不能把保险办成富豪俱乐部，更不容许保险被金融大鳄所借道和藏身”。
保监会的行政处罚也变得“勤快”起来。笔者查询保监会网站，2016年共发出29道保监处罚，而到了2017年，仅仅两个月过去，就有13道处罚书落地。
▼保监会行政处罚截屏
而此时，看清形势的许家印表了态。2月14日，恒大集团2017年工作会议上，许家印要求恒大人寿必须坚持“保险姓保”，保监会要求保险公司原保费占比不得低于30%，现在公司要求恒大人寿原保费收入不低于50%，力争实现60%。要将恒大金融办成服务于社会的金融集团，绝不允许恒大金融成为恒大的融资平台。
有时想，恒大做到宇宙第一房企，不无他的道理。
这或许都成为对姚振华处罚的背景。
而更大的背景是，中国正面临资金全面监管时代的到来。
在房地产领域，融资收紧最为明显。在限购限贷之后，银行开始收紧房地产类贷款，包括个贷和开发贷规模都受到严格控制。具体措施如禁止“配资拿地”等地产夹层融资，拒绝给“五证不全”开发商提供贷款，暂缓存量信贷置换房贷等交叉融资手段。
2月13日，中国证券投资基金业协会发布《备案管理规范第4号》文件，强调对北上广深等16个房价上涨过快城市住宅项目的私募产品不予备案。如果严格执行，私募基金在房地产通道业务上将几乎无所作为。
网贷资金监管文件也正式出台。近日，银监会正式下发《网络借贷资金存管业务指引》，网贷行业风险高发的资金存管标准得以明确。在地方金融监管部门备案登记、获得相应的增值电信业务经营许可都是一道道门槛，将部分平台关在门外。
证监会的脚步也没落下。17日发布的再融资新政宣布修订再融资规则，从融资规模、融资时间间隔、融资价格等方面提高再融资要求，剑指上市公司过度融资、概念炒作、短期套利等乱象。
▲图片来源：网络
其中的距上次募资不少于18个月、定价为发行首日价格等都是大招，影响到的资金规模达2000亿元。
就在本周二（2月21日），由央行牵头、一行三会共同参与制定的一份《关于规范金融机构资产管理业务的指导意见(征求意见稿)》在资管圈被广为传播。《征求意见稿》主要内容共30条，核心包括打破刚性兑付，限定杠杆倍数，消除多层嵌套，强化资本约束和风险准备金计提要求等。
涉及监管的对象包括但不限于理财产品、信托计划、公募基金、私募基金，证券公司、基金公司、基金子公司、期货公司和保险资管公司发行的资产管理产品等。该文件一旦酝酿完善后出台，将会对资管行业产生深刻的影响。
种种迹象都表明，中国的资金全面监管时代已到来！
为何要收紧资金监管？
一是上述领域本身存在着各种乱象，比如房地产去年的暴涨、房企的配资拿地、上市公司炒作概念、融资圈钱等，必须打击，资金收紧起码能初步遏制住一些乱象；
二是稳定，即将召开的全国两会和下半年召开的十九大，政治需求不允许再出现混乱的因素。开发商、房价、上市公司、保险资金、P2P等等，都得在这段时间老老实实、本本分分的等着；
三是不要小看决策者治理金融杠杆、资产泡沫的决心。年前的中央经济工作会、本周的政治局会议都不断提到金融去杠杆、抑制资产泡沫的重要性。而周五的人事变动，如郭树清接任银监会主席、黄奇帆任全国人大财经委员会副主任委员等，都能看出决策层在金融监管、经济发展上的重要布局。
下一步，或许还有“大招”待发，且拭目以待。
下一个被 处罚的会是谁？
一位接近监管的人士对21世纪经济报道记者表示：“这是顶格处罚，对另一家接受调查的恒大人寿也将顶格处罚。”
2月22日，保监会主席项俊波在出席国新办新闻发布会时表示：“对个别浑水摸鱼、火中取栗且不收敛、不收手的机构，依法依规采取顶格处罚，坚决采取停止新业务、处罚高管人员直至吊销牌照等监管措施，绝不能把保险办成富豪俱乐部，更不容许保险被金融大鳄所借道和藏身。”
他进一步表示：“保险市场就必须遵守保险监管的规矩，就必须承担保险业对社会、对实体经济、对人民群众的社会责任，容不得挑战监管的底线、破坏行业的形象、损害群众的利益，否则我们就要坚决把它驱逐出保险业。”
在证监会和保监会的雷霆行动中，作为资本市场近两年颇具争议的人物之一，鲜言最终在近两日为自己曾经的行为买了单。
24日下午，证监会召开新闻发布会，针对此前慧球科技“1001项议案”事件等8宗案件案件调查完毕：决定拟对鲜言操纵多伦股份（匹凸匹）股价行为罚没34.70亿元，对慧球科技涉嫌信息披露违法违规处以943万元罚没款，合计34.8亿元。
记者了解到，证监会同时还将对鲜言等11名当事人采取终身证券市场禁入措施。
证监会发言人张晓军表示，该事件不是单纯的上市公司信息披露违法行为。涉案相关公司及实际控制人、上市公司董事等无视党和政府的权威，打着信息披露的幌子，将《宪法》确立的基本政治制度、社会公序良俗矮化为董事会决议事项，挑战党和政府的权威，藐视法律规定，践踏社会公德，性质恶劣、情节严重，必须依法严惩。
证监会和保监会的行动释放什么信号？未来会对哪些人产生重大影响呢？IPO头条（微信ID:IPO2013）总结如下：
1、对于姚振华的处罚是刘士余主席在抛出“资本大鳄”论之后，市场中第一个被处罚的重量级人物。从处罚内容来看，保监会主要根据两方面来处罚前海人寿，其一是关于激进投资、举牌的股票市场投资行为；其二是万能险等产品方面经营行为。
2，对于匹凸匹及其董事长的处罚，应该说也是对于所谓资本大鳄的一次有针对性的措施。因为刘士余主席曾经说过，“表示资本市场不允许大鳄呼风唤雨，对散户扒皮吸血”。匹凸匹及其董事长的市场行为基本上可以说是利用信息不对称等优势采取的市场操控行为。其结果是自身获取高额利润令不明就里的散户遭遇大量的损失。
其实在资本市场，宝能恒大根本不算大鳄，之所以要拿宝能来开刀，主要的是这家公司实在过于高调了，一举一动都在媒体聚光灯下。实际上中国的资本市场，真正潜行的大鳄大有人在。未来，在严厉的监管下，这两类人危险了。
第一类人是在股票市场上呼风唤雨的那些所谓那些资本大鳄们，无论是潜伏的，还是准备潜伏的，无论是留在国内的，还是已经出海的，都将面临着严厉的惩罚！
第二类人则是在一部分激进派的险资，尤其是在股票市场中有过短炒，不善意举牌等行为那些公司。如果万能险等重要资金来源被控制，那么这些公司其他业务很可能会面临着资金链断裂的风险！
所以，为了遏制市场中操控市场的行为，维护散户的利益和市场的稳定发展，监管层正在用越来越严厉的处罚手段威慑市场。
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