中国平安保险(Ping An Insurance)股东昨日通过了一项备受争议的170亿美元再融资方案，这一方案被指责为是引发中国内地股市大跌的因素之一。

Shareholders¹ in Ping An Insurance yesterday approved a controversial $17bn fundraising plan that has been partly blamed for triggering a slide in Chinese stock prices.

平安保险此次的再融资行动将成为中国内地股市迄今规模最大的融资，融资所得将用于海外和国内收购，其中可能包括收购保诚保险(Prudential)等英国保险公司。

The fundraising, which would be the biggest fundraising so far in the mainland Chinese stock market, would pay for offshore² and domestic acquisitions that could include British insurers such as Prudential.

不过，平安保险的可转债和股票增发计划仍需得到监管部门的批准，许多分析师和市场人士认为，政府将要求平安保险缩减其再融资规模。汇丰(HSBC)持有平安保险16.8%的股份。

But Ping An, which is 16.8 per cent owned by HSBC, still needs regulatory approval for the convertible³ bond and secondary share sale and many analysts⁴ and market participants believe that it will be required by the government to scale back the plan.

市场普遍担心中国内地股市的股票供应过剩，这是基准的上证综指从去年10月高点累计下跌30%的主要原因。

Widespread concern about an oversupply⁵ of shares in the mainland equity⁶ market has been the main reason behind the 30 per cent decline in the benchmark Shanghai composite since its peak last October.

许多其它大型中国企业也在计划进行大规模增发，其中包括花旗集团(Citigroup)部分持股的上海浦东发展银行(Shanghai Pudong Development Bank)。

A number of other large Chinese companies, including Shanghai Pudong Development Bank, which is partly owned by Citigroup, are also planning large secondary share offerings.

同时，作为2005年中开始的政府牵头的股改计划的一部分，以前多数由政府持有的非流通股正开始流入市场，这加大了股票供应可能过剩的压力。

At the same time, previously⁷ non-tradable, mostly state-owned, shares are starting to enter the market as part of a government-led reform plan that began in mid-2005, adding to the potential overhang of shares.

国家媒体上未经证实的报道昨日称，中国政府试图通过推行2005年实施的一项规定，减小市场对股票增发的波动性反应，该规定要求上市公司必须在年报中披露未来一年的融资计划。

Unconfirmed reports in state media yesterday said that the government intended to reduce volatile⁸ market reactions to secondary share sales by enforcing a regulation introduced in 2005 that requires listed companies to disclose fundraising plans for the year ahead in annual reports.