1.媒體來源:
彭博社
2.記者署名
Shen Hong, Tongjian Dong and Yuling Yang
(三個小壞蛋，看起來是華人...信用分數要被降低了。)
3.完整新聞標題:
Two China Firms Miss $526 Million Bond Payments as Woes Grow
兩間中國公司 5億兩千六百萬(美金)的債務付款違約
4.完整新聞內文:
Two Chinese companies failed to repay bonds worth a combined half a billion
dollars on Monday, underscoring rising debt risks in the highly leveraged
nation as the economy slows.
有兩間中國公司於本週一，沒有對他們的價值5億（美金）左右的償還性債卷付款，
這讓中國因經濟下行而將造成高槓桿操作債務的危機升級，畫上了一條底線！很重要！
（我翻得很爛...但是大概就是這個意思，看英文比較好懂。）
Peking University Founder Group was unable to secure sufficient funding to
repay a 270-day, 2 billion yuan ($285 million) bond, according to a company
filing to the National Interbank Funding Center. Tunghsu Optoelectronic
Technology Co. failed to deliver repayment on both interest and principal on
a 1.7 billion yuan bond, according to Shanghai Clearing House.
根據一家公司提交給“全國銀行間同業拆借中心（google來的名字）”的資料顯示，
北京大學方正集團 無法兌現 一個270天 2億8千5百萬美金（20億人民幣）的債務。
根據上海清算所，东旭光电科技股份有限公司（中國財富420/500強）則是無法兌現
2億4千1百萬美金（17億人民幣）的利息與本金。
The quickening speed of bond defaults in China, especially among ailing
private firms, highlights the growing financial strain triggered by the
country’s worst economic slowdown in three decades and unabated trade
tensions with the U.S. Last week, industrial firm Xiwang Group failed to pay
a 1 billion yuan bond, missing a fresh repayment deadline on an already
defaulted bond.
中國債券違約速度的加快，尤其是在狀況不佳的私人公司中，突顯了中國30年來最嚴重
的經濟下行和跟美國的貿易戰局勢引發的越來越嚴重的金融壓力。
上個禮拜，西王集團也 未能兌現 十億人民幣的債卷。
“It’s getting harder for companies to get funding help when facing a debt
crisis, unless they’re centrally-controlled companies and local SOEs that
have great importance to the local economy,” said Yang Hao, fixed income
analyst from Nanjing Securities Co.
南京證券的分析師YANG HAO說：
“除非你是中央控制公司（應該是指國營事業？）
或是 對當地經濟超級重要的國有企業，
否則你玩槓桿玩爆了，將很難得到資金幫助。”
Founder’s missed payment on the bond, which has a 15 business-day grace
period, is set to escalate concerns about the weak finances of debt-laden
business arms of Chinese universities. The company and Tsinghua Unigroup Co.,
a top chipmaker run by arch-rival Tsinghua University, have been under the
spotlight in recent months following a tumble in their dollar bonds.
北大方正集團的未償還債務還有15個工作日的寬限期，
不過，這也加深了人們對負債累累的中國大學們的商業手腕的擔憂。
北大方正集團跟他的主要競爭對手清華紫光集團，
在最近幾個月，也都因為暴跌的債卷而被關注。
Founder Group’s debt-asset ratio rose to 82.74% as of the end of June from
81.94% at the end of last year, with net losses widening to 1.05 billion yuan
from 867 million yuan in the same period.
方正集團的 資產負債比在六月從去年的81.94% 升高到 82.74%，
同期間也伴隨著 從8億6千7百萬 擴大到 10億5千萬人民幣 的淨損。
*那個...資產負債比到80%
整家公司的資產有80%來自債務，20%來自業主權益...
這公司到底是誰的 XDDDDDDDDDDD
Tunghsu’s five-year paper was originally due December 2021 but investors
recently opted to exercise a put option on it. The electronic display panel
maker has now missed three onshore bond payments in the past month.
Tunghsu failed early repayment on 1.97 billion yuan of principal and interest
on a note on which bondholders similarly exercised a put option. It also was
unable to make good on an interest payment on another local bond.
Tunghsu Group’s financial woes are indicative of China’s sluggish
manufacturing sector, which saw spending only barely above the record low
level hit in September.
上面大概都在講東旭的債務問題，懶得翻了...
It also highlights the payment struggles faced by the nation’s private
firms, which are being hit harder by the economic slowdown. Their access to
the banking sector remains limited as lenders focus more on politically
influential state-owned companies.
上面這些highlight了，中國的民營公司在遇到經濟下行後所面臨的還款難題。
而且借款的單位現在也比較focus借錢給治影響力較強的國營企業，
造成這些民營單位的acess有限。
Private sector firms accounted for more than 80% of total defaults this year,
according to Bloomberg-compiled data. Moody’s Investors Service said it
expects 40 to 50 new, first-time defaulters in 2020, compared with 35 so far
this year.
根據彭博的資料顯示，多達80%的違約紀錄都是來自民營企業。
穆迪也說 預計在2020年將有40～50個新的首次違約者（今年到目前為止為35個）。
The drama is far from ending. Shandong-based Xiwang is slated to repay
interest Tuesday on a 1 billion yuan, 7-year bond due 2022. The corn oil and
steel processor is among a cluster of private firms from the province where
they are well known for vouching for each other’s debt.
好戲還沒演完（距離演完還很久。）
總部位於山東的西王集團預計於週二（也就是今天），
償還一筆為期七年預計2022到期的10億人民幣債券的利息。
這家玉米油和鋼鐵加工商（應該是指西王）是該省眾多民營企業中的一員，
而這些民營企業在山東也以擔保彼此的債務而知名...
5.完整新聞連結 (或短網址):
https://reurl.cc/b6xMAE
6.備註:
中國要怎樣都不關我的事，只是...80% debt-assest ratio 實在太屌了。