- 印度企业集团阿达尼集团最近在美国做空机构兴登堡研究公司的一份报告之后，其价值下降了50%，导致损失超过1100亿美元。
- 尽管下跌，但根据传统的股市衡量标准，阿达尼公司的估值仍然很高，其市盈率高于许多印度或世界上最大的企业。
- 该集团在推动发展世界级基础设施的过程中积累了300亿美元的债务，并通过将股票作为抵押品向世界各地的贷款人贷款来为其发展融资。
- 这引起了分析家们的关注，即有多少债务是用股票抵押的，如果估值继续下降，引发追加抵押品的保证金要求，会发生什么。
- 阿达尼集团已经抵押了他们在阿达尼电力公司持有的多达25%的股份和在阿达尼港口和经济特区的17.3%的股份，以确保融资。
- 兴登堡指称，该集团的优异表现反映了对股市的操纵，并指责该集团通过雇佣离岸空壳公司和与阿达尼集团挂钩的基金来规避印度的法规。该集团已经否认了这些指控。
- 该集团的债务偿还现在成了问题，因为它已经取消了全额认购的25亿美元的二级股票销售，其股票已经跌至低于发行底价的30%。
- 德意志银行、巴克莱银行和渣打银行等贷款人将密切关注该集团的进展。
- The Adani Group, an Indian conglomerate, has recently seen a 50% drop in its value following a report by US short seller Hindenburg Research, leading to a loss of over $110 billion.
- Despite the fall, Adani companies are still richly valued according to traditional stock-market measures, with a price-to-earnings ratio that is higher than many of India’s or the world’s largest businesses.
- The group has accumulated debts of $30 billion in its push to develop world-class infrastructure and has financed its growth by pledging shares as collateral for loans from lenders around the world.
- This has raised concerns among analysts as to how much of the debt has been secured with shares and what will happen if the valuations continue to drop, triggering margin calls for additional collateral.
- The Adani Group has pledged as much as 25% of their holding in Adani Power and 17.3% in Adani Ports and Special Economic Zone to secure financing.
- Hindenburg alleged that the group’s superior performance reflected stock-market manipulation and accused the group of skirting Indian regulations by employing offshore shell companies and funds tied to the Adani Group. The group has denied the allegations.
- The group’s debt repayment is now in question as it has called off a fully subscribed $2.5 billion secondary share sale and its shares have fallen 30% below the floor price of the offering.
- Lenders such as Deutsche Bank, Barclays and Standard Chartered will be watching closely as the group moves forward.
链接：Adani retains astronomical valuation even after stock market rout - Nikkei Asia