Tianhe, the Chinese chemicals group, has suspended its shares just three months after listing in Hong Kong following claims of fraud by a group claiming links to Anonymous, the shadowy hacker collective.
中国的化工集团天合化工(Tianhe)在香港上市仅三个月就被停牌，原因是此前一个声称与秘密黑客团体Anonymous有关的团体称该集团有欺诈行为。
The short seller-style attack is one of the most ambitious in terms of size to have hit a mainland Chinese company in at least a year.
这次空头风格的攻击是至少一年内中国内地企业受到的攻击中规模最大的一次。
Tianhe – which has been at the centre of the furore over investment banks’ China hiring practices – listed in June and had a market capitalisation of about $8bn when the 66-page report by Anonymous Analytics was published on Tuesday.
此前，天合化工一直由于投行在中国的招聘行为而成为舆论关注的中心。该集团于今年6月上市，在周二“匿名分析(Anonymous Analytics)”发表那篇长达66页的报告时，该集团的市值大约为80亿美元。

The attack is also the most high-profile since new Hong Kong listing rules introduced last year made banks sponsoring – or leading – initial public offerings potentially liable for offences relating to misinformation in prospectuses. Tianhe’s sponsors were Morgan Stanley, UBS and Bank of America Merrill Lynch. All three declined to comment.
这次攻击还是自去年香港引入新上市规则以来，最为高调的一次。根据这一新的上市规则，对于企业首次公开招股(IPO)的担保银行来说，它们可能需要为与招股说明书中的错误信息有关的违规行为承担责任。天合化工的担保银行是摩根士丹利(Morgan Stanley)、瑞银(UBS)和美银美林(Bank of America Merrill Lynch)。这三家银行对此都拒绝置评。
Morgan Stanley’s private equity arm holds a 9.5 per cent stake in Tianhe, making it the second-largest shareholder, according to Bloomberg data.
根据彭博(Bloomberg)的数据，摩根士丹利(Morgan Stanley)私募股权部门持有天合化工9.5%的股份，是后者第二大股东。
UBS analyst Bonan Li's rating on Tianhe, which he previously recommended investors should buy, was suspended as of Wednesday, according to Bloomberg's service that tracks analysts' opinions on companies.
彭博旗下负责跟踪分析师们对企业看法的服务部门的说法是，瑞银于周三暂时冻结了其分析师李博南(Bonan Li)对天合化工的评级。此前，李伯南曾建议投资者应买入天合化工的股票。
The company’s shares slid 5 per cent on Tuesday before Tianhe asked they be suspended pending an announcement.
周二，消息传来之际，天合化工股价暴跌5%。此后，依照天合化工的要求，该公司股票被停牌，等待公司的声明。
In an initial statement, Tianhe reserved the right to “take legal action for damages or other relief”’.
在一份初步声明中，天合化工表示保留权利“通过法律行动向该机构及/或有关的个人追讨损害赔偿或其他补偿”。
“The [AA] report contains errors of fact, misleading statements and malicious accusations against the company and its directors,” Tianhe said, adding it would “address the allegations in the report as soon as practicable”.
天合化工表示：“该报告含有不符合事实的错误、误导性陈述和对公司及其董事的恶意指责。”该公司还补充说，它将“尽快在可行情况下刊发澄清公告回应该报告的指控”。
AA, as the hacker group styles itself, claimed that Tianhe had generated a fraction of the sales and profits it reported in the prospectus.
这个自称“匿名分析”的黑客团体声称，天合化工在招股说明书中捏造了部分销售和盈利数据。
In an emailed response to the Financial Times’ questions, AA said that Tianhe’s high margins were the trigger for it taking a closer look at the company.
在一封回应英国《金融时报》问题的电子邮件中，“匿名分析”表示，促使该团体密切关注天合化工的，是该公司的高利润率。
In the report, AA said: “We have conducted months of due diligence, field research and analysis which show that Tianhe is a massive fraud and one of the largest stock market scams ever conceived.”
在这份报告中，匿名分析表示：“经多个月的尽职审查、实地研究及分析，我们发现天合化工是一个大骗局，是有史以来最大规模的股市欺诈案之一。”
Among other things, Tianhe specialises in surface treatments such as waterproofing fabric and coatings for smartphones and tablets.
除了其他业务，天合化工的专长是表面处理——比如智能手机和平板电脑的防水面料和涂层。
Deloitte, auditor to Tianhe, declined to comment, as did the Hong Kong Securities and Futures Commission, the market regulator.
天合化工的审计方德勤(Deloitte)对此拒绝置评。香港市场监管机构香港证监会(Hong Kong Securities and Futures Commission)也同样拒绝置评这一消息。
Short sellers aim to profit from falling share prices – often by publicly attacking their targets.
对于卖空者来说，他们的目标是通过股价的下跌盈利，其方法往往是通过公开攻击做空对象实现的。
AA said that it held no position in Tianhe’s shares, but that readers could assume affiliates stood to gain from any fall in the company’s stock.
“匿名分析”表示，该团体对于天合化工的股票不持立场，不过读者可以假设有相关机构等待从该公司股票的任何下跌行情中获利。
The AA report’s claims could not be swiftly independently verified.
“匿名分析”报告中的说法尚不能立即得到独立验证。
Recent attacks on the credibility of Chinese companies have generated less attention than they did in 2011 when Muddy Waters, the US short seller, claimed Sino-Forest, a Toronto-listed mainland forestry group, was a fraud.
最近对中国企业信誉的攻击，不再像2011年嘉汉林业(Sino Forest)一案那样轰动。当时，美国空头浑水公司(Muddy Waters)曾声称这家在多伦多上市的林业集团有欺诈行为。
Previous companies targeted by AA have included Chaoda Modern Agriculture, a Chinese vegetable supplier, in 2011, whose shares fell sharply. In 2012, however, it failed to win over investors for a critique of New York-listed Qihoo 360, a Chinese search and cyber security company. Qihoo’s shares have risen five-fold since.
在此之前，“匿名分析”还曾在2011年攻击过中国蔬菜供应商超大现代农业(Chaoda Modern Agriculture)，后者在受到攻击后股价曾急剧下跌。不过，2012年该团体对于在纽约上市的奇虎360(Qihoo 360)的批评文章却未能说服投资者，奇虎360的股票自那以来上涨了4倍。奇虎360是一家中国搜索与网络安全公司。