Vanke’s criticism of Baoneng’s debt financing alludes to concerns over shadow banking. China’s stock market boom and bust last year was fuelled in part by borrowing from non-bank lenders — shadow banks — to fund stock purchases. Once prices began to fall, margin calls on the loans created a vicious cycle of lower prices and forced liquidation.

万科对宝能债务融资的批评，提及了影子银行引起的担忧。去年中国股市的大涨大跌，在一定程度上得到了利用非银行贷款机构——影子银行——的贷款购买股票做法的助推。一旦股价下跌，追加保证金的要求引发了股价下跌和被迫变现的恶性循环。

“Small- and medium-sized investors, media and the public have expressed tremendous worry about whether Jushenghua’s high-leverage funding chain can continue, whether it will cause Vanke’s A-share price to drop off a cliff, and whether we will see a reappearance of the stock market disaster that led to systemic and herd-behaviour risk in 2017,” Vanke wrote.

万科报告称，“中小股东、媒体、社会公众对于钜盛华的高杠杆资金链能否持续，是否会引发万科A股股价断崖式下跌，是否会再现2017年股灾期间二级市场系统性踩踏风险，表示了极大顾虑。”

Jushenghua’s vehicles used a 2:1 leverage ratio typical of structured asset management plans.

钜盛华的融资工具使用了常见于结构型资管计划的2:1的杠杆。

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