Chinese retail¹ investors³ may be able to dream of Picasso while hanging share certificates on their walls.

中国散户投资者或许将可以在把股票挂在墙上的同时，做一做毕加索(Picasso)的梦。

A Singapore-based Chinese billionaire investor², who this year acquired stakes in peer-to-peer group Lending Club, Legg Mason, the fund manager and Sotheby’s, has proposed “securitising” the artist’s work to create fractional ownership and tap a wider market in Asia.

居住在新加坡的中国亿万富豪投资者陈天桥提议将艺术家的作品“证券化”，以创建部分所有权，并挖掘亚洲的更广泛市场。今年，陈天桥曾入股P2P集团Lending Club、基金管理公司美盛(Legg Mason)和苏富比(Sotheby's)。

Chen Tianqiao and his wife Chrissy Luo, co-founders of investment group Shanda, floated the idea to Sotheby’s chief executive that the auction⁴ house could enlarge its base of Chinese buyers by creating shares in artworks.

陈天桥和盛大(Shanda)投资集团共同创始人、他的妻子雒芊芊(Chrissy Luo)向苏富比首席执行官提出，这家拍卖行可以通过创建艺术品的股票，来扩大其中国买家群体。

“The Picasso painting is $100m,” Mr Chen says. “No one can pay that unless you are a billionaire. How [about] if we securitise to 100m shares and each share is $1? If you buy 100 shares of each Picasso painting, that will be a portfolio⁵ for Picasso.”

陈天桥表示：“毕加索的画作是1亿美元。除非是亿万富翁，没人付得起这么多钱。如果我们把它证券化成1亿股、每股1美元会怎么样？如果你买下毕加索每幅画作的100股，就构成了一个毕加索的投资组合。”

The investors would profit if the artwork rose in value, Mr Chen adds.

陈天桥还说，作品只要一升值，投资者就会盈利。

The couple, who founded online gaming and books group Shanda Interactive⁶ Entertainment in 1999, say they can be pioneers in investment — leading more of China’s private wealth overseas.

1999年，陈天桥夫妻俩创立了网络游戏和网络图书集团——盛大互动娱乐有限公司(Shanda Interactive Entertainment)。两人表示，他们可能是投资领域的带头人，从而引领更多中国私人财富走向海外。

While Shanda, which has $8bn in net assets under management, sold its 2 per cent stake in Sotheby’s in August, it is now attempting to direct its innovative⁸ investment approach to other companies, mainly in the financial sector⁹.

盛大目前管理的净资产达80亿美元。尽管该公司在今年8月已经转让了手中持有的苏富比2%的股份，但该集团正试图将其创新的投资模式导向以金融产业为主的其他企业。

The Singapore-based company has a 15.13 per cent stake in US group Lending Club — making it the single biggest investor — and a 9.9 per cent stake in Legg Mason, acquired in April. It also has accumulated a 13.8 per cent holding in US hospital operator Community Health Systems.

这个总部驻新加坡的公司持有美国Lending Club集团15.13%的股份（这让该公司成为后者的最大投资者），还曾在今年4月收购美盛9.9%的股份。此外，它还累积了美国医院运营商——社区卫生系统公司(Community Health Systems) 13.8%股份。

The group is now looking to raise its stake in Legg Mason to 15 per cent, the two companies have said. Mr Chen will by June join the board of the US-listed asset manager as vice-chairman and will lead Shanda’s efforts to assist Legg Mason in building its brand in China.

该集团和美盛共同表示，盛大正寻求增持美盛股份至15%。陈天桥将最迟在2017年6月以副董事长的身份加入这家在美国上市的资产管理公司的董事会，并将领导盛大帮助美盛打造其在华品牌的努力。

“The globalisation of the renminbi will happen,” Mr Chen says. “More and more Chinese money will come to the market.”

陈天桥表示：“人民币将会全球化。越来越多的中国资金将进入市场。”

But the ups and downs of equities¹⁰ markets make potential Chinese investors anxious, he says, so first they have to conquer their fears: “Once they move the asset offshore¹¹, their mindset is to try to keep the asset safe.”

不过，他还表示，股市的波动令潜在的中国投资者十分焦虑，因此他们首先需要征服恐惧感：“一旦把资产移至境外，他们的想法将是努力确保资产安全。”

Mr Chen cites Lending Club’s A and B grade loans — the top two tiers of their seven-grade system — as examples of relatively¹² safe products that might tempt⁷ Chinese buyers. “This is a good product. We can help them introduce the product to the Chinese investor.”

陈天桥提到了Lending Club的A级贷款和B级贷款——该公司7级系统中最高的两个级别，把它们作为可能吸引中国买家的相对安全的产品的例子。“这是个好产品。我们可以帮助他们将该产品介绍给中国投资者。”

He proposes customising Legg Mason’s investment products for Chinese clients. Chinese retail investors might be tempted¹³ by real estate¹⁴ assets that are securitised to provide liquidity¹⁵, but with insurance companies brought in to guarantee a minimum return, Mr Chen suggests.

他还建议把美盛的投资产品针对中国客户做相应定制。陈天桥提出，通过证券化处理提供流动性、同时引入保险公司以保证最低回报的房地产资产，或许会吸引中国散户投资者。

A draft of new rules restricting some capital outflows from China have circulated since Mr Chen expressed this optimistic outlook to the Financial Times.

自陈天桥向英国《金融时报》表达这一乐观展望以来，限制部分资金从中国外流的新规定草案开始流传。

Acquisitions of more than $1bn will be screened by the government for signs of capital flight as opposed to strategic investment.

规模超过10亿美元的收购将受到政府的审核，寻找该交易属于资金外逃（而非战略投资）的证据。

Through a spokeswoman, Mr Chen later declines to comment on the capital outflow rules. However, a boom in overseas investment in recent years means there are plenty of investors with capital outside China. According to commerce ministry¹⁶ data, Chinese companies’ overseas purchases reached $146bn in the first 10 months of 2016.

陈天桥后来通过一位女发言人表示，拒绝评论有关资本外流的规定。不过，最近几年中国对境外投资的繁荣，意味着有足够多的投资者在中国境外持有资金。根据中国商务部的数据，2016年头10个月中企海外收购的规模达到1460亿美元。

Finance is the sector that Shanda is focusing on because it is “sustainable,” Mr Chen says. “A lot of financial companies have 100 years of history.”

陈天桥表示，盛大关注金融产业是因为该产业是“可持续的”。“许多金融企业都有100年的历史。”

Global regulators are increasingly focusing attention on peer-to-peer lenders, with the US Treasury¹⁷ pushing for greater transparency both for borrowers — on pricing terms — and investors — on loan-level data.

全球监管机构正在把越来越多的注意力集中到P2P银行上，美国财政部正推动提升借贷双方的透明度——对借款方是指公开其产品定价信息，对投资者则是指公开放贷水平的数据。

Shanda revealed in a securities filing in May that it had accumulated a stake of nearly 12 per cent in Lending Club. The filing was made two days after the online lender’s chief executive Renaud Laplanche stepped down amid a loan mis-selling scandal and the company’s stock price collapsed¹⁸.

今年5月，盛大在一份监管申报文件中披露，该公司已累积了Lending Club近12%的股份。而就在这份文件提交两天前，Lending Club首席执行官雷诺•拉普朗什(Renaud Laplanche)由于一宗不当发放贷款的丑闻辞职，该公司股价也因此暴跌。

“I fully believe in the power of the technology,” Mr Chen says of Lending Club. “All of these transparency problems can be solved. It just takes time. Peer-to-peer lending makes the lender directly meet the customer, it can save a lot of costs and time — strategically it is a great direction for the finance business.”

在提到Lending Club时，陈天桥表示：“我完全相信科技的力量。所有这些透明度问题都能解决。只是需要时间而已。P2P贷款将银行与客户直接对接，可以省去许多成本和时间——从战略上说，这是金融业务的一个大方向。”

A more regulated market will ultimately benefit Lending Club, he adds. “As a dominant¹⁹ player, the more regulated the better.”

他还表示，加强监管的市场最终会令Lending Club受益。“对于占绝对优势的参与者来说，监管越多越好。”

He cites Lending Club’s commanding position — it is the biggest listed online lender by loan volumes — and its $800m cash on its balance sheet as evidence of its strength.

他提到了Lending Club占据的制高点位置——该公司是贷款总额最大的上市网上银行——以及其资产负债表上的8亿美元现金，称其为Lending Club实力的证据。

Mr Chen also predicts consolidation²⁰ in the P2P lending sector. “Followers²¹, peers of Lending Club — if their scale is small, if internal controls are weak — there will be a shakeout. That will be good for the industry and also good for the dominant player.”

陈天桥还预计P2P贷款行业会出现整合。“Lending Club的追随者和同行如果规模较小、内控机制较弱，就会遭遇洗牌。这对整个行业是件好事，对于占优势地位的参与方也是好事。”