When Huishan Dairy’s shares fell 90 per cent without warning last month, it was a heart-in-the-mouth moment for shareholders in the Hong Kong-listed company. That applies especially to its chairman, Yang Kai: he was witnessing the evaporation of $3.1bn of loan collateral, putting his control of the group in doubt.
当辉山乳业(Huishan Dairy)股票上月毫无预兆地下跌90%时，这家香港上市公司股东的心脏提到了嗓子眼。辉山董事局主席杨凯尤其如此，那一刻他目睹31亿美元贷款质押品蒸发，这让他对该集团的控制能力遭到质疑。
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