Indian and Chinese companies have locked horns over a 25 per cent stake in Bangladesh’s main stock exchange, with the proposed investment threatening to descend into a geopolitical clash.

印度和中国企业围绕孟加拉国主要证券交易所25%的股份陷入纠纷，这笔拟议中的投资有可能酿成一场地缘政治冲突。

The Dhaka Stock Exchange has accepted an offer from a consortium of the Shanghai and Shenzhen stock exchanges to buy the shares for Tk22 ($0.26) each — significantly higher than the Tk15 per share offered by India’s National Stock Exchange — valuing the stake at Tk9.9bn.

达卡证券交易所(Dhaka Stock Exchange)已经接受了由上海和深圳证交所组成的一个财团的收购要约，这个中资财团的出价是每股22塔卡(合0.26美元)——显著高于印度国家证券交易所(NSE)每股15塔卡的出价——对这笔股份的估值达到99亿塔卡。

But now the Indian company is lobbying Bangladeshi regulators, who must approve the deal, to persuade the DSE to reconsider, arguing that China wants to use the investment to further its growing political power in south Asia.

但是上述印度公司正在游说必须批准这笔交易的孟加拉国监管机构，要求他们说服达卡证交所重新考虑，理由是中国希望利用这笔投资来增进其在南亚日益增长的政治力量。

“India is trying to create a ringfence against Chinese aggression,” said one person briefed on the talks between the Indian NSE and the Bangladeshi Securities and Exchange Commission.

“印度正试图建立一道抵御中国侵略的防线，”一位人士表示，此人听取了有关印度国家证券交易所与孟加拉国证券交易委员会(Bangladeshi Securities and Exchange Commission)之间商谈情况的简报。

“Nepal and Myanmar have already gone, and if China wins this bid it will be one step closer to dominating south Asia.”

“尼泊尔和缅甸已经失守，如果中国赢得这一竞标，它将向着主宰南亚迈出又一步。”

The Bangladeshi economy is growing at about 7 per cent a year, fuelled in part by growth in its garment exports, and shares in the benchmark DSEX index have risen roughly 8 per cent in the past 12 months.

孟加拉国经济正以每年7%左右的速度增长，在一定程度上得到该国服装出口增长的推动。该国基准股指DSEX指数在过去12个月上涨约8%。

The DSE’s share sale is part of a process of demutualisation which has attracted interest from bourses around the world. 达卡证交所的股份出售是其股份化进程的一部分，这一进程吸引了世界各地不少交易所。

The remaining shares are being sold to smaller investors. But the final round of bidding, between the Indian NSE and the Chinese consortium for the biggest stake, has political implications.

其余股票正被出售给较小的投资者。但印中企业围绕最大一块股权的最后一轮竞标具有潜在政治影响。

New Delhi has become increasingly nervous about Chinese power and investment in countries around India, such as Nepal and Sri Lanka.

新德里方面越来越担心中国在尼泊尔和斯里兰卡等印度周边国家的实力和投资。

Those fears were exacerbated last week with the confirmation that Khadga Prasad Oli, head of Nepal’s Communist Party, would become his country’s prime minister. During Mr Oli’s first stint in power he won a reputation for being close to Beijing, signing numerous deals including importing fuel to end India’s control over Nepal’s market.

上周这些担忧加剧，因为尼泊尔共产党领导人卡德加•普拉萨德•奥利(Khadga Prasad Oli)被确认将再度出任该国总理。奥利在首次执政期间获得了靠拢北京的声誉，与中方签署无数协议，从进口燃料到终结印度对尼泊尔市场的控制。