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国美电器

INVESTMENT BY BAIN GALVANISES GOME ELECTRICAL
分析:国美复牌首日股价飙升

国美复活提供了一个案例,展示一家中国企业如何挺过其主要人物被捕所引起的中断,然后东山再起,并获得美国私人股本新资金。

Shares in Gome Electrical Appliances soared yesterday after emerging from a seven-month trading halt triggered by the arrest of its chairman and leading shareholder.

国美电器(Gome Electrical Appliances)股价昨日复牌后出现飙升。由于该公司董事长兼主要股东被捕,这只股票此前停牌了七个月。

Shares in China's biggest nationwide retailer closed up 69 per cent in a falling Hong Kong market after Bain Capital, the US private equity fund, was confirmed as its new strategic investor.

在香港股市下跌的情况下,中国最大全国零售商的股票收盘上涨69%。经确认,美国私人股本基金贝恩资本(Bain Capital)已成为该公司新的战略投资者。

For the many stakeholders of the group, the surging stock price was a long overdue bit of good news.

对该集团的许多利益相关者来说,飙升的股价是一个迟到了太久的好消息。

The resurrection of Gome offers a study in how a troubled Chinese company managed to survive the disruption caused by the mysterious disappearance of its leading figure – and to re-emerge with at least $417m in fresh funding.

国美的复活提供了一个案例,展示出一家陷入麻烦的中国企业如何成功挺过其主要人物神秘失踪导致的中断,然后东山再起,得到至少4.17亿美元的新资金。

It sheds light on the calculated risks foreign private equity firms have to take in order to deploy capital in China, which has proved largely resistant to the buy-out kings.

它还显示了外国私人股本公司为了在中国进行投资,所必须承担的经过计算的风险。事实证明,中国对大型收购基金大多采取抵制态度。

Gome shares last traded on November 24 2008, the day a probe began into Huang Guangyu, the former chairman, who still holds a 36 per cent stake.

国美股票上一个交易日是2008年11月24日,针对前董事长黄光裕的调查于当日启动。黄光裕至今仍持有该公司36%的股份。

Mr Huang was detained by mainland authorities as part of an investigation into alleged share manipulation and illegal trading. His whereabouts remain unknown.

作为针对涉嫌股票操纵和非法交易的调查的一部分,黄光裕被内地官方拘押。目前仍不清楚他被关在哪里。

Gome has 1,300 outlets but had expanded too fast, with a focus on opening stores and not on profitability.

国美拥有1300家分店,但此前扩张过快,致力于开张新店而非提高盈利能力。

In the run-up to Mr Huang's arrest, the company's operations were being stung by rising credit costs and waning consumer demand.

在黄光裕被捕前,该公司的运营已受到信贷成本上升、消费者需求萎缩的打击。

In January, Chen Xiao succeeded Mr Huang as chairman and quickly enlisted the help of western accountants, bankers and public relations advisers.

今年1月,陈晓接替黄光裕出任董事长,他迅速寻求西方会计、银行家和公关顾问的帮助。

Gome is among the few Hong Kong-listed mainland companies to boast genuinely independent non-executives, and a three-strong “special action committee” was established to examine whether the board was acting in the interests of all stakeholders.

在香港上市的内地企业中,国美是少数拥有真正独立的非执行董事的公司之一。为审查董事会是否真正在为所有利益相关者的利益行事,该公司还成立了一个有3名成员的“特别行动委员会”。

Tom Manning, the head of the committee, described the outcome as a “triumph” from a corporate governance standpoint.

该委员会主席汤姆•曼宁(Tom Manning)表示,从公司治理的角度看,结局是一个“胜利”。

“Independent directors bring independent judgment in times of crisis”.

“危机时刻,独立董事带来独立的判断”。

Mr Chen said Gome relied on the benevolence of vendors, suppliers and staff, and benefited from China's stimulus programme, which provided subsidies for energy-efficient appliances and boosted the property market.

陈晓表示,国美依靠了卖主、供应商和员工的善意,并得益于中国的刺激计划——该计划为高能效的电器提供购买补贴,还提振了房地产市场。

Six months of discussions with private equity firms ended this month when Bain agreed to invest through a convertible bond and a rights issue. In return it gets a stake of about 20 per cent and to nominate three board members.

与私人股本公司为期6个月的讨论于本月结束,贝恩资本同意通过可转换债券和配股发行进行投资。作为回报,贝恩将得到大约20%的股份,并将提名3名董事会成员。

Private equity firms prefer “control” deals, and the terms of the Gome investment reflect the pragmatism required to successfully deploy capital in China.

私人股本公司偏爱“能得到控制权的”交易,而国美投资的条款反映出,需要一定的务实态度,才能成功地在中国部署资金。

But any such investment is fraught with risks.

但是,任何此类投资都充满了风险。

Whether Mr Huang participates in the Gome rights issue – and few imagine he has access to the $100m or so required – he will remain the largest shareholder with a stake of at least 29 per cent.

无论黄光裕是否参与国美的配股(很少有人认为他现在拿得出所需的约1亿美元资金),他都仍将是最大股东,持有至少29%的股份。

It is unclear whether he welcomes the foreign investment.

目前不清楚他是否欢迎外国投资。

There is no mechanism to resolve strategic disagreements between Mr Huang and Bain Capital, or clarity over his ability or desire to retain his Gome holding.

没有任何机制能够解决黄光裕与贝恩资本之间的战略分歧,也无法澄清他保留国美股份的能力或愿望。

“It was hard enough for Bain to enter this investment, but imagine how much harder an exit could be,” said one private equity dealmaker.

“贝恩进入这宗投资就够难的了,但想像一下退出的难度会高出多少,”一名私人股本交易撮合者表示。

Amid the platitudes at this week's unveiling of the deal, Jonathan Zhu, head of Bain Capital in China, insisted that his firm was comforted by the due diligence it had conducted.

在本周公布这宗交易时的所有套话中,贝恩资本中国主管竺稼(Jonathan Zhu)坚称,他的公司对自己所作的尽职调查结果感到满意。

“There are always risks in investing, and we are reasonably satisfied that the risk/reward outlook in the current scenario justifies this investment,” he said.

“投资总是有风险的,我们感到相当满意的是,目前情形中的风险/回报前景证明这宗投资是合理的,”他表示。

People familiar with the matter said Gome representatives had been in contact with Mr Huang and his associates, some of whom have power of attorney over his assets.

知情人士表示,国美代表与黄光裕及其伙伴进行了联系,其中一些伙伴对他的资产有代理权。

“Mr Huang can receive and send letters from his detention cell,” said one person.

“黄先生能够从关押地点收发信件,”其中一人表示。

“But these are read by authorities, and any exchange can take weeks.”

“但这些信件须经过官方审查,交流一次可能需要数周。”

Gome's future rests on driving profitability and reform of its messy corporate structure.

国美的未来取决于提高盈利能力,改革其混乱的公司结构。

The company, which is registered offshore, owns only 850 of the stores and manages the remainder, which are owned by Mr Huang through an onshore investment vehicle.

该公司在海外注册,仅拥有850家分店,同时对黄光裕通过一个在岸投资工具所拥有的其他分店进行管理。

Unifying these arrangements could take years and test Bain's claim to be a long-term partner.

统一这些安排可能需要多年,这也将考验贝恩自称是一家长期合作伙伴的说法。

译者/和风

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