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海外投资

Chinese outbound M&A: more to come?
中国企业为“走出去”募资

中信证券、海通证券、中国水电以及三一重工都在为海外扩张募集资金

China’s outbound investment already hit records the first half of the year, and a few mega-IPOs now in the works in greater China suggest the second half could get even more interesting.

中国企业的海外投资今年上半年已经创出历史新高,而目前大中华区正在筹备的一些大规模首次公开上市(IPO)似乎表明,下半年甚至可能更有意思。

Citic Securities, China’s largest publicly traded brokerage, has grabbed most of the headlines but it’s joined by another brokerage, a dam builder and a heavy machinery maker in its efforts to raise money to fund overseas expansion.

中国最大的上市券商中信证券(Citic Securities)抢得了大部分的头条新闻,但现在另一家证券公司、一家大坝建造商和一家重型机械制造商加入中信的行列,为海外扩张而筹资。

China’s Citic Securities—a financial services group which includes a brokerage, investment bank, and asset management wing— is looking to raise up to $1.94bn in a listing early next month.

中信证券将于下月初在香港发行H股,寻求筹集至多19.4亿美元。中信证券是一家业务涵盖证券经纪、投资银行和资产管理的金融服务集团。

Approximately 65 per cent of those proceeds will go to “used to establish or acquire overseas research platform and sale and trading networks,” according to a term sheet for the listing.

中信证券的招股说明书表明,大约65%的募资所得将“用于建立或收购海外研究平台以及销售和交易网络”。

Citic has not yet identified its targets, according to the sheet, but the overseas push could include, “establishing international research teams, expanding international sale networks, developing other overseas and cross-border businesses.”

招股说明书显示,中信证券迄今仍未确定其投资对象,但海外扩张可能包括,“建立国际研究团队,扩大国际销售网络,开发其它海外和跨境业务”。

The company is already in the vanguard of Chinese financial institutions looking abroad with a set of European acquisitions in early June. Then, Citic made the first ever investment by a Chinese bank in an international brokerage by putting $374m into Crédit Agricole’s two broking businesses, Cheuvreux and CLSA Asia-Pacific Markets.

中信证券已经成为寻求海外发展的中国金融机构的先锋,今年6月初在欧洲进行了一系列的收购。当时,中信证券投资3.74亿美元收购了法国农业信贷银行(Crédit Agricole)旗下两家证券经纪公司——盛富证券(Cheuvreux)和里昂证券亚太市场(CLSA Asia-Pacific Markets),这是中国的银行首次投资于一家国际券商。

Haitong Securities, another mainland group, is also planning to raise money to fund overseas expansion.

中国另一家券商海通证券(Haitong Securities)也在计划筹集资金进行海外扩张。

Chinese outbound investment has risen steadily for the past nine years to hit $68.8bn last year, according to government reports cited by Xinhua, the Chinese news agency. Non-financial Chinese outbound investment, which rose 25.9 per cent in 2010 to $60.2bn, accounted for the bulk of this rise.

新华社援引政府报告称,中国企业的海外投资过去9年来稳步增长,去年达到688亿美元。大部分的海外投资增长来自中国非金融企业,这些企业的海外投资在2010年增长25.9%,至602亿美元。

Sinohydro Group in Beijing is one such group. China’s biggest dam-builder already has 261 projects underway in a mind-boggling 55 countries and wants to raise $2.7bn in a listing in Shanghai next week. The company is in talks to launch projects or make acquisitions in countries from Costa Rica to Cambodia.

中国最大的大坝建造商中国水电(Sinohydro Group)就是一个例子。该公司已经在令人头晕的55个国家拥有261个在建项目,并希望下周在上海证交所的IPO中筹资27亿美元。该公司正在从哥斯达黎加到柬埔寨的多个国家就开展项目或实施收购展开谈判。

It gets bigger.

还有更大规模的上市。

Sany Heavy Industries, a construction equipment maker run by China’s richest man is looking to raise up to $3.33bn, Hong Kong’s largest IPO since Glencore’s $10bn dual listing in Hong Kong and London. The lion’s share of that will go towards expanding its manufacturing facilities, but 7.2 per cent has been earmarked for expanding its overseas operations.

中国首富旗下的工程机械制造商三一重工(Sany Heavy Industry)正寻求在香港筹资至多33.3亿美元,这是自嘉能可(Glencore)在香港和伦敦两地上市筹资100亿美元以来香港最大规模的IPO。该公司募资所得大部分将用于扩大生产设施,但7.2%的资金已被指定用于扩大海外业务。

But don’t think that overseas is the only frontier left for China companies to conquer.

但是不要认为海外是中国企业要攻克的唯一疆域。

Many of China’s second and third-tier cities are bigger than the entire country of Costa Rica (4.6m, just over half the population of Hong Kong). Sun Art, for example, raised $1.1bn earlier this year to fund an expansion of its network of hypermarkets in China’s second-tier cities where competition is less fierce than in Beijing and Shanghai.

中国的许多二三线城市比哥斯达黎加整个国家都大——哥斯达黎加人口只有460万,仅是香港的一半多。例如,中国高鑫零售(Sun Art)今年早些时候上市融资11亿美元,用于在竞争不如北京和上海激烈的二线城市扩大超市网络。

So while international deals might grab headlines, untapped demand at home remains an equally potent factor behind China’s corporate growth.

因此在海外交易登上标题的同时,国内尚未开发的需求依然是推动中国企业增长的有力因素。

译者/何黎

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