In April, John Zhao learned through investment bankers that London-based Pizza Express (Restaurants) was for sale. Zhao, CEO of Beijing-based private equity firm Hony Capital, loved to go out for deep-dish pizza while he was studying for his MBA at Northwestern University’s Kellogg School of Management in the mid-’90s, and he felt there was money to be made in bringing the U.K.’s largest pizza chain to China. After all, the country’s burgeoning middle class had developed a healthy appetite for Western food, making China the biggest overseas market for Yum! Brands’ Pizza Hut chain.
在听到消息的一周内，赵在一架飞机上，以满足Cinven的顶级高管，英国买断公司拥有披萨快递。在随后的几周内，他的公司在包括中国金融集团中信集团在内的三个竞争对手，并在6月接管了餐饮链。9亿英镑（15.4亿美元）的投资是有史以来最大的，以70亿美元的资产尊贵资本，这是一个十岁的公司，由Comput Holdings Corp.，Computer Maker Lenovo集团的母公司支持。
“Pizza Express may have more than 50 years of history and more than 500 stores in the U.K., but it entered Hong Kong and Shanghai just a few years ago,” Zhao says. “It only has 12 stores in Hong Kong and nine stores in Shanghai. I see many new stores opening in China in the coming few years. We also see many Pizza Express stores opening in新兴市场all over the world in the coming years.”
中国消费者日益增长的胃口推动了该国公司的全球联赛表的首选和收购。2013年，中国企业介绍了367亿美元，总共价值6.8亿美元，全球排名第二，据数据提供商摊牌，完成了价值200亿美元的1,693笔交易。公司中国对海外资产的需求继续增长，截至8月26日达到511亿美元，但在并购联赛中只有第六位，这是在加拿大，U.K.，瑞士和法国的交易挑选的交易。然而，中国公司正在收购广泛的资产，从矿业，能源和自然资源到农业和技术公司以及披萨快递等消费品牌。亚慱体育app怎么下载
“We are seeing Chinese companies that a few years ago were just domestic players becoming global players,” says George Davidson, HSBC Holdings’ Hong Kong–based vice chairman of Asia-Pacific M&A. “We are seeing not only state-owned enterprises but, increasingly, Chinese private enterprises seeking ever-bigger acquisitions globally.”
联想是一个典型的例子。今年早些时候，该技术公司同意以29亿美元的价格收购谷歌的摩托罗拉流动业务，为23亿美元的x86服务器业务。这两项交易都在等待监管批准。如果他们经历过，该购物将使北京和莫里斯维尔，北卡罗来纳州的联想世界第三大智能手机制造商和通用服务器的领先供应商。他们还将蚀地由中国公司以前的任何技术服用，包括联想在2005年为IBM陷入困境的笔记本电脑业务的1150亿美元。
Other major deals this year include the $7 billion buyout of Glencore’s Las Bambas copper mine in Peru by an arm of China Minmetals Corp. and the $1.5 billion purchase of a 51 percent stake in grain producer Noble Agri, a unit of Hong Kong commodities company Noble Group, by China National Cereals, Oils and Foodstuffs Corp. and Hopu Investment Management Co., a private equity firm led by former Goldman Sachs Group rainmaker Fang Fenglei.
Pizza Express交易标志着另一个里程碑，因为它是中国私募股权公司最大的离岸收购;该部门传统上专注于内地目标。
Li Zhiyong, deputy secretary general of the Beijing-based China Venture Capital and Private Equity Association, says many of the organization’s 1,000 or so members are looking to emulate Hony Capital’s bold move. “Many of our members have zero experience making acquisitions overseas, but they are now all looking offshore for deals,” says Li, whose group operates under the supervision of the National Development and Reform Commission (NDRC), China’s economic planning ministry. “The Chinese government is pushing renminbi internationalization. That means not only Chinese corporates will be aggressively seeking acquisitions overseas; it means Chinese private equity funds also will be going offshore.”
当中国开始于20世纪80年代初开始经济改革时，该国的现金绑定并严重依赖外国直接投资来推动增长。来自美国，欧洲和开发亚洲的公司涌入数十亿美元来建立工厂，帮助中国成为20世纪90年代后期的世界卓越的制造中心，特别是对于劳动密集型产品。经济蓬勃发展，在过去30年内，增长平均每年超过10％。
但国家不能通过是低端生产者继续茁壮成长。随着中国公司成熟的，他们正在寻求向上移动价值链。汇丰戴维森表示，实现这一目标的最快方法是通过海上投资和收购 - 购买资源，技术那brands and technical expertise.
Direct overseas investment by Chinese entities hit an all-time high of $90 billion in 2013, with more than two thirds of the total coming in the form of corporate acquisitions of foreign assets. That represents more than 33-fold growth over 2002, when China first entered the World Trade Organization, and triple the volume of 2010.
That number seems certain to grow. China’s $9.4 trillion economy represents 12 percent of global output, yet the country accounts for only 6 percent of the world’s total $1.46 trillion in overseas direct investments, according to a recent HSBC research report, “Riding China’s Investment Wave。” China has ample resources for a spending spree: It owns the world’s biggest pool of foreign exchange reserves, topping $3.95 billion as of July 1.
“中国的出境投资很容易加倍，”汇丰银行欧洲股权战略负责人和报告的共同作者彼得苏利文说。“如果它在这里停止，我们会非常令人惊讶。”
换句话说，中国可能有一天可以像美国那样统治并购联赛表。然而，那一天仍然是一些脱离方式。根据Dealogic的说法，美国公司在过去的十年中花费了超过1.6万亿美元，或者每年平均每年1830亿美元，在海上并购。相比之下，中国公司仅在过去十年中花了3830亿美元，或者平均每年420亿美元。
主席习近平和李克强总理正在积极鼓励中国企业离岸。5月，国家发改委开始为上海收购批准提供其批准过程：那些低于10亿美元的人不再需要监管批准。
“对于较小的交易，你现在需要做的就是提出与委员会的收购，”瑞银的瑞银大中华区大中国大型并购负责人Samson Lo说。“你会认为这会加速更多出位的并购。”
The new guidelines will help streamline China’s regulatory process, which can involve multiple agencies and hold up a deal for months, scaring off potential sellers of foreign assets. “Many European private equity funds that we deal with, for instance, want certainty that regulatory approval is forthcoming before they are even willing to actively engage with potential Chinese buyers,” Lo says.
The new reforms will be particularly helpful to private enterprises, many of which do not have the financial firepower of their state-owned counterparts. The reforms are part of the new leadership’s efforts to open up the economy, including large portions of the state-owned-enterprise sector, to ownership by private entities.
根据2013年初的锡和李的领导下，政府在追求中国企业代表中国企业的代表方面取得更具侵略性，利用了追求中国企业的追求全球资源。Swiss-based mining and metals groups Glencore International and Xstrata had to get clearance from a number of global antitrust regulators before they were allowed to merge in May 2013. China’s Ministry of Commerce said it would endorse the merger only if Glencore sold its $5.2 billion Las Bambas copper mine. Although Chinese regulators never said the asset had to be sold to a Chinese buyer, the condition they set in effect laid the path for various Chinese companies to seek a buyout of Las Bambas. On June 30 a consortium led by Hong Kong–listed MMG, which is majority-owned by China Minmetals, the largest state-owned metals conglomerate, beat out three rivals, including another Chinese consortium, to acquire Las Bambas. The deal was the largest offshore mineral acquisition by a Chinese buyer.
“The clear indication under the new leadership is that major offshore acquisitions will continue to happen,” says John Tivey, Hong Kong–based global head of mining and metals at law firm White & Case, which advised MMG on the transaction. “This was a $7 billion deal, the biggest that occurred so far under the new government. This was a China Inc.–backed deal.”
The Peruvian copper mine, due to start production in 2015, has the capacity to produce 400,000 metric tons of copper annually, which would make it one of the world’s largest. “The acquisition of Las Bambas is a proud and significant milestone for MMG, delivering on our growth strategy and objective to be a top three midtier mining company,” says MMG’s CEO, Andrew Michelmore. The Melbourne-based executive is a mining industry veteran who came to MMG in 2009 after running Australia’s Oz Minerals. He leads seven other senior executives, including five Australians, a Brazilian and a Chinese, at MMG.
“中国人变得越来越复杂，”注意事项。“现在，他们的并购团队更为常见，包括中国国民，他们在国外培训和锻炼，并且在跨境交易中非常经验。在MMG的情况下，这是由澳大利亚矿业高管的一支非常经验的团队补充。“
中国对自然资源的胃口是众所周知的。中国海上石油公司去年购买了加拿大石油和天然气生产商Nexen，以151亿美元，是中国实体最大的外国收购。然而，2013年首次标志着非资源交易占中国海外收购的一半以上，有56％的交易来自技术，农业，房地产和金融等部门。亚慱体育app怎么下载
Meat packer Shuanghui International Holdings paid $4.7 billion for U.S.-based Smithfield Foods, the first multibillion-dollar acquisition by a Chinese company in the food sector. Few expect it to be the last. “Food safety is a major issue in China,” says Yan Xuan, Shanghai-based president of China for consumer research firm Nielsen. “So if a Chinese enterprise can buy a well-known global brand, it will help improve Chinese consumer trust and confidence.”
燕预测，非资源交易将继续增长，识别汽车，消费品，旅游和旅游，金融和奢侈品牌作为一些最有前途的部门。
三年前中国汽车制造商浙江吉利控股集团有限公司通过收购瑞典汽车沃尔沃从福特汽车公司获得18亿美元。“沃尔沃在中国所有权下仍然是一个公认的全球汽车品牌，”闫说。“沃尔沃实际上，自中国人民拥有以来在中国获得了市场份额。”Volvo reported a 1.4 percent rise in sales last year as a 45.6 percent jump in China offset a decline in the U.S. The performance helped the company return to the black with a net profit of Skr960 million ($148 million) in 2013, compared with a loss of Skr542 million in 2012.
燕认为全球品牌在高端奢侈品领域可能是中国Inc.的下一个目标之一。虽然中国公司在家里发达了奢侈品牌，如李宁运动鞋和罗马斯特男士套装，但很少有国际影响。“中国主要公司将在豪华地区购买优质消费品牌，特别是在豪华地区，这只是时间问题，”闫说。“中国企业已经创造了中国拥有的奢侈品牌，但全球奢侈品牌空间存在空缺。”
中国日益增长的全球野心可能会遇到winds, though, as its companies clash with foreign rivals. Fosun Group, a Shanghai-based conglomerate that models its growth on the lines of Warren Buffett’s Berkshire Hathaway, in August gave up its battle to acquire French resort operator Club Méditerranée. Fosun and its partner, French private equity firm Ardian, together own 18.5 percent of Club Med and had the support of management for their €17.50 ($23.28)-a-share bid, but rival Investindustrial, a private equity fund run by Italian industrialist Andrea Bonomi, won the support of the company’s board for its €21 offer.
Nielsen的yan说，尽管福斯竞标失败的失败，中国公司可能会在休闲部门追求休闲部门的更多优惠。据中国国家旅游局称，2013年超过9800万中国游客在国外旅行，共计129亿美元。“中国已经是世界出境旅游市场的第1名，并且支出也在上升，”燕扬。“所以，如果中国企业可以迎合中国游客的需求，无论他们在哪里，都可以捕捉总价值链。”
中国实体有充足的财政资源，以吸引其海外野心。中国开发银行，政府的主要政策驱动贷款人，资助了数百名出境投资。从2009年到2013年，银行总共借入2.68万亿元（4360亿美元），为中国国内外投资。CDB不会破坏离岸投资的贷款，但分析师估计大约三分之一的贷款被海外使用，特别是支持收购。
“Chinese companies could potentially have more financial firepower than international rivals in today’s environment,” says Christopher Chua, head of China M&A at Credit Suisse. “In circumstances where national interests are concerned, state-owned enterprises could seek competitive financing from Chinese banks and Chinese policy lenders, whereas many of their international rivals may not be able to get financing on similarly competitive terms.”
中国国家开发银行资助CNOO发挥了关键作用C’s acquisition of Nexen. The bank provided only $320 million in loans, but its presence helped CNOOC negotiate good terms on a $6 billion bridge loan from a consortium of 19 commercial lenders, which included China’s Big Four banks and a number of global lenders, such as Citigroup.
公司也开始转向全球资本市场。Hony Capital利用了高产市场来融资其收购披萨快递，使其成为中国公司最大的跨境杠杆收购。在7月份完成购买后，披萨Express以6.5倍的披萨快递股份和200万英镑的八十岁票据的杠杆率达到4.5亿英镑的七年担保债券。通过标准普尔和喜怒无常的投资者服务，担保债券分别被评为B +和B2，并拨款为6.625％;不安全的票据被评为CCC +和CAA1，并拨款优惠券为8.625％。据J.P.2 Morgan表示，该融资是美国国时高级高收益市场最大的财务赞助商之一。（J.P.摩根）建议霍尼，并担任债券问题的书籍赛道。
“杠杆金融需要一定程度的买方与银行合作的复杂程度，”北亚摩根州北亚北亚和北方的北亚联盟联合负责人表示。“霍尼首都是那些复杂的买家之一。”
中国企业将总统的精明增长sure on Chinese banks to increase their competitiveness. Industrial and Commercial Bank of China, the world’s largest bank by assets and one of the leading financiers of offshore acquisitions, has been making purchases of its own to expand its global reach and strengthen its capabilities.
“在过去30年的市场开放和改革中，中国已经建立了多方面，多层公开经济继续获得力量和成熟，”工商银行董事长蒋建清在2013年5月份发表讲话给投资者。“这种经济必须有一个拥有全球范围的金融体系，拥有自己的跨国公司以及跨国银行。”
在过去的七年中，银行已经花了71亿美元，在2008年南非标准银行的47亿美元购买了47亿美元的股权。“工商银行已经开始收购了一些Standard Bank subsidiaries, paying $640 million for the bank’s Argentinean retail unit in 2012 and reaching an agreement earlier this year to acquire 60 percent of Standard’s London-based global markets business for $770 million.
“在巴克莱首都香港中国银行业分析师燕济梅济表示，”他们与标准银行投资做得很好。“虽然他们只拥有本集团的20％，但他们在世界各地的标准银行中获得了各种部分。”
ICBC于2000年开始在香港收购，当时它买了一股小贷方，香港联盟银行。2006年12月，它在2006年12月冒险进一步冒险，当时支付2200万美元购买印度尼西亚银行哈里姆的90万美元。工商银行于2010年收购了泰国的ACL银行，2012年，2012年，香港东亚银行银行的美国附属公司支付了1.4亿美元。中国巨人现在拥有40个海上市场的331个分支机构，但该剧院与大陆的近17,000个分支相比。
“The Big Five state banks, including ICBC, collectively derive only about 6 percent of their revenues from overseas,” chairman Jiang said in his speech. “We still have a long ways to go to become truly international banks here in China.”
Like ICBC, most Chinese companies took their first steps abroad close to home, in Southeast Asia and Central Asia. They then turned their sights on natural-resource assets in Africa and Latin America. Increasingly, however, Chinese buyers are looking to developed markets such as the U.S., Canada, Europe and Australia. As of the end of 2013, Chinese companies had invested a total of $44.6 billion in 29 companies in North America, $17 billion in six companies in Europe and $15.2 billion in 11 companies in Australia, according to Dealogic. The U.S. accounted for only $9.1 billion of the North American total, with Canada making up the rest.
In the past, political and regulatory barriers have stymied Chinese companies in the U.S., most notably when political opposition thwarted CNOOC’s $18.5 billion bid for Unocal Corp. in 2005, allowing Chevron Corp. to snap up the oil producer. But Chinese companies are proving increasingly adept at getting around such hurdles and winning approval from the Committee on Foreign Investment in the United States, or CFIUS, an interagency committee that reviews foreign takeover bids.
In 2012, China Petrochemical Corp., also known as Sinopec, cleared U.S. regulatory requirements to acquire various U.S. shale oil fields from Devon Energy Corp. for $2.5 billion. The deal was a sweet victory for Sinopec chairman Fu Chengyu, who was chairman and CEO of CNOOC when it made its abortive bid for Unocal.
“Navigating foreign regulatory approval processes is part and parcel of China outbound deals,” says Credit Suisse’s Chua, whose firm advised Sinopec on the purchase of the Devon Energy assets. “But I do not see them as obstacles that cannot be overcome. Chinese companies have generally been successful in obtaining approvals from international regulatory authorities.”
中国公司正在招聘国会山的游说者，以聘请国会议员 - 在必要时雇用诉讼。Ralls Corp.是中国工业企业集团三一集团公司的基于特拉华州的子公司，起诉了奥巴马政府，为俄勒冈州俄勒冈州的600万美元收购了600万美元的国家安全理由。（农场靠近海军武器培训设施。）在7月份，一份联邦上诉法院与Ralls联系，裁决当局通过无效购买违反了公司的权利。
“我们很惊喜，美国法院将与中国公司在这一中国的国家安全问题方面，”中国风险投资与私募股权协会的李说。“这一决定使中国投资者更有信心，并会提升我们在美国投资的愿意。”
The decision has encouraged Li and his association members to proceed with their plan to invest as much as $50 million in the California Green Tech Park, an environmentally focused industrial park in Silicon Valley. The park will serve as an incubator for green technology and a gateway for Chinese M&A in the sector, Li says. “Environmental technology is not defense-related and should be a safe area for Chinese companies to invest, incubate technology and even seek acquisitions in,” says Henry Yin, a retired Silicon Valley entrepreneur who is leading efforts to develop the park.
Chinese companies are eager to license or buy technology and acquire companies that they can use to help clean up China’s polluted environment, Li says. The Chinese government has earmarked more than $650 billion through 2015 for environmental cleanup of its cities.
Despite the huge potential for M&A that the U.S. offers, the Chinese government will be wary of potential political repercussions, says Guan Anping, an adviser to the Ministry of Commerce. “The Chinese government saw how the U.S. froze Russian assets of various sorts after the fallout from the乌克兰危机“关说。“The government encourages Chinese enterprises to invest offshore, but one nation the government will be cautious on is the U.S. The last thing the Chinese government wants is for the U.S. assets of Chinese enterprises to be frozen or caught up in a potential conflict between the two nations in the future.”
美国不是唯一关于向中国销售敏感技术的国家。欧洲国家也是中国投资公司的北京和布鲁塞尔的私募股权基金经理，该国的主权财富基金和各种欧洲投资者支持的北京和布鲁塞尔的私募股权基金经理andréloesekrug-pietri。Loesekrug-Pietri推出了10亿欧元的资本技术基金，以帮助欧洲技术公司渗透新兴市场那particularly China. The fund, which gets about a third of its capital from China and the rest from Europe, is investing in a variety of European companies.
“我们是中国市场的欧洲和深深的嵌入，”Loesekrug-Pietri说。欧洲的康复提高了交易的竞争，他说：“这些天欧洲公司获得兴趣，你必须带来不仅仅是金钱。”资本会提供潜在的目标是什么？进入中国。“我们将帮助我们的投资组合企业通过中国市场推动其增长，”Loesekrug-Pietri说。
Giving sellers more than just money was an important part of Hony Capital’s acquisition of Pizza Express, says Hony’s Zhao. “We have capital; we have a huge market to give access to — not only China but all of新兴市场，“ 他说。“披萨快递与霍尼资本有着光明的未来是销售的关键因素。”•
在推特上跟随艾伦t. cheng@acheng87。