中國(guó)監(jiān)管新規(guī)傷及對(duì)外娛樂業(yè)收購(gòu)
中國(guó)多家企業(yè)實(shí)施迪斯尼式轉(zhuǎn)型、從投資者眼中不討喜的工業(yè)“青蛙”變?yōu)橛⒖〉膫髅?ldquo;王子”的企圖，受到了限制資金外逃的新監(jiān)管規(guī)定的沉重打擊。
The Chinese currency controls could scupper the metamorphosis of enterprises such as Zhejiang Jinke Entertainment, formerly known as Zhejiang Jinke Peroxides, an industrial chemical company from southern China.
中國(guó)的外匯管制或令浙江金科娛樂文化股份有限公司(Zhejiang Jinke Entertainment)等企業(yè)的轉(zhuǎn)型遭遇失敗。該公司原名浙江金科過氧化物股份有限公司(Zhejiang Jinke Peroxides)，是中國(guó)南方一家化工企業(yè)。
Its move from a lacklustre sunset industry towards becoming a global entertainment powerhouse had been swift. In February, it bought a local mobile gaming company for Rmb2.9bn ($420m); in July, it officially changed its name and said it would buy more entertainment assets.
這家原本屬于一個(gè)死氣沉沉的夕陽產(chǎn)業(yè)的公司，一直以迅速的步伐朝著成為一家強(qiáng)大的全球娛樂企業(yè)邁進(jìn)。今年2月，該公司斥資29億元人民幣(合4.2億美元)收購(gòu)了國(guó)內(nèi)一家手游公司;今年7月，該公司正式更改了企業(yè)名稱，并表示會(huì)收購(gòu)更多娛樂業(yè)資產(chǎn)。
Within a month, its Shenzhen-listed share price had surged 70 per cent.
在不到一個(gè)月的時(shí)間里，這家在深市上市的企業(yè)股價(jià)暴漲了70%。
But Jinke’s plans have been thrown into flux. Last week, just as several Chinese news outlets reported it was in talks to buy the Slovenian entertainment company Outfit 7, valued at €600m, Beijing was busy promulgating new rules limiting capital outflows from China — including foreign acquisitions by Chinese groups.
然而，如今金科的計(jì)劃卻已陷入不確定性之中。最近，就在多家新聞機(jī)構(gòu)報(bào)道該公司正在進(jìn)行談判、準(zhǔn)備收購(gòu)估值為6億歐元的斯洛文尼亞娛樂公司Outfit 7之際，中國(guó)政府正忙著頒布限制資金流出中國(guó)(包括中資企業(yè)的境外收購(gòu)行為)的新規(guī)定。
In particular, it focused on those that had little to do with the company’s core business. In Zhejiang Jinke’s case, despite the name change, this is still peroxide chemicals.
中國(guó)政府尤其關(guān)注的是那些與收購(gòu)發(fā)起公司的核心業(yè)務(wù)沒什么關(guān)系的交易。在浙江金科的案例中，盡管該公司改了名字，它的核心業(yè)務(wù)仍然是過氧化物生產(chǎn)。
Last Tuesday, four Chinese regulators issued a joint statement saying they were monitoring the tendency of “irrational” overseas investment in several industries, specifically real estate, hotels, film, entertainment and sports clubs.
上周二，中國(guó)四家監(jiān)管機(jī)構(gòu)發(fā)布了一份聯(lián)合聲明，表示它們正在密切關(guān)注在房地產(chǎn)、酒店、影城、娛樂業(yè)、體育俱樂部等領(lǐng)域出現(xiàn)的一些“非理性”對(duì)外投資傾向。
“Tying up to a media business has become very hip,” says Michael Fosh of the Beijing office of Reed Smith, a law firm that handles entertainment deals. He notes similarities with the rush to capitalise on the commodities boom several years ago, when local companies that changed their names to include “resources” saw their stock prices shoot up.
禮德律師事務(wù)所(Reed Smith)北京辦事處的傅石(Michael Fosh)表示：“與傳媒企業(yè)攜手已變得非常時(shí)髦。”他還指出，這與幾年前企業(yè)爭(zhēng)相利用大宗商品熱潮獲利的情況類似，當(dāng)時(shí)多家在名稱中增加“資源”兩字的中國(guó)國(guó)內(nèi)企業(yè)股價(jià)直線上升。禮德律師事務(wù)所為娛樂業(yè)并購(gòu)交易提供法律服務(wù)。
Last year, when Dalian Kemian Wood Industry changed its name to Dalian Zeus Entertainment Group, its share surged by three quarters over the course of the year.
去年，大連科冕木業(yè)股份有限公司(Dalian Kemian Wood Industry)更名為大連天神娛樂股份有限公司(Dalian Zeus Entertainment Group)，其股價(jià)在該年暴漲了四分之三。
The latest attempt at a metamorphosis was the agreement last month by Anhui Xinke New Materials, a copper processor, to pay as much $518m to buy the parent company of Voltage Pictures, the Hollywood studio behind The Hurt Locker movie.
此類轉(zhuǎn)型嘗試的最新例子，是上個(gè)月銅加工商安徽鑫科新材料股份有限公司(Anhui Xinke New Materials)達(dá)成協(xié)議，以5.18億美元收購(gòu)Voltage Pictures的母公司。Voltage Pictures是制作電影《拆彈部隊(duì)》(The Hurt Locker，見上圖)的好萊塢制片廠。
The new investment rules cast doubt on whether the strategic transformations of many Chinese heavy industrial companies can succeed and revive share prices and fortunes depressed by an economic slowdown.
新的投資規(guī)定令人懷疑許多中國(guó)重工業(yè)企業(yè)的戰(zhàn)略轉(zhuǎn)型能否成功、以及能否重振受到經(jīng)濟(jì)放緩打壓的股價(jià)和企業(yè)命運(yùn)。
The regulations appear more far-reaching than initially thought. A number of already agreed foreign deals have been delayed as of November 28, according to one financier who works in the entertainment industry, pending questions from the State Administration on Foreign Exchange — including some transactions well below the $1bn threshold for official scrutiny.
這一監(jiān)管規(guī)定的影響似乎遠(yuǎn)遠(yuǎn)超出了最初的設(shè)想。根據(jù)一位娛樂業(yè)領(lǐng)域金融人士的說法，截至11月28日，已有多筆已經(jīng)達(dá)成的對(duì)外交易被推遲，等待國(guó)家外匯管理局(State Administration of Foreign Exchange)的問詢——其中包括部分規(guī)模大大低于10億美元官方審查門檻的交易。
The situation is also causing problems for foreign companies, with some unable to complete the usually routine process of remitting dividends abroad.
這一局面也在為外國(guó)企業(yè)帶來問題，部分外企無法完成將股息匯往境外這一通常為例行的程序。
With the restrictions, Beijing is seeking to curb capital flight disguised as foreign investment. Some Chinese companies are thought to have moved billions of dollars offshore via acquisitions to escape the country’s weakening currency, with analysts noting a particular tendency among Chinese buyers to overpay for foreign assets.
中國(guó)政府正試圖通過這些限制舉措，抑制偽裝成對(duì)外投資的資金外逃行為。有人認(rèn)為，部分中國(guó)企業(yè)已將數(shù)十億美元資金通過并購(gòu)的方式轉(zhuǎn)移至境外，以規(guī)避不斷走弱的人民幣——分析師指出，中國(guó)買家中出現(xiàn)了以過高價(jià)格收購(gòu)境外資產(chǎn)的獨(dú)特傾向。
Commerce ministry data show that overseas purchases by Chinese companies hit $146bn in the first 10 months of this year, surging past last year’s record of $121bn for non-financial outbound investments.
商務(wù)部數(shù)據(jù)顯示，今年頭10個(gè)月中國(guó)企業(yè)對(duì)境外企業(yè)的非金融類直接投資猛增，達(dá)到1460億美元，超過了去年創(chuàng)下的1210億美元的紀(jì)錄。
Authorities are primarily concerned about outbound deals worth more than $10bn, but those exceeding $1bn will face examination if they are outside a company’s core business, say people who have seen a draft of the new State Council rules. In practice, deals well below that level are being queried by regulators, the people add.
見過國(guó)務(wù)院新規(guī)定草案的人士表示，中國(guó)當(dāng)局主要關(guān)心的是價(jià)值超過100億美元的對(duì)外并購(gòu)交易，不過如果是涉及企業(yè)核心業(yè)務(wù)以外的并購(gòu)，10億美元以上的交易就會(huì)面臨審查。該人士還說，實(shí)際上，規(guī)模大大低于這一水平的交易也已遭到監(jiān)管機(jī)構(gòu)問詢。
Analysts say that even well-established entertainment companies may have trouble closing already agreed deals.
分析師表示，即使是老牌的娛樂業(yè)企業(yè)，要完成已達(dá)成的交易也可能遇上麻煩。
“I expect that over the next few months the government will make it very difficult for a lot of outbound M&A deals to close,” says Shaun Rein, managing director of China Market Research, a consultancy in Shanghai. “I think it’s going to be tough for the entertainment deals — a lot of those deals are about trying to get money out of the country or just to diversify.”
上海咨詢機(jī)構(gòu)中國(guó)市場(chǎng)研究集團(tuán)(China Market Research)董事總經(jīng)理雷小山(Shaun Rein)表示：“預(yù)計(jì)今后幾個(gè)月政府會(huì)令許多對(duì)外并購(gòu)交易極難完成。我認(rèn)為娛樂業(yè)交易將面臨困難——許多這類交易是為了將資金轉(zhuǎn)移至國(guó)外或者僅僅是為了讓業(yè)務(wù)多元化。”
Dalian Wanda, the property and entertainment conglomerate led by Wang Jianlin, the country’s richest man, has been leading the Chinese march into Hollywood. Wanda, which is building a formidable US film empire, last month agreed to pay $4bn for Dick Clark Productions, the company that runs the Golden Globe awards and Miss America pageant. Wanda declined to comment on whether the deal has closed or how it might be affected by the restrictions.
中國(guó)首富王健林旗下的房地產(chǎn)和娛樂業(yè)集團(tuán)大連萬達(dá)(Dalian Wanda)一直引領(lǐng)著中國(guó)人向好萊塢的進(jìn)軍。萬達(dá)目前正在打造一個(gè)強(qiáng)大的美國(guó)電影業(yè)帝國(guó)。上個(gè)月，該集團(tuán)同意斥資40億美元，收購(gòu)運(yùn)營(yíng)金球獎(jiǎng)(Golden Globe)和美國(guó)小姐(Miss America)選美活動(dòng)的迪克•克拉克制片公司(Dick Clark Productions)。對(duì)于該交易是否已經(jīng)完成、或者上述限制可能如何影響該集團(tuán)的問題，萬達(dá)拒絕置評(píng)。
Jinke Entertainment says it was in talks about acquiring an asset, though it declined to give details, and seemed unperturbed by the new regulations. “We are going with our original plan; we don’t expect any impact,” the company says.
金科娛樂表示，該公司正在就收購(gòu)一項(xiàng)資產(chǎn)進(jìn)行談判，不過它拒絕透露相關(guān)細(xì)節(jié)，而且似乎對(duì)新的監(jiān)管規(guī)定安之若素。該公司表示：“我們正在按原計(jì)劃實(shí)施，預(yù)計(jì)不會(huì)受到任何影響。”
Analysts say Anhui Xinke’s deal may well come under the microscope, especially since the price it paid was high, according to two entertainment finance specialists.
分析師表示，安徽鑫科的交易或許會(huì)被置于顯微鏡下審視，尤其是考慮到根據(jù)兩位娛樂業(yè)金融專家的說法，該公司支付的價(jià)格很高。
Xinke considers media its core area of business, according to Chinese press reports, because it has a television station in the central Chinese city of Xian and has set up a special media subsidiary based in Hong Kong.
據(jù)中國(guó)媒體報(bào)道，由于鑫科在中國(guó)中部城市西安擁有一家電視制作公司，在香港還擁有一家專門的傳媒公司，該公司認(rèn)為傳媒是自己的核心業(yè)務(wù)。
But there are separate questions about how Xinke plans to pay for its 80 per cent stake in Voltage Pictures. The deal is to be all cash, but Xinke made a profit of just Rmb74m ($11m) last year, on revenues of Rmb5.8bn, according to stock exchange filings.
不過，對(duì)于鑫科打算如何為Voltage Pictures公司80%的股份付款，還存在其他質(zhì)疑。該交易將全部用現(xiàn)金完成，然而根據(jù)鑫科向證交所提供的文件，該公司去年?duì)I收為58億元人民幣，利潤(rùn)總額只有7400萬元人民幣(合1100萬美元)。
Voltage Pictures did not immediately respond to a request for comment. Xinke declined to comment on the deal.
Voltage Pictures未馬上回復(fù)記者的置評(píng)請(qǐng)求。鑫科拒絕置評(píng)該交易。
“These regulations are a double-edged sword,” says one entertainment financier in Beijing. “There are a lot of crazy deals that will get blocked, but some legitimate ones might also run into trouble.”
北京一位娛樂業(yè)金融人士表示：“這些監(jiān)管規(guī)定是一把雙刃劍。許多瘋狂的交易將被封殺，但部分合法交易可能也會(huì)遇到問題。”
