中國實業(yè)集團轉(zhuǎn)攻娛樂業(yè)

Song Liao Automotive had tried its luck in different industries since the mid-1990s, moving from passenger cars to spare auto parts, infant formula, medical instruments and food packaging.

自上世紀90年代中期以來，松遼汽車(Song Liao Automotive)在許多行業(yè)碰過運氣，從乘用車轉(zhuǎn)向汽車配件、嬰兒配方奶粉、醫(yī)療儀器及食品包裝領(lǐng)域。

But after a string of losses, the group in 2016 recreated itself yet again — this time with designs on breaking into the global entertainment business through a billion-dollar overseas acquisition.

然而，在經(jīng)歷了一連串虧損之后，該集團在2016年再次重組了業(yè)務——這一次旨在通過一宗數(shù)十億美元的海外并購，進軍全球娛樂產(chǎn)業(yè)。

Song Liao, which changed its name to Cultural Investment Holdings (CIH) in April, is one of scores of Chinese companies that are trying to leave behind slow growth manufacturing and leap into new sectors fashionable at home and abroad — including entertainment, pharmaceuticals and travel.

松遼汽車于2016年4月更名為文投控股(CIH)，目前不少中國公司正試圖退出增長緩慢的制造業(yè)，進入國內(nèi)外新時興的產(chǎn)業(yè)，包括娛樂、制藥和旅游，這家公司就是其中之一。

Researchers tracking these companies say many listed Chinese groups have sought to make such a transformation, often with the help of an expensive overseas takeover designed to bolster their credentials in otherwise unfamiliar lines of business.

跟蹤研究這些企業(yè)的研究人員表示，中國已有許多上市集團尋求這樣的轉(zhuǎn)型，它們通常會實施代價高昂的海外并購，以求提升自身在并不熟悉的行業(yè)的資質(zhì)。

Many of those deals were done in 2016, helping drive the record $220bn in overseas M&A Chinese companies agreed to last year, double the 2015 total.

其中許多并購交易是在2016年達成的，使得去年中國企業(yè)達成的海外并購交易金額達到創(chuàng)紀錄的2200億美元，為2015年的兩倍。

But now they face two looming obstacles. First, regulators seeking to stem the outflow of capital from China have for the past few months been sharply restricting acquisitions abroad. Second, bankers have begun to worry about the commercial viability of investments in modern sectors by old-fashioned industrial groups. They are also wary of the impact of the new official curbs on capital outflows.

然而，如今它們面臨著兩個日益顯現(xiàn)的障礙。首先，過去幾個月里，試圖阻止資金流出中國的監(jiān)管機構(gòu)一直在嚴格限制海外并購。其次，銀行家已開始擔憂老產(chǎn)業(yè)集團對現(xiàn)代化行業(yè)的投資是否具有商業(yè)可行性。他們還十分警惕官方對資金外流的新限制措施所產(chǎn)生的影響。

“Whatever is hot, they go acquire assets in that area and then ask for a name change,” says Li Wei, a professor of economics at Cheung Kong Graduate School of Business, noting that the decisions can be made hastily.

長江商學院(Cheung Kong Graduate School of Business)經(jīng)濟學教授李偉表示：“哪個領(lǐng)域火他們就收購哪個領(lǐng)域的資產(chǎn)，再要求改個名字。”他還指出，這類決定可能是倉促做出的。

Professor Li has identified more than 100 similar groups, the majority of which change their names, adding words such as “technology”, “internet” or “pharmaceutical” to their new titles. Chinese poultry group Sumpo Food changed its name to Leyou Technologies before buying UK game developer Splash Damage last year, for example.

李偉教授已發(fā)現(xiàn)逾100家類似的企業(yè)集團，它們中大多數(shù)都改了名字，在新名稱中加入了“科技”、“互聯(lián)網(wǎng)”或“藥業(yè)”等字眼。比如，中國禽業(yè)集團森寶食品(Sumpo Food)更名為樂游科技(Leyou Technologies)，后來在去年收購了英國游戲開發(fā)商Splash Damage。

Driving the corporate upheavals has been local government and bank support, Prof Li says.

李偉表示，地方政府和銀行的支持，是推動這波企業(yè)轉(zhuǎn)型的力量。

Many of the groups have been large employers and generators of tax revenue for medium and small cities around the country. As manufacturing and other industry slows in China, company leaders and local government cadres have become eager for the groups to find a new means of survival.

其中許多企業(yè)一直是中國各中小城市的招工和納稅大戶。隨著中國制造業(yè)和其他產(chǎn)業(yè)放緩，企業(yè)領(lǐng)導和地方政府干部急切地想讓企業(yè)找到生存的新手段。

Buying into higher-returning assets has been one solution, and local banks are often on hand to provide the capital needed to make the transition, Prof Li says.

李偉表示，買入回報率較高的資產(chǎn)是解決方案之一，而當?shù)劂y行往往隨時準備提供企業(yè)轉(zhuǎn)型所需要的資金。

Just months after changing its name and announcing a foray into film and television, CIH agreed to pay out $187m in November for a 75 per cent stake in Framestore, the British visual-effects company that worked on blockbuster Hollywood films such as The Dark Knight and The Martian. The deal was backed by local banks.

文投控股更名及宣布進軍影視業(yè)幾個月后，在去年11月同意支付1.87億美元，買入Framestore公司75%的股份。Framestore是一家英國視覺特效公司，曾參與過《蝙蝠俠:黑暗騎士》(The Dark Knight)和《火星救援》(The Martian)等好萊塢大片的特效制作。這一并購交易獲得了當?shù)劂y行的資金支持。

Chemical group Jinke Peroxides, which changed its name to Jinke Entertainment Culture last year, announced in January that it would pay $1bn for UK-based Outfit 7, the developer of “Talking Tom”, a computer application for children.

化工集團浙江金科過氧化物股份有限公司(Zhejiang Jinke Peroxides)去年更名為金科娛樂文化(Jinke Entertainment Culture)。今年1月，該公司宣布擬斥資10億美元，收購總部位于英國的Outfit 7，后者是面向兒童的電腦應用《會說話的湯姆貓》(Talking Tom)的開發(fā)商。

Jinke — both as a peroxide maker and as vendor for children’s video games — has enjoyed strong local-government support for the deal.

既是過氧化物生產(chǎn)商、也是少兒視頻游戲發(fā)行商的金科在這筆交易上得到了當?shù)卣拇罅χС帧?/p>

But some investment banks have become increasingly tepid on supporting the companies’ global ambitions following a recent regulatory clampdown.

但在最近監(jiān)管機構(gòu)出手嚴控后，一些投行對支持這些轉(zhuǎn)型企業(yè)的全球抱負變得日益冷淡。

China’s foreign exchange regulators have vowed to stem capital outflow in the form of overseas investment. In December, the Ministry of Commerce warned it would monitor closely all outbound investments into gaming, entertainment and film production for speculative investments.

中國外匯監(jiān)管機構(gòu)誓言遏制海外投資形式的資本外流。12月，商務部發(fā)出警告，將密切監(jiān)視一切以投機性投資為目的，流入博彩、娛樂和電影制作的對外投資。

Around the same time CIH announced the buyout of Framestore, the company approached at least two investment banks about much larger acquisition targets, including Imagina Group, a Spain-based media company that has backed films such as Woody Allen’s Vicky Cristina Barcelona and distributes Spain’s top football league internationally.

幾乎在文投控股宣布收購Framestore的同一時間，該公司還就一些大得多的收購目標接洽了至少兩家投行。這些目標中包括西班牙媒體公司Imagina Group，這家公司曾參與投資伍迪•艾倫(Woody Allen)執(zhí)導的《午夜巴塞羅那》(Vicky Cristina Barcelona)等電影，并在國際范圍內(nèi)分銷西班牙頂級足球聯(lián)賽的轉(zhuǎn)播權(quán)。

Bankers who had contact with CIH were puzzled at its rapid swing from auto parts to film production and media rights. The banks decided against working with the company on the deal that valued Imagina at more than $2bn.

與文投控股接觸過的銀行家們對于其從汽車配件迅速轉(zhuǎn)向電影制作和放映業(yè)務感到困惑。在這筆對Imagina的估值超過20億美元的交易上，這些銀行已決定不與該公司合作。

“We have no idea how the regulator would treat [this kind of deal],” says one of the bankers.

“我們不知道監(jiān)管機構(gòu)會如何處理(這類交易)，”其中一名銀行家說。

CIH did not respond to a request for comment on the matter.

文投控股沒有回應對此事的置評請求。

Jingfeng Pharmaceutical’s plan to buy a New York-listed hospital operator has run into similar problems, with bankers questioning the company’s ability to make a big transition.

景峰醫(yī)藥(Jingfeng Pharmaceutical)收購一家在紐約上市的醫(yī)院運營商的計劃也遭遇了類似問題，銀行家質(zhì)疑該公司是否有能力實現(xiàn)大轉(zhuǎn)型。

Previously, Jingfeng was a producer of agricultural and industrial pumps called Hunan Tianyi Science & Technology. In 2015, after a period of restructuring, it emerged as Jingfeng and announced that its primary line of business was medicine investment and biopharmaceutical research.

景峰醫(yī)藥的前身是農(nóng)業(yè)和工業(yè)泵制造商湖南天一科技(Hunan Tianyi Science & Technology)。2015年，經(jīng)過一段重組期后，天一科技變更為景峰制藥，并宣布主營業(yè)務為醫(yī)藥投資和生物制藥研發(fā)。

During the final months of 2016, the company approached Chinese investment banks to explore a takeover offer for Nobilis Health Corp, according to two people familiar with the matter. Nobilis manages and owns healthcare facilities in Texas and Arizona and has a market capitalisation of $163m.

據(jù)兩名知情人士透露，在2016年最后幾個月，該公司與中資投行接洽，討論對Nobilis Health Corp發(fā)出收購要約的事宜。Nobilis在德克薩斯州和亞利桑那州擁有和管理醫(yī)療設(shè)施，市值1.63億美元。

Banks reacted coolly to Jingfeng’s proposal and do not plan to move ahead with the client — mainly because the company’s lack of experience in the area.

銀行對景峰的提議反應冷淡，并不打算與該客戶推進此事——主要原因是該公司缺乏在該領(lǐng)域的經(jīng)驗。

Jingfeng did not respond to requests for comment.

景峰沒有回應置評請求。

“It’s difficult for management to go into these new industries,” says Ivan Chung, a managing director at Moody’s Investors Service. “Overseas investment is particularly tough because they may not understand things like tax and law in other countries.”

“管理層要進入這些新行業(yè)是很難的，”穆迪投資者服務(Moody’s Investors Service)執(zhí)行董事鐘汶權(quán)(Ivan Chung)表示，“海外投資尤為棘手，因為他們或許不了解其他國家的稅收和法律等情況。”

Rapid corporate transitions can sometimes signal distress. Mr Chung points to the bond default of Cloud Live Technology in 2015 just months after the company made a radical shift into cloud computing. Originally it operated Hunan-style restaurants in Beijing.

快速的企業(yè)轉(zhuǎn)型有時候可能意味著企業(yè)陷入了困境。鐘汶權(quán)指出，2015年中科云網(wǎng)科技(Cloud Live Technology)在急劇轉(zhuǎn)型為云計算企業(yè)僅數(shù)月后就發(fā)生債券違約。該公司最初在北京經(jīng)營湖南風味餐廳。

Prof Li says many of the corporate transformations have been shortsighted, with the push into a new industry coming too late, misreading market or policy signals, or simply failing at the business.

長江商學院的李偉教授表示，很多企業(yè)轉(zhuǎn)型都是短視的，它們進入新行業(yè)或是太晚，或是誤讀了市場或者政策信號，或是僅僅因為業(yè)務做不起來。

“Five years from now, based on what we know about economics, many of these companies will not succeed,” he says.

“基于我們對經(jīng)濟學的了解，五年后很多這樣的企業(yè)都不會成功，”他說。