中國實業集團轉攻娛樂業

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，鬆遼汽車(Song Liao Automotive)在許多行業碰過運氣，從乘用車轉向汽車配件、嬰兒配方奶粉、醫療儀器及食品包裝領域。

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，在經歷了一連串虧損之後，該集團在2016年再次重組了業務——這一次旨在通過一宗數十億美元的海外併購，進軍全球娛樂產業。

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.

鬆遼汽車於2016年4月更名爲文投控股(CIH)，目前不少中國公司正試圖退出增長緩慢的製造業，進入國內外新時興的產業，包括娛樂、製藥和旅遊，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.

跟蹤研究這些企業的研究人員表示，中國已有許多上市集團尋求這樣的轉型，它們通常會實施代價高昂的海外併購，以求提升自身在並不熟悉的行業的資質。

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.

其中許多併購交易是在2016年達成的，使得去年中國企業達成的海外併購交易金額達到創紀錄的2200億美元，爲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，如今它們面臨着兩個日益顯現的障礙。首先，過去幾個月裏，試圖阻止資金流出中國的監管機構一直在嚴格限制海外併購。其次，銀行家已開始擔憂老產業集團對現代化行業的投資是否具有商業可行性。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)經濟學教授李偉表示：“哪個領域火他們就收購哪個領域的資產，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.

李偉教授已發現逾100家類似的企業集團，它們中大多數都改了名字，在新名稱中加入了“科技”、“互聯網”或“藥業”等字眼。比如，中國禽業集團森寶食品(Sumpo Food)更名爲樂遊科技(Leyou Technologies)，後來在去年收購了英國遊戲開發商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，是推動這波企業轉型的力量。

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.

其中許多企業一直是中國各中小城市的招工和納稅大戶。隨着中國製造業和其他產業放緩，企業領導和地方政府幹部急切地想讓企業找到生存的新手段。

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是解決方案之一，而當地銀行往往隨時準備提供企業轉型所需要的資金。

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.

文投控股更名及宣佈進軍影視業幾個月後，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製作。這一併購交易獲得了當地銀行的資金支持。

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)去年更名爲金科娛樂文化(Jinke Entertainment Culture)。今年1月，該公司宣佈擬斥資10億美元，收購總部位於英國的Outfit 7，後者是面向兒童的電腦應用《會說話的湯姆貓》(Talking Tom)的開發商。

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

既是過氧化物生產商、也是少兒視頻遊戲發行商的金科在這筆交易上得到了當地政府的大力支持。

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

但在最近監管機構出手嚴控後，一些投行對支持這些轉型企業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.

中國外匯監管機構誓言遏制海外投資形式的資本外流。12月，商務部發出警告，將密切監視一切以投機性投資爲目的，流入博彩、娛樂和電影製作的對外投資。

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.

幾乎在文投控股宣佈收購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)執導的《午夜巴塞羅那》(Vicky Cristina Barcelona)等電影，並在國際範圍內分銷西班牙頂級足球聯賽的轉播權。

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於其從汽車配件迅速轉向電影製作和放映業務感到困惑。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.

“我們不知道監管機構會如何處理（這類交易），”其中一名銀行家說。

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

文投控股沒有迴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.

景峯醫藥(Jingfeng Pharmaceutical)收購一家在紐約上市的醫院運營商的計劃也遭遇了類似問題，銀行家質疑該公司是否有能力實現大轉型。

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.

景峯醫藥的前身是農業和工業泵製造商湖南天一科技(Hunan Tianyi Science & Technology)。2015年，經過一段重組期後，天一科技變更爲景峯製藥，並宣佈主營業務爲醫藥投資和生物製藥研發。

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.

據兩名知情人士透露，在2016年最後幾個月，該公司與中資投行接洽，討論對Nobilis Health Corp發出收購要約的事宜。Nobilis在德克薩斯州和亞利桑那州擁有和管理醫療設施，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.

銀行對景峯的提議反應冷淡，並不打算與該客戶推進此事——主要原因是該公司缺乏在該領域的經驗。

Jingfeng did not respond to requests for comment.

景峯沒有迴應置評請求。

“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是很難的，”穆迪投資者服務(Moody’s Investors Service)執行董事鍾汶權(Ivan Chung)表示，“海外投資尤爲棘手，因爲他們或許不瞭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.

快速的企業轉型有時候可能意味着企業陷入了困境。鍾汶權指出，2015年中科雲網科技(Cloud Live Technology)在急劇轉型爲雲計算企業僅數月後就發生債券違約。該公司最初在北京經營湖南風味餐廳。

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，很多企業轉型都是短視的，它們進入新行業或是太晚，或是誤讀了市場或者政策信號，或是僅僅因爲業務做不起來。

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

“基於我們對經濟學的瞭解，五年後很多這樣的企業都不會成功，”他說。