海航成功收購英邁緩解資本管制擔憂
bankers working for China’s HNA Group have been buoyed by the successful completion of its $6bn deal for US technology group Ingram Micro —
中國海航集團(HNA Group)成功完成對美國科技集團英邁(Ingram Micro)的60億美元收購交易，令參與該交易的銀行家振奮不已。
indicating that other pending acquisitions of overseas assets will not be blocked by restrictions on moving capital offshore.
這筆交易表明，其他仍未完成的對海外資產的收購，不會受到限制資本流出措施的阻礙。
HNA’s Ingram deal had been awaiting approval from China’s State Administration of Foreign Exchange.
海航收購英邁的這筆交易此前一直在等待中國國家外匯管理局批准，
But it was thrown into question by new State Council restrictions on Chinese groups buying overseas companies in areas outside their core business.
但中國國務院出臺的限制中企收購核心業務以外海外公司的新規，令這筆交易出現了變數。
Any noncore acquisition worth more than $1bn will now be refused regulatory approval, according to people who have seen documents on the new rules.
據見過該新規文件的人士表示，現在一切價值10億美元以上的非核心業務收購都不會獲得監管部門的批准。
This clampdown is intended as a stopgap measure, in response to $146bn of outbound investment by Chinese companies in the first 10 months of 2016.
2016年頭10個月中國企業對外投資達1460億美元，上述限制意在臨時應對一下這種局面。
Regulators have publicly stated they will crack down on so-called fake deals, or transactions designed to move capital offshore.
監管部門已公開表示，他們將打擊所謂的虛假交易，即真實目的在於向境外轉移資本的交易。
As a result, bankers had been worried as to whether Ingram’s technology supply chain operation in the US could be deemed as core to HNA, which is a Chinese conglomerate built around an airline business.
因此，銀行家們之前一直擔心，英邁在美國的技術供應鏈業務是否能被視作海航的核心業務——這家中國綜合性企業是圍繞航空業務發展起來的。
One banker working on a number of other cross-border deals with HNA said approval for Ingram was in effect a test to see if they could continue acquiring valuable assets overseas.
一位參與海航其他多筆跨境交易的銀行家表示，英邁這筆交易的審批實際上是一塊試金石，看看他們是否能繼續到海外收購有價值的資產。
HNA has at least seven deals worth up to $6.8bn still awaiting regulatory approval, according to an analysis of data from Dealogic.
根據Dealogic的數據分析，海航至少有7筆總價值高達68億美元的交易等待監管部門批准。
Some banks had started to adopt a cautious stance towards HNA.
有些銀行已開始對海航採取謹慎態度。
One Chinese lender recently removing the company from a list of strategic clients, according to a person familiar with the decision.
據一位知情人士透露，中國一家貸款機構最近將海航移出了其戰略客戶名單。
However, HNA has remained confident.
不過，海航依然信心十足。
Earlier this week, the chief investment officer of one of its investment arms was quoted by Reuters as stating that restrictions on cross-border investment would impact some of its Chinese competitors — but not HNA itself, which might even benefit from having fewer rival bidders.
本週早些時候，路透社(Reuters)援引海航旗下某投資部門首席投資官的話稱，限制跨境投資的措施將對海航在國內的部分競爭對手造成影響，但不會影響到海航自己，海航甚至可能因競標對手減少而獲益。
