中国投资者向公司出售ifonlyitwereassimple|亚博app手机版

本文摘要:hongkong-afteracustomercanceledalargeorderatthelastminute,sharesinAixtron,aGermanhigh-techcompany,sankfastMonthslater,withthestockstillreeling,achineseinvestoragreedtobuythecompany

中国

hong kong-afteracustomercanceledalargeorderatthelastminute,shares in Aixtron,a German high-tech company, sank fast Months later,with the stock still reeling,achineseinvestoragreedtobuythecompany .几个月后,在股价依然低迷的情况下,一位中国投资者向公司出售ifonlyitwereassimpleassmartdeal-making .叹息这件事很简单,只要有人做出明智的交易决定就行。financialfilingsandpublicstatementsindicateawebofrelationshipsamongthecustomer, the buyer and the Chinese state .但是, 通过提交给金融限制机构,thelinkshighlighttheblurredlinesbetweenincreasinglyacquisitivechinesecompaniesandbeijing’slong-termindustrian kesitveryclear : itisnotregularinvestmentthatisatworkhere,said Sebastian Heilmann。

presidentofthemercatorinstituteforchinastudies,a think tank based in Berlin .爱思强的例子不是通常的投资,而是位于柏林的智囊卡托中国研究中心(mercaas Instead,weseegovernmental-programcapitalworkingbehindthescenes .无视,我看到不受政府支配的资本在幕后充分发挥。chineseleadershavemadecleartheirintentionofusingstatefundstoacquiretechnologicalcapabilitiesoverseasandbringthemhome, andaseriesofpurchasesinrecentyearshavehighlightedthatstrategy .中国领导人指出了利用国家基金提供和引进海外技术力量的意图。近年来的一系列收购也强调了这一战略。

中国

thathasledtoquestionsabouthowtotreatbidsthatcrossbetweenprivateinvestmentandstate-orchestrated takeovers.ithasalsofedinnition hetakeovertargets,andwhethernationalchampionswillultimatelybeabsorbedintothesupplychaininchina.还有关于收购目标未来命运的疑问和这些AIX tron-oneofagrowingnumberofeuropeanbusinesseswithcutting-edgetechnologiesthathaverecentlybeentargetedbyasurgeinchineees invin study .近年来,随着中国在海外掀起投资热潮,享有更多最先进技术的欧洲企业提出了其目标。作为其中之一,爱思强获得了有助于研究的案例。A university spinoff,itemployshundredsofhighlyskilledengineersandhasadecades-longhistoryofmakingtheadvancedtoolsneedtomakeses itssystemscandepositlayersofchemicalsjustatomsthickthatgrowthecrystalsneedtomakechipsandlight-emitting diodes .其系统开展化学品itwasfacingabroadslowdownindemandin 2015 when San’anoptoelectronics,basedintheeasternchinesecityofxiamen。

canceledalargeorderatthelastminute.2015年,中国东部城市厦门的三安光电公司最终取消了大订单,爱思强遭遇了市场需求全面上涨的情况。thedecisionsentaixtron’ssharepricecrashing .这一要求使爱思强的股价大幅下跌。By May of this year,ithadagreedtosellitselftoachineseinvestmentfund,Fujian Grand Chip .今年5月拒绝了中国投资基金收购福建宏核心的合同。

yetinatwistthatshowstheconflictingintereststhatcanlurkbehindchinesedeals, San’anhasanumberofconnectionstofujiangrandchiian includingacommoninvestorandanexistingfinancialrelationship .但是,三安光电和福建宏芯这表明,与中国有关的交易背后总是隐藏着利益冲突。fujiangrandchipis 51 percentcontrolledbyliuzhendong,abusinessmanthemercatorinstitutesaidmostlikelyhadgovernmentconnectionsbus邮件The rest is held by Xiamen Bohao,Alocalgovernmentinvestment Fund THatits Elfhaslinkstosan’AN .受当地政府投资基金厦门博灏持有人其余的股票控制,本身是三安光afinancialfilingshowedthatattheendof 2014,San’anowedbohao 300 million renminbi, now worth about $45 million .提交给金融监管部门的东西The following year,anotherfiling showedbohaowedsan’an 240 million renminbi .根据第二年的另一份文件whilethereisnoexplanationgivenforthefundflows,theyappeartoberelatedtofinancingprovidedtosan’anbybohao .文件没有对上述资金流动进行说明There are other links as well .两者之间不存在其他关联。

anotherstate-runinvestmentfirmbasedinxiamenholdsstakesinbothcompanies .厦门的另一家国有投资企业在这两家公司有人股。andabroadernationalinvestmentfundisprovidingaloanfacility,through a subsidiary是forthetakeoverofaixtronwhileholdingastakeinsan justthreedaysaftertheaixtronbidwasannounced,anewcompanywasregisteredatanaddressinquanzhoualongthetaiwanstrait .爱思加强收购合同的消息San’anwasaninvestorinthecompany,andtheaddresswasthesameasthatlistedbyfujiangrandchipinitsaixtronoffer .三安光电是该公司的投资对象。theconnectionsdonotnecessarilyindicatewrongdoing .这些关联不一定意味着著没有违反行为。

Still,theyraisequestionsabouttheindependence of Chinese companiesthathave beenonaglobalhigh-techspending binge .但它们不能。itisthegoalofchineseoutboundindustrialpolicyprogramstoreplaceforeigntechnologyleadersinthemediumterm-notjustinchinabutalso gloog Mr Heilmann said .中国外向型产业政策计划的中期目标是,代替海外科技龙头企业——不仅在中国,在世界出口市场,韩博天先生也这么称呼。

收购

heechoedthecomplaintsofamericandeuropeanofficials是whosaythatwhilechinesechinesecompanies-includingthosebackedbythestate-areables theoppositeisnottypicallyallowedwithinchina .他的诸说与美国和欧洲官员的指责交织在一起。美欧官员说,中国企业——还包括有政府背景的企业——,可以与欧美企业签订收购合同,但如果代替欧美企业收购中国企业,在中国一般是不允许的。thegermaneconomicsministrydeclinedtocommentontheaixtrontakeover .德国经济部拒绝对妻子考虑强烈收购的评价。

Fujian Grand Chip,Bohao and Mr Liu declined to comment .福建宏芯,厦门博灏,刘振东也拒绝接受评价。San’andidnotrespondtoarequestforcomment,but in a statement,aixtronsaidsan’ancanceleditsorderbecauseitspecificqualificationre inanaugustconferencecallwithanalysts,AIX tron’schief executive,Martin Goetzeler,saidtherenowascurrentinvestmentlined Fujian Grand Chip,arelationshipthatwasfirstreportedinthegermanmagazinecapital .在8月份的面向分析师的电话会议上,与爱思强CEO的马丁加特策(Martingoel 在三安光电和福建宏核心之间不存在投资关系的——年初,最初报道这种关系的是德国杂志《资本》 (Capital )。

德国

bidsforcompanieslikeaixtronreflectashiftinchineseinvestmentpatternsthatgoesbackanumberofyears .向爱思强这样的公司收到合同,中国多年来一直在投资chinesecompaniesbearingcheckbookshavegenerallybeenwelcomedineurope .总体来说,拿着支票簿的中国公司在欧洲很受欢迎。theyhaveprovidedasourceoffreshcapitalforailingeuropeanenterprises,like the Swedish carmaker Volvo, The Italian Tire Maker Pirelli The French Resort OPerator Club Med,and the port in Piraeus,Greece .是环境恶劣的欧洲企业,瑞典汽车制造商沃尔沃(VOE butdealsoverthepasttwoyears-whichlastyearhitarecord 20 billion euros,or $22.4 billion, accordingtoasurveybyrhodiumgroupandthemercatorinstitute-havebeguntargetingleading-edgecompanieswithcrucialtechnologies荣鼎集团anxietiesareperhapsmostacuteingermany是whichashadaixtronandthewell-knownroboticscompanykuka-whosetechnologyisubiquitousings 库卡的技术在德国汽车厂随处可见。

Largely because of those two deals,germanyhasbecomethelargestrecipientofchineseinvestmentineuropethusfarin 2016, accordingtothemercatorinstitute .据卡托中心透露,主要是因为这两项交易,德国在欧洲2016年之前离开了仅次于中国投资接受国。In the United States,anumberofchinesebidsforchipcompanieshavebeenundonebyregulatoryconcerns .在美国,中国企业对芯片企业收到的许多合同是监管机构regulatorsthwartedanoverturebysan’anforanamericansemiconductorcompany, andthetreasurydepartment’scommitteeonforeigninvestmentintheunitedstatesisreviewingtheaixtronbid .监督机构对美国半导体公司的三安明确收购提供受美国财政部管辖的美国外国投资委员会(committeeonforeigninvestmentintheunitedstates )正在审查对爱思强明确提出的收购合同。By contrast,europeanlawsgivepoliticiansfewavenuestoblockacquisitions, 与thoughthathasnotstoppedthemfromtrying .相比,presidentfranoishollandeoffrancehaswarnedthechinesehotelgroupjinjiangagainstryingte nchhotelchainAccor法国总统弗朗索瓦奥朗德警告说,中国酒店集团锦江不要收购法国连锁酒店品牌雅高(accor )的多数股份。

And last month是primeministertheresamayofbritaindelayedapprovalofanuclearpowerplantbecauseofsecurityconcernsaboutchinesecompanis 由于担心与中国公司有关的安全性,英国首相茨萨梅推迟了原子能项目的批准。(ithassincebeengiventhegreenlight.) (这个项目现在已经批准了。In Germany,thetakeoverofkuka-frequentlycitedbypoliticiansasemblematicofthecountry’sfutureeconomicdevelopment -政界人经常做这件事theeconomicsministryexaminedthetakeoverofthecompanybymideagroupinchina,whichalreadyowns 95 percentofkukashares, buteventuallydecidedthedealdidnotmeetthestrictcriteriaforaformalreview .该国经济部对中国美集团收购库卡进行了调查,最终展开了月度审查美现在享受着95%的库卡股票。

Beyond politics,concernsalsosurround the origin of the money supporting chinesebids .除了政治之外,还引起了中国企业反对领取合并合同的资金来源的担忧。The Aixtron case,in particular,shows how difficult that can be .爱思强收购案特别反映了其可玩性。ultimatelybothsan’an,the customer,and Fujian Grand Chip,the buyer, arerecipientsofgovernmentfundsearmarkedtohelpchinabuildoutitssemiconductorcapabilities .无论是和蔼可亲的顾客三安,还是购买者福建宏核心基金,都是彻底的while it’snotclearwhetherthetwocoordinatedinanyway, theyareaproductofanewapproachbeijinghastakentodevelopitssemiconductorindustry .还不确定这两家公司是否以某种方式展开协商,但北京是其一半这些都是这一个。Previously,China’sgovernmentwoulddoleoutfundstoseveralwell-known state-owned companies .以前,中国政府没有向许多知名国有企业分发资金。

nowthosefundsarebeingdistributedthroughnationalandlocalinvestmentfunds,which give them out to,and through, smallercompanieslikebohaoandsan’an .现在这些资金以中央和地方投资基金的形式发送,投资基金再次发送到博灏和三安这个小公司,或者再次通过它们发送。germancompanieshavesofarmanagedtostayaheadofchinaandothercompetitorsinqualityandtechnology, buttherearegrowing concernsthatchinesecompaniesarecatchingup .迄今为止,德国公司在质量和技术方面领先于中国和其他竞争对手,但对中国公司赶上的人alotofpeopleingermanyhavemassiveconcernsaboutchinesecompaniestakingoverleadingtechcompanies,said Daniel Bauer, aspokesman agermaninvestor-protection group .许多德国人非常担心中国企业收购德国著名的科技公司,在德国投资者维护的组织SdK的发言人丹尼尔鲍尔(peoplefearthatforeigninvestorswilljusttransfertheknow-howandhavenointerestinkeepingthefacilities .外国投资者在不转移专业技术的情况下拥有设施。

本文关键词:美国,投资基金,亚博app手机版,博灏,收购,德国

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