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pwc.co.uk/china China deals 中国并购交易 A fresh perspective 新视角 October

2012 2012年10月 中国并购交易? 3? 目录 欢迎辞

5 序言:英中贸易协会

9 中欧交易流:趋势透视

11 增进了解...苏启元访谈

25 从交易杀手到交易赢家

29 中英交易:再上一层楼

41 请联系我们

46 Contents Welcome

4 Foreword: China-Britain Business Council

8 China-Europe-China deal flow: a perspective on the trends

10 Getting to know... Ken Su

24 From deal-breakers to deal-makers

28 China and the UK: building on experience

40 Please get in touch

46 4 A fresh perspective - China deals 中国并购交易?

5 欢迎辞 了解中欧并购交易流增长水平,? 探讨其对参与企业和领域的影响 2001年入世后刚过十年, 中国已超 越德国和日本成为全球第二大经济 体. 同年, 中国取代美国, 成为全球 第一大制造国. 短短二十年间, 欧 洲已成为中国最大的出口市场, 现 在还成为了对中国投资者最具吸引 力的地区. 随着自身的强劲增长以 及中产阶级的不断涌现, 中国也已 成为欧洲的第二大出口市场, 同时 也是欧洲企业的投资目的地. 在这 些统计数据背后, 中欧企业的并购 活动在不断增长. 像静动脉循环网 络一样, 并购活动使得中欧企业各 自都获得了市场、 技术和专长. 无 论是中国还是欧洲的公司, 有必要 了解这些交易发生的原理及原因, 只有这样, 才能深刻理解其战略影 响以及机遇. 虽然中欧之间数十亿欧元的重磅交 易经常成为各类媒体的头条, 但它 们并不是我们最关注的一面. 在我 们看来, 那些双向、 多领域的小交易 流增量, 才是维持中欧贸易流的血 肉所在. 我们坚信, 这些大大小小 的交易, 终会成为今后增长、 就业 及创新的源头. 在本期的 《中国并购交易》 , 我们将 为您奉上未来将会定期更新的中欧 及欧中交易流: 哪些公司正在投资 及其投资原因, 交易的行业和国家 特点, 以及我们就促成交易的原因 以及如何改善交易流程展开的探 讨. 其中有一篇文章回顾了过去几 年交易相关的公开数据, 思考其对 欧中及中欧间并购交易数量及金额 的启示. 我们的分析显示欧洲的现 状固然影响着欧洲投资者的对华投 资, 与此同时中国公司却在各个行 业加大投资. 它还显示即便能源、 金融和公共设施行业的交易时常能 登上媒体头条, 但交易活动最频繁 的却是工业产品领域. 尽管并购活动平稳增长, 但中欧双 方的并购团队却时常会遇到新的难 题. 正如那篇关于促成并购交易原 因的文章所述, 如果想成功竞标, 必须要更好地理解审批流程、 战略 理念以及竞标对象相关的运营、 文 化和政治问题. 即便公司迫切地想 买或者卖, 光有钱是远远不够的. 我们将会探讨双方该怎样才能提升 顺利达成交易的几率. 由于目前欧洲各国在竞相吸引中 国投资和锁定有吸引力的中国并 购目标, 我们将着重探讨英国该如 何利用其在华的投资交易以及吸 引中国到英国投资方面相对较强 的优势, 赢得更丰厚的回报. 尽管 英国已失去了昔日对华投资和吸 收中国海外投资的龙头地位, 但它 仍提供着中国投资者所追求的技 术和产业. 通过加强彼此的联系, 并从双边的经验中学习, 中英两国 均能从中获益. 作为一个全球性的服务网络, 普华 永道英国、 欧洲及中国公司的联系 由来已久. 我们在中国和英国的交 易团队经验丰富, 时刻准备帮助客 户最大限度挖掘并购所带来的增长 潜力. 针对第一期 《中国并购交易》 , 我们万分荣幸地得到英中贸易协 会的支持以及有机会借鉴他们的经 验. 作为一家国际性的商业机构, 我们的成功依赖于与客户、 合作伙 伴以及全球团队间的细致入微的沟 Welcome Looking at the growing level of M&

A flows between China and Europe and what they mean for the companies and sectors involved. Just over ten years since joining WTO in 2001, China has overtaken Germany and Japan to become the world'

s second largest economy. This year China ousted the US from its position as the world'

s largest manufacturer. In barely two decades, Europe has become China'

s biggest export market and now attracts more Chinese investment than any other region. With strong growth and a burgeoning middle class, China is Europe'

s second biggest export market and a target for European companies. Behind these statistics lays a rising level of mergers and acquisitions activity between Chinese and European companies. Like a network of veins and arteries, they are enabling access to markets, technology and expertise for Chinese and European enterprises alike. Businesses in China and Europe need to understand how and why these deals are happening to grasp their strategic impact C and opportunities. Though reports of billion Euro deals between Chinese and European companies regularly make headlines, there is a bigger story. We look at the growing number of smaller deals, flowing in both directions and in a range of sectors that are the lifeblood of China and European trade ties. We believe that these deals, big and small, will be a source of growth, jobs and innovation for years to come. In this issue, we offer what will become a regular update on China- Europe-China deals: who is investing and why, features on sectors and countries, as well as looking at what makes deals happen and how that process can be improved. One article looks at the publically available data on deals over the past several years and considers what it tells us about the volume C and value - of M&

A flows between Europe and China and vice versa. It shows that while conditions in Europe may have affected China- bound investments, there is a ramping up of investment by Chinese companies across different sectors. It also shows that most deal activity is in sectors such as industrial products, even if the headline-grabbing deals have often been for energy, financial or utility targets. Though M&

A activity is steadily growing, both Chinese and European M&

A teams often face unfamiliar hurdles. As the article on making M&

A transactions happen discusses, there is a need for greater understanding of approval processes, strategic rationale and operational as well as cultural or political concerns for bids to be successful. Money may not be enough, even for companies keen to buy or sell. We look at how both parties can increase the chance of a good deal completed. As competition intensifies among European countries to attract investment from China and to find attractive Chinese targets, we consider how the UK in particular can benefit from its comparatively strong performance in doing deals in - and attracting investment from C China. Though it has lost its lead for both outbound and inbound Chinese M&

A, as a country it offers the skills and industries for which Chinese investors are looking. Both countries could gain by strengthening their ties and building on their mutual experience.

6 A fresh perspective - China deals 中国并购交易?

7 通. 除了监管和商业要求之外, 并 购交易还是关于在正确的时间, 连 同正确的事实把人们连结在一起. 这份刊物为我们的工作提供支持, 同时也有助于促进我们的客户顺利 完成并购交易. 在此我们诚挚地希 望, 无论您身处北京还是伦敦, 此 份报告能给您提供新的视角―― 同时拉近两地间的距离. Nick Page Partner 合伙人 Transaction Services UK Emerging Markets leader 企业并购服务部英国新兴市场主管 PwC UK 普华永道 (英国) +44 (0)

20 7213

1442 [email protected] Nick is a partner in Transaction Services in London and has a focus on investment activity with emerging markets. He worked in Moscow in the mid-1990s and has been active in M&

A with emerging markets ever since. He is also the head of the financial services team. Nick是伦敦的企业并购服务部执行合伙人, 侧重于新兴市场 的投资活动. 上世纪90年代中期他在莫斯科工作, 自此开始活 跃于新兴市场的并购领域. 同时, 他还是金融服务团队的负 责人. Philip Bloomfield Partner 合伙人 Transaction Services UK China team leader 企业并购服务部英中团队负责人 PwC UK 普华永道 (英国) +44 (0)20

7804 4904 [email protected] Philip is a partner in our Transaction Services business, based in London. He leads our UK Transactions team focused on China and has worked with PwC China since 2008/09 when he led the firm'

s work in support of Chinalco'

s proposed joint venture with Rio Tinto. Philip has focused exclusively on the transactions market for over fifteen years. Philip现为普华永道企业并购服务部 (英国) 的执行合伙人. 他领导的英国企业并购团队集中关注中国市场. 2008/09年他 领导公司为中铝提议的与力拓合资方案提供支持服务, 自此 他便开始与普华永道 (中国) 合作. 在过去十五年里, Philip专 司并购交易市场业务. As a global network, the ties between the PwC firms in the UK, Europe and China are long established. Our experienced deal teams in China and the UK are well positioned to help clients make the most of the growth opportunities M&

A can bring. For this first edition of China Deals we were privileged to be able to draw on their experience and the support of the China-British Business Council. As an international business, our success depends on ensuring finely tuned connectivity between our clients, partners and teams worldwide. For all the regulatory and commercial requirements, deal making is also very much about connecting people at the right time and with the right facts. This publication supports our work and that of our clients to get good deals done. We hope that this report provides you with some fresh perspective, whether you are reading it in Beijing or London C the distance between the two is narrowing all the time. Allan Zhang 张鉴钧 Director 总监 Advisory 咨询部 PwC UK 普华永道 (英国) Tel/

电话: +44(0)207

804 5605 [email protected] Allan is a director of PwC Beijing office. He worked at PwC China'

s Transaction Services team for over six years and is currently on a two-year secondment to PwC UK, focusing on outbound deals from China. Allan also leads PwC China'

s Sustainability and Climate Change practice and is a member of Carbon Disclosure Project China Advisory Council. He is a frequent speaker of major international and domestic conferences as a subject matter expert of outbound deals and sustainability. 张鉴钧现为普华永道北京办公室总监. 他曾在普华永道 (中国) 企业并 购服务团队供职六年之久, 目前被借调到普华永道 (英国) 两年, 主要 负责中国的海外并购交易. 张鉴钧同时主管普华永道 (中国) 的可持续 发展和气候变化业务, 他目前为碳信息披露项目中国咨询委员会成员. 他多次以中国海外并购和可持续发展专家的身份在国内外的重大会议 上演讲.

8 A fresh perspective - China deals 中国并购交易?

9 序言:英中贸易协会 我很荣幸能受邀撰写此份序言, 为普华永道的这份令人振奋的新 举措尽绵薄之力. 过去30年, 中英、 中欧的经贸关系 在深度和广度上有了令人瞩目的 发展. 截至近期, 这种发展更多地 体现在中国对欧出口连年增长, 欧洲对华货物和服务输出强劲、 以及很多欧洲企业对华投资. 最近几年, 中欧贸易最令人欣喜的 一面是中国海外投资呈扩大趋势. 为开辟新的市场和销售渠道, 开发 技术、 品牌和诀窍, 投资各种资产 和筹集资金, 越来越多的中国公司 开始寻求境外的商业机会. 如果说 自然资源需求是 早期 中国境外 投资的源动力的话, 提升价值链的 迫切需求就是今日中国资本纷纷涌 向欧洲市场的原因所在. 绿地投资仍占据重要地位, 中国公 司继续设立销售处并设立研发中 心. 但值得欣喜的一项进展是中国 资本对并购活动的兴趣逐渐增强. 对英中贸易协会而言, 中国公司、 投资者及政府要员曾进行过无数 次的洽谈, 这一趋势非常明显. 企 业自身意识到了境外投资对自身业 务发展的重要性, 而中国政府也把 海外投资看成是中国走向................