中國對外投資回暖

China’s overseas acquisition spree, which surged to a record in 2016 before slumping in the first few months of this year, appears to be picking up strength again as state-owned companies stage a comeback while their private peers fall away.

在2016年飆升至創紀錄高位的中國海外併購熱潮，今年頭幾個月曾出現滑坡，但如今似乎正恢復活力，國有企業重裝上陣，而私營企業卻退後。

A new study by Rhodium Group, a consultancy, shows that the number of overseas M&A deals announced by Chinese acquirers rose strongly in May and June after hitting low levels in February, March and April following the imposition of capital controls at the end of 2016.

榮鼎諮詢(Rhodium Group)的最新研究顯示，今年5月和6月，中國收購者宣佈的海外併購交易數量強勁增長，在2016年底實行資本管制後，海外併購交易數量在今年2月、3月和4月觸及低位。

“Following Chinese regulators crackdown on ‘irrational’ outbound foreign direct investment in November and December of 2016, new deal activity slowed sharply,” wrote Thilo Hanemann, director at Rhodium Group, in a report.

榮鼎諮詢董事韓其洛(Thilo Hanemann)在一份報告中寫道：“在2016年11月和12月中國監管機構打擊‘非理性’對外直接投資後，新的交易活動大幅降溫。”

“However, data points from recent weeks indicates that the decline in the number of outbound M&A transactions has reversed,” he added.

他補充稱：“然而，最近幾周的數據表明，海外併購交易數量下滑趨勢出現逆轉。”

The number of Chinese acquisitions valued at more than $5m announced during May and June came to 44, compared to just 29 in February, March and April. In terms of value the uptick is also visible, with $28.6bn in deals announced in the second quarter, up from $16.6bn in the first quarter, according to Rhodium data.

今年5月和6月宣佈的交易額在500萬美元以上的中國海外併購交易數量達到44筆，而2月、3月和4月僅爲29筆。從交易額來看，增速也很明顯，根據榮鼎諮詢的數據，今年第二季度宣佈的交易總規模爲286億美元，而第一季度爲166億美元。

Henry Tillman, chief executive of Grisons Peak, a London-based investment bank, said the the recovery in deal flow was coming mainly in specific areas. “This is a recovery but it is one in directed industries such as logistics and in areas related to the One Belt One Road project,” Mr Tillman said.

總部位於倫敦的投行Grisons Peak首席執行官亨利?蒂爾曼(Henry Tillman)表示，交易數量的復甦主要出現在特定領域。他表示：“這是一輪復甦，但也是側重於物流和‘一帶一路’項目相關領域的特定行業的復甦。”