德國政府撤回許可 中資收購愛思強受阻

HONG KONG — In asurprise move on Monday, the German authorities withdrew approval for thetakeover of a domestic semiconductor firm by a Chinese bidder, a deal that wasset to be an emblem of a new push by Chinese companies to acquire cutting-edgetechnology businesses and a sign of Berlin’s tolerance for such moves.

香港——本週一，德國當局做出令人驚訝之舉，撤回了之前對一家中國投資者收購德國半導體公司發放的通行證，該交易被認爲是中國公司收購尖端技術企業新趨勢一個標誌，顯示了柏林對這類行動的容忍底線。

A statement fromAixtron, the German company being bought by Fujian Grand Chip, did not specifya reason for the reversal of the decision by the regulator in Germany.

福建宏芯的收購對象德國公司愛思強(Aixtron)發表了一份聲明，但沒有具體說明德國監管機構撤回通行證的理由。

But it comes asconcerns rise about Chinese firms taking over leading German tech companies,and with federal elections scheduled for next year.

不過此事發生的背景是德國明年要進行聯邦選舉，中國企業收購領先的德國科技公司正在引起更多的關注。

Although Chineseinvestment in European companies is nothing new, some experts have raisedconcerns as Chinese funds have shifted focus from ailing businesses to moreadvanced and successful firms, particularly in Germany.

雖然中國投資歐洲公司並不是什麼新鮮事，但隨着中國的資金將注意力從經營不善的公司轉移到了更先進、更成功的公司，一些專家表達了擔憂，特別是在德國。

So far this year,the country has been the largest recipient of Chinese investment in Europe,according to the Mercator Institute for China Studies, a research foundationbased in Berlin.

柏林墨卡託中國研究中心(Mercator Institute for China Studies)的數據顯示，今年迄今爲止，德國是中國在歐洲投資的最大目標國。

In an article lastmonth, The New York Times highlighted how a Chinese customer that dropped alarge order — in turn crashing Aixtron’s shares — had a relationship withFujian Grand Chip.

《紐約時報》上月的一篇文章報道了一家中國客戶取消了一筆大訂單，導致愛思強股價大跌的經過，而這家公司與福建宏芯之間存在關聯。

The connection didnot indicate wrongdoing, but it does illustrate the blurred lines betweenacquisitive Chinese companies and Chinese industrial policy.

雖然這並不意味着存在不法行爲，但也確實說明胃口巨大的中國公司和中國產業政策之間的界線比較模糊。

Many Germancompanies retain a lead over Chinese competitors, but the wholesale purchase offirms like Aixtron has raised the specter of the technology being spirited awayto the supply chain in China, as Beijing details in state economic plans.

相對於中國競爭對手，很多德國公司都保持着領先優勢，但是愛思強這樣的公司被整體收購，可能會導致德國的技術悄悄流向中國的供應鏈，正如北京在國家經濟計劃中打算的那樣。

For Germany, thatcould mean a long-term loss of know-how and upper-class jobs.

對德國來說，這在長遠上可能意味着實踐知識和高級工作崗位的流失。

The country isparticularly vulnerable because of its large number of highly advanced, smalland midsize companies — known as the Mittelstand — that can be taken over moreeasily and more cheaply than large multinationals.

該國在這方面特別脆弱，因爲它擁有大量極爲先進的中小型公司——稱爲Mittelstand——收購它們比收購大型跨國公司更加容易，成本也更低。

Also this year,the robotics company Kuka — whose orange arms are ubiquitous in highlyautomated German auto plants — was taken over by the Chinese appliance makerMidea.

今年，機器人公司庫卡（Kuka，其橙色的設備在高度自動化的德國汽車工廠中隨處可見）被中國家電製造商美的收購。

And this month,Chinese news media said that two Chinese companies were considering a bid forOsram Licht, a Munich-based lighting and semiconductor firm.

本月，中國新聞媒體稱，兩家中國公司正在考慮嚮慕尼黑照明和半導體公司歐司朗(Osram Licht)發出收購要約。

In its statement,Aixtron said the German Economics Ministry would reopen a review of theproceedings.

愛思強在聲明中說，德國經濟部將重啓審查程序。

The ministryconfirmed that it had withdrawn its initial approval for the deal, but did notprovide further details.

德國經濟部確認，它已經撤回了對該交易的初步許可，但沒有提供進一步的細節。

In recent months,Germany’s economy minister, Sigmar Gabriel, as well as Günther Oettinger, aGerman who is the European commissioner for the digital economy, have beguncalling openly for new measures that would give the European Union and itsmember states more power to regulate acquisitions by non-European firms,particularly when those investors have ties to foreign governments.

近幾個月來，德國經濟部長西格瑪爾·加布里爾(Sigmar Gabriel)以及分管歐洲數碼經濟的德國政界人物金特·厄廷格(Günther Oettinger)已經開始呼籲採取新的措施，賦予歐盟及其成員國更多權力，來監管非歐洲公司發起的收購活動，特別是當這些投資者與外國政府存在關聯的時候。

Clearly, manyGerman and European policy makers and senior officials have taken a second lookat the investors and intentions behind Chinese acquisitions of high-tech companies,said Sebastian Heilmann, president of the Mercator Institute.

顯然，德國和歐洲的很多決策者和高級官員再次審視了中國高科技公司收購案背後的投資者和收購意圖，柏林墨卡託中國研究中心主管韓博天(SebastianHeilmann)說。

Chinese M.&vity has come to be seen as driven by government-sponsored programs, fundsand investor networks in many cases.

在很多情況下，中國公司併購案的幕後推手都是政府資助的計劃、基金和投資者網絡。

Questions wereraised in the case of Aixtron, as both the customer that dropped the orders andFujian Grand Chip are related to state-controlled investment firms.

愛思強收購案中的疑點在於，放棄訂單的那個客戶和福建宏芯都與一些國有控股投資公司有關聯。

The company thatdropped the orders, San’an Optoelectronics, is also one of the companiesconsidering a bid for Osram Licht.

取消愛思強訂單的三安光電公司，也是考慮競購歐司朗的公司之一。

When the Aixtronmerger was announced, San’an and Fujian Grand Chip had a common investor and anexisting financial relationship, among other links.

在宣佈愛思強的併購案時，三安廣電和福建宏芯有一個共同的投資者，而且兩家公司之間存在財務關係以及其他關聯。

And they are bothrecipients of government funds.

它們都接受過政府資金。

Although it is notclear whether the two coordinated in any way, they are a product of a newapproach that Beijing has taken to develop its semiconductor industry.

雖然不清楚這兩家公司是否以任何方式進行過協作，但它們都是北京發展半導體行業的新思路的產物。