香港地產家族再欲收購內地子公司

HONG Kong — New World Development, a Hong Kong property company, offered on Wednesday to privatize New World China Land, its property developer unit, in a deal worth about $2.8 billion.

香港——香港地產企業新世界發展有限公司週三表示，計劃通過一項價值約28億美元的交易，將其從事地產開發的子公司新世界中國地產有限公司私有化。

New World Development is controlled by the family of the Hong Kong billionaire Cheng Yu-tung, which also controls the jewelry chain Chow Tai Fook, one of the world’s largest. It had tried to privatize the property unit in 2014 but failed to gain shareholder approval because of a so-called head-count test, required under a special accelerated buyout process, which takes into account not just the number of shares that are voted but also the number of shareholders voting.

新世界發展集團由香港億萬富翁鄭裕彤(Cheng Yu-tung)的家族掌控，該家族同時還掌管着世界上最大的珠寶連鎖店之一週大福。新世界發展集團曾在2014年試圖將上述子公司私有化，但因爲有“數人頭”規則的限制而沒能獲得股東同意。這是一種特殊快速收購程序的要求，即不僅要參考投票的股份數量，還要考慮參與投票的股東人數。

New World Development had offered 6.80 Hong Kong dollars, or 87 cents, a share. While holders of 99.84 percent of New World China shares were in favor of the takeover, they constituted only 255 registered shareholders, or 34 percent. The remaining 66 percent of shareholders, with a stake of 0.16 percent, opposed the deal. After the offer fell through, regulations required New World Development to wait 12 months before making another bid for the unit.

新世界發展集團當時提出了每股6.8港元的收購價格。儘管持股99.84%的新世界中國地產股東同意這項收購，但他們只有255人，僅佔註冊股票持有人的34%。其餘66%的所有人的持股比例只有0.16%，但他們反對這項交易。這次收購申請失敗之後，根據規定，新世界發展集團需要在12個月以後才能再次申請收購該子公司。

The new offer for all the shares that the parent company does not already own will not have to pass the head-count test because it is not using the accelerated process. At 7.80 dollars a share — for a total 21.5 billion dollars — the company is offering a premium of 25.6 percent over the closing price of New World China on Dec. 31, its last trading day before shares were suspended in anticipation of the offer.

這次提出的收購母公司尚未擁有的所有股份的要約，將不再受“數人頭”規則的限制，因爲並沒有採用快速收購方式。這一次，新世界發展集團提出了每股7.8港元的收購價格——整體收購價爲215億港元——比新世界中國地產12月31日的收盤價溢出25.6%。當天是該子公司的最後一個交易日，後因有可能被收購而暫停交易。

In a filing with the Hong Kong exchange, New World Development said that New World China would be able to use the parent company’s “greater financial strength” and its “more competitive financing terms for raising bank borrowings” without being subject to the requirements of a listed company.

新世界發展集團在提交給香港交易所的一份文件中表示，新世界中國地產可以藉助母公司“更強大的財務實力”和“更具競爭力的融資條款提升其銀行借貸額度”，而不必受限於上市公司的要求。

The move also allows New World Development to invest in mainland China through New World China.

這次收購也將使新世界發展集團可以通過新世界中國地產在內地進行投資。

New World China’s shares jumped nearly 21 percent after the announcement, while New World Development’s shares slipped 4.4 percent.

這一消息發佈之後，新世界中國地產的股價飆升了近21%，新世界發展集團的股票則下挫了4.4%。

The proposed takeover in 2014 had involved a “scheme of arrangement,” a court-facilitated process that can move faster than a normal buyout. To qualify for this arrangement, a bid needs the support of only 75 percent of the shares but 50 percent of the shareholders voting.

2014年提出的收購採用的是“協議安排”。這是一種通過法院協調的收購過程，可以比普通收購方式速度更快。要實現這類收購，要約只需獲得75%的股份支持，但同時需要贏得50%以上的參與投票的股東支持。

Although Hong Kong does not use the head-count test, the Cayman Islands, where New World China is incorporated, requires all proposals to be approved by a majority of shareholders.

儘管香港不使用“數人頭”的規定，但是在新世界中國地產有限公司的註冊地開曼羣島，所有提議都需要取得多數股東的同意。