海航密集展開全球收購行動

HNA Group is driving forward with its global acquisition spree as competitors homing in on Chinese tourists fall silent.

海航集團(HNA Group)正在推進其全球收購行動。而同樣瞄準中國遊客的競爭對手卻沒有傳出動靜。

The company, which is based in China’s tropical island province of Hainan and has interests in airlines, infrastructure and hospitality, said yesterday that it had agreed to buy Carlson Hotels, owner of the Radisson hotel chain, for an undisclosed amount.

該集團的總部位於中國的熱帶島嶼省份海南，其權益涵蓋航空公司、基礎設施和酒店。它昨日宣佈協議收購雷迪森(Radisson)連鎖酒店的東家——卡爾森酒店(Carlson Hotels)，這筆交易的金額不詳。

That will mark HNA’s second cross-border transaction this month and, including the $6bn buyout of Ingram Micro in January, its fourth since the start of the year, according to data from Dealogic.

Dealogic的數據顯示，這將是海航在本月達成的第二筆跨境交易，而如果算上該集團在1月份以60億美元收購英邁(Ingram Micro)，這將是海航今年迄今達成的第四筆跨境交易。

One mergers and acquisitions banker who works in Asia said that HNA’s buying spree has made its offices a popular stop for advisers looking to pitch a range of deals.

在亞洲工作的一名併購業務銀行家表示，海航的收購熱潮使其辦公室成了尋求推銷各種交易的顧問們經常拜訪的地方。

“We try not to be too prescriptive. HNA is buying everything under the sun. It’s a diversification move,” the banker said, adding that its tourism deals appeared to be aimed at capitalising on growing enthusiasm for overseas travel among China’s middle class.

“我們試圖避免搞得過於公式化。海航正在收購各種資產。這是一個多元化之舉，”這名銀行家表示。此人補充說，海航在旅遊業的交易似乎意在利用中國中產階層與日俱增的出境旅遊熱情。

The group, which owns two airlines and holds controlling stakes in 10 listed companies, has struck an average of nearly one deal a month over the past 12 months.

旗下有兩家航空公司、並擁有10家上市公司控股權的海航集團，在過去12個月裏幾乎平均每月達成一筆交易。

It was also a bidder for London City Airport earlier this year but lost out to Ontario Teachers’ Pension Plan.

該集團今年早些時候還曾競標收購倫敦城市機場(London City Airport)，但最終不敵安大略省教師養老金計劃(Ontario Teachers’ Pension Plan)。

HNA is one of the top drivers of cross-border Chinese M&A this year. Several of the price tags on its buyouts have not been disclosed.

海航是今年中國跨境併購交易的主力之一。其數筆收購交易的價碼沒有披露。

Chinese tourists are expected to make 200m outbound trips by 2020, according to CLSA Asia-Pacific Markets.

里昂證券亞太市場(CLSA Asia Pacific Markets)預計，到2020年，中國出境遊客規模將達到每年2億人次。

HNA is not the only conglomerate betting on that business with a stream of overseas acquisitions of hotels. But two of its main competitors in that space have gone quiet recently.

海航並不是唯一通過收購海外酒店對這塊業務押注的企業集團。但它的兩個主要競爭對手最近在這方面按兵不動。

Chinese conglomerate Fosun International, which bought Club Med and a stake in Cirque du Soleil last year, has announced a similar strategy but has made few moves in the international market after its chairman Guo Guangchang disappeared for several days in December in connection with a police investigation.

去年收購地中海俱樂部(Club Med)、併入股太陽馬戲團(Cirque du Soleil)的中國企業集團復星國際(Fosun International)，曾宣佈類似的戰略，但自其董事長郭廣昌去年12月失聯數日配合警方調查以來，在國際市場上幾乎沒有什麼動作。

Anbang Insurance has also sought to tap China’s global tourism market by buying hotels in the US, most notably the Waldorf Astoria for $2bn in 2014.

安邦保險(Anbang Insurance)也試圖通過收購美國的酒店來挖掘中國的全球旅遊市場，最引人注目的是在2014年斥資20億美元收購紐約華爾道夫酒店(Waldorf Astoria hotel)。

It too has disappeared from cross-border dealmaking after its $14bn bid for Starwood Hotels & Resorts came crashing down at the end of March.

自安邦以140億美元收購喜達屋酒店及度假村集團(Starwood Hotels & Resorts)的努力在3月底以失敗告終後，該集團也從跨境交易的舞臺上消失。

In the first three months of the year, Chinese companies spent $106bn on outbound deals, nearly shattering the full-year record of $109bn set last year. ChemChina’s $44bn buyout of Swiss agrochemical group Syngenta in February made up nearly half of the total.

今年頭三個月，中國企業在境外收購交易上支出1060億美元，幾乎要打破去年創下的全年最高紀錄（1090億美元）。中國化工(ChemChina) 2月份收購瑞士農業綜合企業先正達(Syngenta)的440億美元交易佔了總額的近一半。

People who have dealt with Chen Feng, HNA Group chairman, said he and his acquisition team come to negotiations with a strong focus on the group’s plan for building a global tourism and transportation enterprise.

同海航集團董事長陳峯打過交道的不止一名人士表示，他和他的收購團隊在談判中緊緊圍繞打造全球旅遊和運輸企業這個目標。