王健林爲何也將公司私有化大綱
When Wang Jianlin took Wanda Commercial Properties public in Hong Kong in 2014, the $3.7bn flotation marked something of a coming out for the tycoon. Known on the mainland for his Wanda Plaza developments, he was starting to gain an international reputation as a Dealmaker, buying cinemas and eyeing US film studios.
2014年王健林讓萬達商業地產(Wanda Commercial Properties)在香港上市，融資37億美元，似乎標誌着這位企業大亨開始登陸公開市場。在中國內地以開發“萬達廣場”聞名的王健林，開始在國際上博得作爲交易撮合者的聲譽，收購院線，瞄準美國電影公司。
Since then Mr Wang’s deals and his property developments have established him as China’s richest man. However, investor appreciation for Wanda Commercial, the core of his empire, has not matched this success. In fact, just 15 months after going public, Mr Wang said he was considering taking the business private again.
此後，憑藉併購和房地產開發，王健林奠定了自己作爲中國首富的地位。然而，投資者對其商業帝國的核心——萬達商業——的賞識程度卻與這樣的成功不相稱。事實上，上市才15個月，王健林就表示正在考慮將萬達商業重新私有化。
It is widely thought that, like a host of US-listed Chinese companies currently being taken private, Wanda will eventually seek to relist in Shanghai or Shenzhen, where valuations are usually higher. In the meantime, though, the proposed move highlights another trend: growing Chinese dissatisfaction with the equity market options available to their companies.
業界普遍認爲，與大批正在進行私有化的美國“中概股”一樣，萬達最終將尋求在上海或深圳重新上市，這兩地的估值水平通常較高。然而，與此同時，萬達擬議的私有化也凸顯了另外一個趨勢：中國企業家對旗下公司所能夠選擇的上市地越來越不滿意。
Take Hong Kong, the natural home for Chinese groups. Mainland companies make up more than half of the city’s Hang Seng index but are valued well below local stocks as well as mainland-listed compatriots: the Hang Seng trades on 11 times expected earnings; the blue-chip mainland CSI300 trades on 13 times, but the Hang Seng China Enterprises index, made up exclusively of mainland-based groups, trades on a multiple of just 7.
以中資企業天然的上市大本營——香港——爲例。中國內地企業在香港恆生指數(Hang Seng index)中佔了一半以上的比重，但估值遠低於香港本地企業，也低於在內地上市的企業：恆生指數的預期市盈率爲11倍；內地由藍籌股組成的滬深300指數(CSI 300)預期市盈率爲13倍，而全部由內地企業構成的恆生中國企業指數(Hang Seng China Enterprises Index)預期市盈率只有7倍。
New York does not offer a particularly attractive alternative. Valuations are better than in Hong Kong but, outside the likes of Alibaba and Baidu, most companies struggle for attention. Momo, the online dating site currently pursuing a $2.3bn take-private backed by Alibaba, is a case in point. There are just two analysts currently following the stock, according to Bloomberg.
紐約並未提供一個特別有吸引力的替代選擇。雖然這裏的估值比香港高，但除了阿里巴巴(Alibaba)、百度(Baidu)這樣的公司，多數公司都在艱難地試圖吸引眼球。獲得阿里巴巴支持擬用23億美元進行私有化的在線約會網站陌陌(Momo)就是典型一例。據彭博(Bloomberg)報道，目前只有兩名分析師跟蹤該公司股票。
Small wonder $38bn of US-listed Chinese “take-privates” were announced last year, and a further $7bn this year, according to Dealogic.
會出現私有化趨勢也就沒什麼可奇怪的了。Dealogic的數據顯示，去年，在美國上市的中國公司總計宣佈了380億美元的私有化交易金額，今年迄今又新增70億美元。
But even going home and seeking a relisting is not entirely appealing. There are several hundred companies in the queue for initial public offerings, and the timetable is controlled by officials. Root-and-branch reforms to the clunky process, promised after last year’s mainland boom and bust, are a long way off.
但即便回國重新尋求上市也並不是稱心如意的選擇。數百家企業正排隊等待進行首次公開發行(IPO)，而上市時間表由官員掌控。在內地股市經歷了去年的暴漲暴跌之後，當局承諾要對繁複的IPO程序進行徹底改革，但距離兌現還很遙遠。
If that were not enough, this month the China Securities Regulatory Commission said it was examining the effect that returning take-privates could have on mainland markets — a study that includes reverse mergers into shell companies as well as IPOs. One fear is that restrictions will be imposed. Shares in US-listed target companies promptly fell. Hong Kong, too, has voiced concerns about backdoor listings on its markets. Most of these are from the mainland.
如果這些還不夠的話，本月，中國證券監督管理委員會(CSRC)表示，其正在研究中概股迴歸可能對內地股市產生的影響——包括對借殼上市及IPO的研究。有人擔心會出一些限制。在美上市的目標公司股價當即應聲下跌。香港方面也對後門上市的做法表示了擔憂。大部分此類企業都來自中國內地。
As a result, many Chinese groups rely on private money and, for tech groups, this is readily available. Lufax, the online platform known for peer-to-peer lending, raised $1bn in a January round that valued it at $18.5bn. Ant Financial, the financial affiliate of Alibaba, raised $4.5bn last month for a $60bn valuation. Just last week, Apple put $1bn into Didi Chuxing, China’s dominant online taxi-hailing group.
因此，許多中國企業都依賴私人資本，而對科技公司而言，獲得這些資本並不難。在今年1月完成的一輪募資中，P2P網貸平臺陸金所(Lufax)籌集了10億美元，令其估值達到185億美元。上月，阿里巴巴旗下金融公司螞蟻金服(Ant Financial)籌集了45億美元，該公司估值達600億美元。就在上週，蘋果(Apple)宣佈向中國主要在線打車集團——滴滴出行(Didi Chuxing)投資10億美元。
“For a Chinese company with a good story, raising private equity isn’t difficult,” says Keith Pogson, senior partner in EY’s Asia financial services practice. “Investors are tired of the volatility of public markets and watching an investment go up and down, particularly in China. They just want to see how it pans out over the long term.”
“一家中國公司如果有好的故事，募集私人股本並不難，”安永(EY)亞洲金融服務高級合夥人包凱(Keith Pogson)說，“投資者已經厭倦了公開市場的劇烈波動，厭倦了看着自己的投資起起落落——特別是在中國。他們只想看長期而言會有什麼結果。”
Private Chinese groups can also move more quickly. Anbang Insurance, which launched $20bn of hotel bids within two days in March, demonstrated the benefits and limits of that. Not having to seek shareholder approval removed one hurdle for a deal that, like all Chinese transactions, also needed regulatory approval. However, the group later ran into criticism over a lack of transparency in its structure and funding. Its larger proposed deal, a $14bn bid for Starwood, ultimately failed.
中國民營企業在行動上也更加敏捷。安邦保險(Anbang Insurance)就展示了其中的優勢與侷限。今年3月，安邦在兩天時間內發起總交易金額200億美元的酒店資產競購。與中國所有併購交易一樣，安邦的這些交易也需經過監管部門批准，但不必徵求股東同意，少了一道障礙。然而，安邦後來因在公司架構及融資方面缺乏透明度而遭到批評，其較大的一筆交易——出價140億美元競購喜達屋(Starwood)——以失敗告終。
At some point, though, private investors in Ant Financial, Lufax and the like will want an exit and, in all probability, public markets will be the only means of providing it in sufficient scale — as was the case for Alibaba.
然而，在某些時候，螞蟻金服、陸金所之類公司的私人投資者也會想要一條退出的路徑，而唯一能夠以足夠大的規模提供這種渠道的極有可能只能是公開市場——正如阿里巴巴的情況。
But Wanda’s take-private suggests any renewed Chinese enthusiasm for public markets is still some way off.
但萬達的私有化意圖表明，中國企業對公開市場重新燃起熱情仍需時日。
