Best wishes for the Year of the Rat

 

The Chinese “spring festival” comes early this year, when spring still seems a long time away. After Shanghai’s thrilling Western-New-Year-adjacent fireworks-with-drones display, we look forward this week to what will be even more thrilling celebrations.  That spectacle shows how China is assuming a role at the forefront of technological innovation as we are also seeing in sectors and M&A, with China taking the lead in fintech, for example.

中国的春节已于今年年初到来,虽然离春天似乎还有很长一段时间。在上海激动人心的元旦无人机烟花表演之后,我们期待着本周的盛大庆典。正如我们在行业和并购中所看到的中国在金融科技领域处于领先地位,这种奇观说明了中国如何在技术创新的最前沿发挥作用。

 

It has not been an easy year for China with increased geopolitical tensions between the US and China and more than six months of protests in Hong Kong. Now the world is looking to the Chinese response to the coronavirus. China mainland and Hong Kong, together the largest contributor to M&A activity in Asia, experienced a year-on-year decline of 27.7% in deal value. Volume declined 17.2% year-on-year to 1,735 transactions in 2019, drawing down its global M&A market share from 11.4% in 2018 to 8.8%, according to Mergermarket.

中美之间的地缘政治紧张局势加剧,香港抗议活动超过六个月,对中国而言,这并非易事。现在,全世界也正密切关注中国如何应对此次爆发的冠状病毒。根据Mergermarket的数据,中国大陆和香港作为亚洲并购活动的最大贡献者,2019年交易额同比下降27.7%,交易量同比下降17.2%至1,735笔交易,将其全球并购市场份额从2018年的11.4%降至8.8%。

 

However, after two years of threats of trade war, China and the US continued to be each other’s largest foreign investors in 2019. Looking into 2020, the market development seems to be positive given the successful signing of the “Phase One” agreement between the US and China in this Janauary. In addition, China is boosting its domestic economy to withstand the negative effects of geopolitical uncertainty. The government has relaxed the profitability requirement in M&A deals involving listed companies and released policies such as the “Catalogue of Industries for Encouraging Foreign Investment (2019 Version)” to increase market access for foreign investors. Meanwhile the mixed-ownership reform aimed at reshaping its state-owned enterprises (SOEs) has already been extended not only to traditional industrial sectors such as coal and electricity, steel and non-ferrous metal, but also to sectors such as financial services, infrastructure, civil aviation, and telecom. Furthermore, the Chinese government emphasized in the meeting hosted in late December 2019 that SOEs are strongly encouraged to develop sectors such as advanced manufacturing and technology, which has contributed on average to 1% of GDP growth in the recent years.

然而,在经历了两年的贸易战威胁之后,中美两国在2019年仍继续是彼此最大的外国投资者。展望2020年,鉴于中美两国之间已于今年一月成功签署了“第一阶段”协议,市场发展仍然是积极乐观的。此外,中国正在促进其国内经济以缓解地缘政治不确定性的负面影响。政府放宽了涉及上市公司的并购交易中的获利要求,并发布了《鼓励外商投资产业目录(2019年版)》等政策,以增加外国投资者的市场进入。同时,旨在重塑国有企业的混合所有制改革不仅已经扩展到煤炭,电力,钢铁和有色金属等传统工业领域,而且还扩展到金融服务,基础设施等领域,民航和电信等行业。此外,中国政府在2019年12月下旬举行的全国会议上还强调,大力鼓励支持国有企业发展先进制造和技术等行业。近年来,这些行业平均每年为中国GDP增长贡献了约1%。

 

Worldwide deal volume also dropped in 2019. Even so, Clairfield International ranked in the top 10 of advisory firms in Europe according to the league table rankings compiled by Refinitiv. Clairfield in Mexico ranked number one and Clairfield’s French, German, Nordic, and Eastern European teams also ranked in the top ten while all our other worldwide locations achieved notable rankings in the top 20. Notable transactions closed in 2019 include many crossborder deals, including several including Chinese buyers.

2019年,全球交易量也有所下降。即便如此,根据Refinitiv的排行榜,Clairfield International仍位居全欧洲咨询公司的前10名。Clairfield墨西哥团队排名第一,Clairfield法国,德国,北欧和东欧团队也排名前十,而我们在全球其他地区的团队均排名前20位。2019年完成的重要交易包括许多跨境交易,其中包括有中国买家参与的。

 

  • ​Clairfield advised Vossloh AG in the pending sale of its locomotives business unit to CRRC Zhuzhou Locomotive Co., Ltd., Zhuzhou, China (CRRC ZELC), a subsidiary of the China Railway Rolling Stock Corporation Ltd. (CRRC). CRRC is the largest rolling stock manufacturer in the world. Clairfield ran a limited global auction through its local offices granting direct C-level access to all relevant players from the industry.
  • Clairfield为福斯罗(Vossloh AG)的机车业务出售给中车股份有限公司(CRRC)的子公司中国中车株洲株洲机车有限公司(CRRC ZELC)提供咨询服务。中国中车是世界上最大的机车车辆制造商。Clairfield通过其各当地团队进行了有限的全球拍卖,并提供让该行业的相关企业直接与高管层对话的机会。

 

  • Clairfield also advised on the merger of ASI Logistics, a Chinese-owned logistics company, with Sedis Logistics, the Dutch subsidiary of the LLOGS Group. ​The ASI Group mandated Clairfield International in 2018 to find a strategic partner, complementary to its ASI Logistics subsidiary, and able to accelerate its development. The transaction was completed with the help of transport & logistics specialists from Clairfield International’s services group, who identified merger partners from eight different countries.
  • Clairfield还为中国控股的物流公司ASI Logistics与LLOGS 集团的荷兰子公司Sedis Logistics的合并提供咨询服务。 ASI集团于2018年委托Clairfield International寻找与其ASI Logistics子公司能形成战略互补并能够加速其发展的合作伙伴。交易是在Clairfield International服务行业小组的运输和物流专家的帮助下完成的,他们提供了来自八个不同国家的潜在合并伙伴。

 

2020 is the Year of the Rat, the first animal in the Chinese zodiac. The Chinese word for “rat”, shu鼠, is pronounced the same as the word for “to count”, associating the Year of the Rat with accounting and therefore money. As Chinese well-wishers traditionally say, “This year I hope you have a lot of money to count.”

2020年是鼠年,是中国十二生肖中的第一只动物。 “鼠”与“数”的中文发音相同,通常寓意着鼠年与会计和金钱相关联。正如中国的传统祝福上所说的:“恭喜发财!”



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