The “Policy Guidelines†for Chinese enterprises’ overseas investment finally landed.
The newly issued “Guiding Opinions on Further Guiding and Regulating the Direction of Overseas Investment†specifies the areas of overseas investment that are encouraged to be carried out. At the same time, it also explicitly proposes restrictions on overseas investment in the fields of “real estate, hotels, cinemas, entertainment, sports clubsâ€. .
The reporter also learned in the interview that since November of last year, many overseas projects have pressed the "pause button". This year, February, April and April are still in the "stale phase" stage, and only gradually began to recover in May, but For cross-border mergers and acquisitions in the above-mentioned industries, the country has started strict control since last year.
In fact, China has become the world's second largest foreign cross-border investor. Under the expectation of RMB depreciation, Chinese companies are accelerating overseas investment mergers and acquisitions and asset allocation. Many of the big Chinese buyers are buying hotels and shadows. City, sports club.
Based on Dealogic, Wind and public information, the Economic Observer has sorted out past overseas M&A data and found that the hospital company that Wang Jianlin bought has covered the United States, Europe and Australia. Shi Yuzhu’s acquisition of overseas game companies is “not soft,†HNA, Ampang, and revival. It is most active in overseas luxury hotel brand mergers and acquisitions, and China's sovereign wealth fund, CIC, has a lot of big moves in its overseas real estate layout.
Video game layout
The most active cross-border buyers in the film and television industry in the past five years are not Dalian Wanda. From the completed M&A transactions, the final buyers of cross-border M&A in the top five film and television industries are Dalian Wanda. Dalian Wanda has invested 62.3 billion yuan to deploy overseas film and cinema companies. In addition to buying legendary film industry, it has already laid out the second largest and fourth largest cinema companies in the US, the largest cinema companies in Europe and Australia. The two largest cinema companies have become the world's largest cinema operators.
The Internet giants who are in the limelight are not in a good position in overseas film and television entertainment investment. Take Tencent as an example. The consortium formed by Tencent announced in June that it would acquire 84.3% of the shares of Finnish mobile game developer Supercell. The transaction was paid in three installments, and the total amount is expected to be about 57.6 billion yuan. Supercell has a variety of explosive games "Clash of Clans", "Island of the Island" and "Cartoon Farm", with revenues of up to 15 billion yuan in 2015. Shi Yuzhu, who has "secondary entrepreneurship," has more than 60 billion yuan of overseas mergers and acquisitions underway. After the return of the A-shares by the billion-dollar century cruise ship, the giant network controlled by Shi Yuzhu has made great moves in the capital market. According to the announcement, Giant Network intends to purchase a total of 30.504 billion yuan of casual social networking game company Alpha all Class A common stock, previously planned to acquire Israel's chess-based social mobile game Playtika for 29.5 billion yuan. Giant's online acquisition of Playtika received feedback from the Securities and Futures Commission twice. The two investments have not yet been settled. Shi Yuzhu announced on August 18 that he will acquire HK$370 million to acquire a 2.8% stake in Vantone Insurance Asia Limited.
After the purchase of the European Football Club, the mysterious rich man Xia Jiantong, who holds a number of A-share listed companies, has set his sights on American film and television companies. Wind data shows that Xia Jiantong currently controls two listed companies, ARK, and Lotus Health. On May 18th, 2016, Lotus Health acquired the Aston Villa Club, which was relegated from the Premier League, for a total purchase price of 60 million pounds. Ruikang, which is mainly engaged in the production of cable, plans to acquire a 51% stake in A&T Media for US$100 million, including a 100% film library and trademark of the independent film production company Millennium. Films such as "The Death Squad", "London Falls" and "Machinist" are all from the Millennium Film Festival. The transaction was originally expected to be completed in the second quarter of 2017. The first quarter financial report showed that Ruikang's revenue and net profit both fell year-on-year, with a net profit of 15.3 million yuan, and the cash flow generated by operating activities was also negative, at -110 million yuan.
There are no fewer than 10 overseas football clubs bought by Chinese companies. CEIBS Sports this year completed the acquisition of AC Milan's 99.93% stake of 5.4 billion yuan. In June 2016, Suning Group spent 270 million euros to win about 70% of Inter Milan. In January 2016, China's GEM listed company Xinghui Entertainment invested 60 million euros and held a 54% stake in the Spanish club. In December 2015, the Chinese consortium CMC (Chinese Culture) Group spent $400 million to acquire a 13% stake in the Manchester City Club. In January 2015, Wang Jianlin invested nearly 45 million euros to buy a 20% stake in the Madrid Athletic Club of La Liga. At the same time, Beijing Heli Wansheng International Sports Development Co., Ltd. spent 8 million euros to complete the acquisition of the Dutch team of the Dutch team. In July 2015, the French Shosh Club was officially acquired by the China Ledes Group.
HNA, Ampang, Fosun and global landmarks
The most popular in the hotel industry is HNA Group and Anbang Insurance, China Life Insurance.
HNA Group became the M&A king of last year with four multi-billion dollar cross-border M&A transactions. Among them, the most concerned is the 25% acquisition of Hilton Global Holdings, the transaction amount of up to 43.5 billion yuan, becoming the most successful mergers and acquisitions in the hotel industry in the past five years. HNA has therefore become the largest shareholder of Hilton.
Last year, HNA also spent 3 billion yuan to buy office building No. 850, Third Avenue, Manhattan, New York. At present, HNA's overseas hotel assets include NH Hotel Group, the third largest business hotel group in Europe acquired in 2013. At that time, it spent nearly 300 million euros and became the largest shareholder of NH Hotel with a shareholding ratio of 29.5%. In June 2015, Hainan Airlines acquired a 15% stake in Red Lion Hotel Group to expand its hotel brand and industry in North America. At the beginning of 2016, HNA reached an acquisition agreement with Carlson Hotels Group in early 2016, but did not disclose the purchase price. Headquartered in Minnesota and Belgium, Carlson is one of the top 10 hotel groups in the world.
The hotel investment is favored by Anbang Insurance Group, which acquired the Waldorf Astoria Hotel in New York for $13 billion in 2015. In 2016, Anbang Insurance bought 16 of the $36.9 billion from Blackstone Group. Strategic Hotels & Resorts, including the Four Seasons Hotel in Washington, DC, the Essex Hotel in Manhattan, New York, the Ritz-Carlton, Lake Nguyen, California, and the Westin Hotel in San Francisco. Under the pressure of domestic rapid overseas M&A, the consortium formed by Anbang Insurance finally gave up the $12.9 billion cash offer to acquire Starwood Hotels & Resorts.
The series of actions of Fosun Group's overseas resort hotels cannot be ignored. In January 2015, Fosun Group acquired the international first-line holiday brand, the Club of the Mediterranean, for RMB 7.1 billion. In the same month, Fosun International and Australian asset management company Propertylink announced the acquisition of 73 Miller Street, an office building in North Sydney, Australia. At the end of 2015, Shanghai Yuyuan Tourism Mall Group, controlled by Fosun Group, acquired the famous tourist resort of Hoshino, Hoshino, Japan, at a price of approximately 947 million yuan. In October 2013, the Fuxing Group acquired the Lloyds Cham-bers Building in the City of London, UK for $550 million. In the same month, it also spent 4.86 billion yuan to buy the largest Manhattan Plaza in New York from JPMorgan Chase.
In the past five years of real estate overseas mergers and acquisitions, China’s sovereign wealth fund, CIC, is also very active. In the top ten real estate industry mergers and acquisitions, CIC swept four transactions, including Logicor Europe, a Blackstone logistics company recently acquired for $92.2 billion. The deal is in progress. CIC's global real estate portfolio also includes 12 billion yuan worth of Australian office assets bought from Morgan Stanley, 10 shopping centers in France and Belgium, and Chiswick Park in London.
Vanke has real estate development projects in the United States, the United Kingdom, and Singapore. However, what is most concerned by international public opinion is that in July this year, the Chinese consortium led by Vanke Group acquired ProLogis, a logistics company of Singapore-listed companies, for US$16.1 billion (about RMB107.6 billion). In terms of shareholding ratio, Vanke Group accounted for 21.4%, Houpu Investment accounted for 21.3%, Gaochun Capital accounted for 21.2%, Bank of China Group Investment Co., Ltd. accounted for 15%, and ProLogis management accounted for 21.2%. The deal will be completed by April 14, 2018 at the latest. In addition, Vanke's foreign landmarks include RyderCourt, an office building in central London, and several apartments and office buildings in New York.
The global landmarks bought by Chinese companies include SOHO China CEO, Pan Shiyi’s wife Zhang Xin’s trust fund of 9.4 billion yuan to buy the US General Motors Building, and Zhongli Land’s 9.5 billion yuan to buy the London Rantholt Building. Hong Kong Wantong Building, which was bought by the big estate of 10.8 billion yuan, China Ping An bought the Lloyd Building of London landmark building in London for 2.4 billion yuan, and the Bank of China agreed to spend nearly 4 billion yuan to buy the 28-story building under construction in New York, USA. Bryant Park No. 7 and China Life and Qatar Holdings jointly acquired a 90% stake in the 10 Upper Bank Street building near Canary Wharf for approximately RMB 6.8 billion.
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