透過與目標地業者的商業合作、合併、合營、授權、投資等,M & A (merger and acquisition) 是華商進入歐洲市場的最佳途徑。ABC Services 在國際企業併購領域中所展現的成功經驗,是我們非常引以為傲的專業貢獻。我們協助客戶評估交易決策的商業價值,在決定採取交易模式時,我們會積極與管理、法務、及銀行團隊密切合作,以期達到理想與最大利益的商業安排。當前我們的目標重心放在協助中小型華人企業計畫到歐洲市場發展,為客戶提供最優質的戰略服務,創造最好的商業利益。
8447779800, Low rate Call girls in Tughlakabad Delhi NCR
八八專案_88 project taiwan
1. 八八專案
1
What .............................................................................................................................................................2
Why...............................................................................................................................................................2
驅使中國企業來歐洲投資得主要動力:.................................................................................................3
其他考慮動機: .......................................................................................................................................4
Who ..............................................................................................................................................................5
Where ...........................................................................................................................................................6
How_ 企業併、購服務 〈M&A Services 〉 ..............................................................................................7
When.............................................................................................................................................................9
其他相關參考資料 .....................................................................................................................................10
ABC 專題簡報 .........................................................................................................................................10
參考文獻.................................................................................................................................................10
2012 is golden year for Chinese ODI ........................................................................................................10
Foreign investment, Weekly ....................................................................................................................10
More private Chinese companies to invest abroad ..................................................................................11
MOFCOM urges more tolerance for Chinese companies investing abroad...............................................11
Chinese firms urged to use Hong Kong as springboard.............................................................................12
Foreign exchange rules for FDI to be simplified........................................................................................13
Chinese FDI falls for first time in 9 years ..................................................................................................13
Chinese investments abroad face challenges ...........................................................................................14
Chinese investment in Europe triples.......................................................................................................15
Outbound direct investment on the rise ..................................................................................................16
Sino-Belgian investment fund to avoid Southern Europe .........................................................................17
ODI curb will improve China deals ...........................................................................................................17
10. 八八專案
10
其他相關參考資料
ABC 專題簡報
ABC fund - 88 CH v1.pptx
ABC SWOT.docx
Belgian sectors.docx
BVOB members contactdata.xlsx
Companies Belgium China.xlsx
Strategische Adviesraad Vlaanderen 20110824.pdf
參考文獻
2012 is golden year for Chinese ODI
Foreign investment, Weekly
Du Liang, Director of the China Entrepreneur Research Institute, said in Frankfurt that from January to July
this year, overseas investment by Chinese companies reached USD42.2 billion, a 52.8% growth year-on-
year. The latest Ministry of Commerce figures showed that Chinese investors have expanded their businesses
into 2,407 companies in 117 countries and regions worldwide from January to July, as total outbound direct
investment (ODI) – excluding finance – hit USD42.2 billion during this period. During the first half of the
year, there were 117 merger and acquisition (M&A) deals conducted by Chinese investors overseas, worth a
total of USD30 billion. The Institute also compiled a top 50 list of the most internationally ambitious Chinese
enterprises, according to their overseas strategies, corporate governance provision, supply chains, capital
flows, brands, R&D, social responsibility activities, and profits. The top five were Lenovo Group, Huawei,
Haier Group, CNOOC and Sinopec Group. The Institute found that the most common sectors involving
overseas Chinese investment were energy and mineral mining, information technology, and household
appliances, while the agriculture and medical sectors were highlighted as the least outward-looking. The
Institute also unveiled China’s top 10 M&A deals during the January-August period, the biggest being
CNOOC’s USD15.1-billion takeover of Canada’s Nexen in August, the China Daily reports.
11. 八八專案
11
17/09/2012
More private Chinese companies to invest abroad
Foreign investment, Weekly
At the end of the year, 18,000 Chinese firms had invested in 177 countries with a cumulative investment of
USD424.78 billion and assets totaling USD2 trillion. “Chinese private companies, due to their special
advantage of being flexible and ability to break into markets, are gradually becoming a major force in
China’s going out strategy,” said National Development and Reform Commission (NDRC) Vice Chairman
Zhang Xiaoqiang. Private firms would be encouraged to invest in infrastructure, oil, gas, and even military
industries overseas, which are currently dominated by SOEs
3/09/2012
MOFCOM urges more tolerance for Chinese companies investing abroad
Foreign investment, Weekly
China’s Ministry of Commerce (MOFCOM) is urging the international business community to be more
“tolerant and rational” toward ambitious Chinese companies seeking to invest overseas. Shi Ziming of the
Ministry’s Department of Outward Investment and Economic Cooperation, said many international markets
still misunderstood the motives behind Chinese companies making investments overseas. Shi said there
should be much more objective recognition and evaluation of any proposal being made by a Chinese
company seeking to make an investment, given their strong track record in terms of local job creation and
other economic contributions to the organizations and communities in which they invest. The latest Statistical
Bulletin of China’s Outbound Foreign Direct Investment showed that Chinese non-financial ODI surged by
14% in 2011 from a year earlier to USD68.58 billion. The revised figures were an improvement on those
announced earlier in the year by the Ministry, which had been set at USD60 billion. China’s total ODI gained
8.5% year-on-year to USD74.65 billion, which makes China the sixth-largest investing nation in value terms
worldwide. About 36% of Chinese ODI last year was realized through mergers and acquisitions (M&As),
particularly in mining, manufacturing, and electricity production and supply. ODI during the first seven
months in the non-financial sector increased 52.8% from a year earlier, driven by growth of capital flow into
ASEAN member countries and the United States, which represented 36% and 29.6% of the total respectively.
Still, in 2011, China’s ODI by value accounted for just 4.4% of the global total, meaning “China still lags far
behind developed economies in investing overseas”, said Shi. In 2011, Chinese companies that owned
operations overseas submitted local taxes of more than USD22 billion, creating jobs for as many as 1.22
million people, including 888,000 local jobs, said the MOFCOM report.
12. 八八專案
12
27
AUG
2012
Chinese firms urged to use Hong Kong as springboard
Foreign investment, Weekly
The National Development and Reform Commission (NDRC) is drafting a raft of measures to encourage
mainland firms to use Hong Kong as a springboard for offshore investment. Speaking at the Second China
Overseas Investment Summit in Hong Kong, NDRC Vice Chairman Zhang Xiaoqiang said one measure
would be to encourage more mainland firms to list in Hong Kong and issue yuan-denominated bonds in the
city to finance overseas projects. Another would be to encourage mainland firms to set up operations in Hong
Kong specifically for overseas investment. Zhang said the NDRC would support joint investment by
mainland and Hong Kong firms in overseas infrastructure, mining, energy, high-tech, advanced
manufacturing, and logistics projects via equity investment, mergers and acquisitions (M&As), and
greenfield investment. Hong Kong Chief Executive Leung Chun-ying told summit delegates that 65% of
mainland overseas direct investment went through Hong Kong, while the city’s investment on the mainland
totaled USD37.3 billion in the first half, accounting for 63% of all investments in the mainland for the period.
13. 八八專案
13
09
JUL
2012
Foreign exchange rules for FDI to be simplified
Foreign investment, Weekly
The State Administration of Foreign Exchange (SAFE) is planning to simplify the foreign exchange rules
pertaining to foreign direct investment accounts. The plan is another step in the country’s efforts to make the
yuan fully convertible on the capital account and to eventually make it a global currency. The acts of opening
or adding to foreign exchange accounts for the purpose of foreign direct investment (FDI) will no longer be
subject to regulatory examinations. The same will be true for transfers between different foreign exchange
accounts. Examinations will no longer be conducted on reinvestments of profits generated by foreign
companies in China. There will also be a simplification of the procedures foreign investors must follow when
buying Chinese equities in the over-the-counter market and applying for capital verification for investments
in Sino-foreign joint ventures. “The move will eliminate a lot of procedures and make foreign direct
investment simpler in China,” said Wang Jianhui, Chief Economist with Southwest Securities Co, an
investment bank. The report said the procedures for foreign direct investment should be simplified for
investments whose purpose is verified and which do not involve speculative capital. Guo Shuqing, Chairman
of China Securities Regulatory Commission (CSRC), said that none of the 40 items in China’s capital
account is totally unconvertible. To avoid financial instability, China’s capital markets are largely off-limits
to foreign investors. Only selected foreign fund managers can invest in China through the Qualified Foreign
Institutional Investor (QFII) program. In total, USD80 billion in QFII has been approved. An RQFII program
— the “R” standing for renminbi — followed this year. It allows off-shore yuan, accrued mostly through
yuan-denominated trade settlements, to flow back to China.
09
JUL
2012
Chinese FDI falls for first time in 9 years
Foreign investment, Weekly
Foreign direct investment (FDI) from China fell for the first time in nine years in 2011. According to a report
14. 八八專案
14
by the United Nations Conference on Trade and Development (UNCTAD), outgoing FDI from China
declined 5.4% to USD65.12 billion last year – the first drop since an increase in expansion overseas in 2003.
Francis Cheung at brokerage firm CLSA said the data was unsurprising. “Since Greece threatened to break
from the euro zone last June, pricing negotiations of any merger and acquisition have become immensely
difficult,” Cheung said. “If I were an executive from a corporation in one of those troubled regions, I would
also hold off until better times.” Cheung expected China’s FDI outflow to rebound in the next few months as
projects restarted amid better external economic conditions. China remained the world’s most favored
destination for FDI, with inflows rising 8% to USD124 billion last year, and for the first time investment in
services surpassing that of manufacturing. UNCTAD said the amount of capital inflow to the financial sector
would rise in the coming years as foreign banks including HSBC and Citigroup expanded their presence in
China.
02
JUL
2012
Chinese investments abroad face challenges
Foreign investment, Weekly
Chinese firms were expected to invest USD800 billion abroad over the next five years, but their investments
were at an immature stage and faced serious challenges, speakers told the China Global Outbound
Investment Summit in Beijing. “We anticipate an additional USD800 billion will be invested overseas by
Chinese companies from 2012 to 2016,” André Loesekrug-Pietri, Chairman of private equity fund A Capital,
said. “The growth of Chinese overseas investments will be 17% per year, double its GDP growth.” China’s
appetite for resources pushed its overseas direct investment up by 118% to USD21.4 billion in the first
quarter, according to A Capital. Resources accounted for 92% of the first-quarter investment, South America
being the biggest recipient with Sinopec’s USD4.8 billion investment in a 30% stake in Petrogal Brasil.
Foreign direct investment (FDI) in China used to dwarf China’s outbound investment (ODI), but in the first
quarter, outbound investment was only 26% lower than FDI, according to A Capital. Beijing’s goal is for
Chinese overseas investment to equal FDI by 2015. “Previously, foreign direct investment was crucial to the
success of China. Crucial to the next 10 years is outreach to other countries,” said Michel Wormser, Vice
President of the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA). Mergermarket’s
Asia Research Manager Shunsuke Okano said that so far this year, China had made 39 mergers and
acquisitions (M&A) overseas worth USD16.3 billion. “That is not as high as last year’s USD44.2 billion. At
this pace, the total [for the whole of this year] won’t match last year’s,” Okano said. Mergermarket’s data
differ from A Capital’s because Mergermarket tracks only M&As, not other forms of investment. China’s
overseas investment was smaller than the U.S., France and Germany, but was the fastest growing in the
world, Loesekrug-Pietri said. Last year, China invested USD68 billion overseas, but the U.S. led with
USD328.9 billion, followed by Germany with USD200 billion and France with USD147 billion, according to
A Capital. But, China’s overseas investment was the fastest growing at an annual rate of 54% from 2000 to
15. 八八專案
15
2010, the South China Morning Post reports. “Ninety-nine per cent of Chinese companies are not ready to
invest abroad … I’m talking about culture and understanding of the world,” said Liu Shaohua, Executive
President of the Reignwood Group, a private Chinese conglomerate. “Sometimes, if you acquire a foreign
company, you have a grand signing ceremony, then your nightmare begins,” he added. One problem is
Chinese companies and their foreign counterparts view contracts differently. Dirk Walker, Partner at China-
based law firm King & Wood Mallesons, said that “often the Chinese investor will find the contract an
ancillary aspect of the relationship, but the foreign side sees the contract as the entire relationship”. “The
Chinese party may misinterpret this as the foreign party not trusting him. The foreign party can misinterpret
Chinese post-contract negotiations as reneging on the contract,” Walker said.
11
JUN
2012
Chinese investment in Europe triples
Foreign investment, Weekly
Chinese direct investment into Europe tripled in 2011 to USD10 billion, according to a new study that
estimates Chinese companies are in the early stages of a global shopping spree that could see them spend as
much as USD250 billion to USD500 billion in the region by 2020. Although total Chinese outbound direct
investment (ODI) is still small compared to the size of its economy, most analysts believe the country is on
the verge of ramping up its spending abroad, with Europe seen as one of the most attractive markets,
according to a study by Rhodium Group, the Financial Times reports. Chinese ODI is expected to reach
USD1 trillion to USD2 trillion between 2010 and 2020 and the study expects around a quarter of that will go
to Europe through mergers and acquisitions (M&As) or greenfield investments. Chinese companies are most
interested in buying European technology, brands and high-end manufacturing. Separate studies by A
Capital, a private equity firm that helps Chinese companies invest abroad, support Rhodium Group’s
estimate. “At current growth rates and without a change in Chinese government policy we expect an
additional USD800 billion in outbound Chinese direct investment in the five years from 2011 to 2016,” said
André Loesekrug-Pietri, Chairman of A Capital. Europe was the number two destination for Chinese
outbound direct investment in the first quarter of 2012, after South America. Chinese investment to Europe
reached USD1.7 billion in the first quarter and represented 83% of all outbound Chinese non-resources deals.
“Our dataset shows a profound post-2008 surge [in Chinese outbound investment to Europe] which the
official data sources are missing,” said Thilo Hanemann, Research Director at Rhodium Group and co-author
of the report. “The absolute values remain small compared to Europe’s total inward FDI stock, but the
change in trend line is what matters.” The report estimates that Chinese direct investment in Europe averaged
less than USD1 billion each year from 2004 to 2008 but then tripled to around USD3 billion in both 2009 and
2010 before tripling again to almost USD10 billion last year.
16. 八八專案
16
State-owned companies accounted for 98% of all deal value in the first quarter, a new high and up sharply
from 53% in the first quarter of 2011, A Capital estimated in its quarterly Dragon Index on China’s outbound
investment. Resources and energy deals accounted for 92% of the total, up from just 24% a year earlier. The
dominance of state-owned firms in the first-quarter figures “show more difficulties for private firms to seize
large opportunities in an environment characterized by both volatility and strong competition for good
assets,” A Capital said in the report. South America was the top destination for investment during the first
quarter, at 43% of total foreign merger-and-acquisition activity by Chinese companies. So far, the top five
Chinese private investors in Europe are Geely, Huawei, Lenovo, Sany and Wolong Group. Chinese
investment has created 45,000 jobs in the EU.
05
JUN
2012
Outbound direct investment on the rise
Foreign investment, Weekly
Outbound direct investment (ODI) is set to soar in the coming years, with double-digit growth rates
predicted, said Chen Runyun, Commercial Counselor at the Department of Outward Investment and
Economic Cooperation at the Ministry of Commerce (MOFCOM). ODI surged by 1.8% in 2011, from the
previous year, to USD60 billion. But the January to April figure grew by 72.8% year-on-year to USD23.16
billion. China’s total ODI, at the end of April, stood at USD345.1 billion. “The trend is clear. ODI is on a
fast-growth track which will probably continue for some decades,” Chen said. “Various factors, including the
increasingly appreciating yuan, China’s large foreign exchange reserves and domestic companies expanding
abroad, are driving the fast growth.’’ ODI is expected to register an annual growth rate of 17% from 2011 to
2015, reaching USD150 billion in 2015. China overtook Japan and the United Kingdom in 2010 to become
the fifth-largest global investor. China was the largest investor among the developing nations in 2010 and
2011. Overseas investment, by the end of 2010, mainly went to manufacturing, retail, wholesale, commercial
services and mining. In terms of regions, Asia, Europe and Africa are the top three destinations for ODI.
Chen predicted that Latin America will be another key investment destination. China’s investment in the
European Union jumped by 94% in 2011, year-on-year, to USD4.28 billion, and in Africa it went up by 59%
year-on-year. More and more overseas investment deals came through mergers and acquisitions (M&As).
Besides cultural issues, Li Rongcan, Assistant Minister of Commerce, said “many Chinese companies and
investors complain that they face protectionism’’.
17. 八八專案
17
29
MAY
2012
Sino-Belgian investment fund to avoid Southern Europe
Foreign investment, Weekly
The €250 million private equity fund set up by China’s sovereign wealth fund to invest in Europe will shy
away from the troubled southern European region and focus on Germany, France and Scandinavia. The fund,
set up by the China Investment Corporation (CIC) in partnership with the Belgian Federal Holding and
Investment Co and private equity group A Capital, has been backed by Vice Premier Li Keqiang, who
appeared at the fund’s first-round fundraising ceremony in Brussels. André Loesekrug-Pietri, Chairman of A
Capital, said that with the resurgence of regional concerns it was “not a good time” to invest in consumer-
driven industries and the financial services sector with heavy exposure to southern European countries like
Greece, Italy and Spain. The fund is expected to allocate 30% to 35% of its capital to Germany, 20% to
Scandinavia, 20% towards France, and the remainder to Britain, Belgium, the Netherlands, and other
European countries. The fund focuses on mid-cap European companies that generate between €300 million
and €3 billion in sales annually. Its four investments areas include high-end manufacturing, environmental
industries and clean energy, consumer brands and food safety. Loesekrug-Pietri said it might take more time
to convince nervous Chinese investors about opportunities in Europe, and added that the fund still attracted
Chinese investors who had a good understanding of the diversity of European markets, and who were
genuinely interested in foreign investment, the South China Morning Post reports.
21
MAY
2012
ODI curb will improve China deals
Foreign investment, Weekly
The central government’s plan to slow the growth of overseas direct investment (ODI) will lead to more
successful and quality investments, said speakers at the American Chamber of Commerce in Hong Kong’s
2012 China Conference. For the 12th Five Year Plan period from 2011 to 2015, the Ministry of Commerce
(MOFCOM) has set a target of 17% annual growth of overseas direct investment (ODI) to USD150 billion
18. 八八專案
18
by 2015. The target rate has been set lower than the 30% in the previous Five Year Plan period of 2006 to
2010. Chinese investments have been made in nearly 200 countries. “If you have a fast rate of growth, you
have lots of bad deals. Slower growth rate can give you better quality. I like this cautious approach,” said
Zheng Lili, co-leader of Asia Pacific International Core of Excellence of Deloitte. With a slower growth rate
in outbound investment, the rate of success of Chinese companies’ overseas acquisitions will go up and the
rate of failure will go down, said Stanley Jia Tianan, Partner at international law firm Baker & McKenzie