復星繼續積極收購境外資產

While many Chinese companies have slowed or unwound overseas acquisitions, Fosun International, the investment group led by jet-setting Dealmaker Guo Guangchang, has continued to buy up foreign asset and said it planned to spend $3.2bn on technology over the next three years.

在很多中資企業放緩或取消海外收購之際，成功的交易人郭廣昌執掌的投資集團復星國際(Fosun International)仍在繼續收購海外資產，稱計劃未來3年斥資32億美元收購技術。

The Shanghai-based company, which controls assets ranging from Portugal’s largest listed bank Millennium BCP to French resort operator Club Med, doubled the number of overseas acquisitions it announced in 2017 compared with the year before.

復星控制的資產遍及世界各地——從葡萄牙最大上市銀行千禧銀行(Millennium BCP)到法國度假村集團地中海俱樂部(Club Med)。這家總部位於上海的公司2017年宣佈的海外收購交易數量比上年翻了一番。

The company said on Wednesday that net profit rose 28 per cent in 2017 to Rmb13.2bn while net gearing decreased to about 50 per cent, down from more than 60 per cent a year earlier.

復星週三表示，2017年淨利潤增長28%，達132億元人民幣，而淨負債率從上一年的逾60%降至了50%上下。

Wang Qunbin, chief executive, said Fosun would invest about $3.2bn in technology over the next three years, but did not give any details.

復星首席執行官汪羣斌稱，未來3年復星將在科技領域投資約32億美元，但他沒有透露任何細節。

Fosun’s ability to continue sealing cross-border deals while managing its debt has helped restore confidence in the group after several other aggressive Chinese investors have shown signs of pressure from domestic regulators to reduce debt and divest from some assets, such as property.

復星在管控債務的同時繼續進行跨境交易的能力，有助於恢復外界對該集團的信心。此前，另外幾家積極收購境外資產的中資企業顯示出受到國內監管機構壓力的跡象，不得不減少債務，剝離房地產等部分資產。

In response to a question on Wednesday about property investment overseas, Mr Guo said that “Fosun will comply with all Chinese regulation”.

週三，在回答有關海外房地產投資的問題時，郭廣昌稱“復星將遵守中國所有規定”。

The Chinese government issued rules last year aimed at curbing speculative investment in areas such as property and entertainment.

中國政府去年出臺了旨在遏制房地產、娛樂等領域投機性投資的規則。

HNA Group and Dalian Wanda, two of China’s most active overseas investors in 2016, announced major divestments in 2017 and early 2018. Anbang Insurance, which owns the historic Waldorf Astoria in New York, has been taken over by the Chinese government and chairman Wu Xiaohui detained. The trial of the former Anbang boss for alleged economic crimes began on Wednesday in Shanghai.

2016年中國對外投資最活躍的集團中的兩家——海航集團(HNA Group)和大連萬達(Dalian Wanda)，在2017年和2018年初都宣佈了重大的撤資計劃。擁有歷史悠久的紐約華爾道夫酒店(Waldorf Astoria)的安邦保險(Anbang Insurance)已被中國政府接管，董事長吳小暉被拘。這名涉嫌經濟犯罪的安邦前掌門人本週三開始在上海出庭受審。

Although Fosun was originally named along with those three companies in a regulatory probe into excessive leverage, the company has shown no sign of slowing outbound investment.

雖然復星最初與上述三家公司一起在針對過度使用槓桿的監管調查中被點名，但該公司尚未表現出放緩對外投資的跡象。

It announced 32 overseas acquisitions worth $2.1bn last year, picking up from 16 deals worth $1.6bn in 2016, according to data from Dealogic. Those deals included the takeover of French butter maker St Hubert, in which it invested alongside state-controlled Beijing Sanyuan Foods.

Dealogic的數據顯示，去年復星宣佈完成32筆海外收購，價值21億美元，較2016年（16筆，16億美元）大幅增加。其中包括與國有控股企業北京三元食品公司(Beijing Sanyuan Foods)聯手收購法國黃油生產商St-Hubert。

In what was considered a political coup for the company, Fosun bought 18 per cent of Tsingtao Brewery from Japanese beverage group Asahi for HK$6.6bn (US$841m), bringing home the stake in the historic Chinese brand from China’s primary geopolitical rival in the region.

在被認爲是該公司政治妙招的一筆收購中，復星斥資66億港元（合8.41億美元）從日本飲料集團朝日(Asahi)手中購回青島啤酒(Tsingao Brewery) 18%的股權，從中國在亞洲的主要地緣政治競爭對手那裏購回了這一具有歷史意義的本土品牌的股份。

It also pushed through a troubled buyout of an Indian pharmaceutical company, Gland Pharma, despite Indian regulators blocking the originally proposed transaction.

復星還完成了對印度製藥公司Gland Pharma困難重重的收購，儘管印度監管機構阻撓了最初擬議的交易方案。

Last month it bought a controlling stake in Lanvin, France’s oldest surviving couturier.

上月，復星買下了法國曆史最悠久的時裝品牌Lanvin的控股權。

Fosun’s business model is based on a disparate collection of assets scattered across a number of countries. The assets are loosely grouped into three businesses — what it calls its happiness, health and wealth ecosystems — but show little connectivity with each other.

復星的商業模式是建立在分散於多個國家的不同資產的基礎上的。這些資產在業務上大致分爲三大類——即復星所謂的快樂、健康、富足的生態圈——但這些資產間似乎沒什麼聯繫。

For example, the happiness business includes fashion brands, resorts and food and drink producers. The company has bundled several Portuguese financial institutions along with a blockchain designer and a railway project into the wealth unit.

例如，“快樂”事業羣包括時尚品牌、度假村及食品飲料生產商。該公司還將葡萄牙的幾家金融機構、一家區塊鏈設計公司和一個鐵路項目算作其“財富”業務。