萬達商業地產投資者批准私有化
A Chinese tycoon has succeeded in taking his Hong Kong-listed property arm private less than two years after its flotation, as local groups eye mainland listings as a way to higher valuations.
一位中國富豪成功地將其不到兩年前在香港上市的房地產公司收歸私有。目前中資集團紛紛希望在內地上市，認爲這是一種達到更高估值的途徑。
Hong Kong investors voted yesterday to approve Wang Jianlin’s US$4.4bn offer for Dalian Wanda Commercial Property. That makes it by far the largest take-private for a Hong Kong group, although a wave of similar deals in New York have seen offers totalling at least US$40bn in the past two years.
香港投資者昨日投票批准王健林對大連萬達商業地產(Dalian Wanda Commercial Properties)的44億美元報價，使其成爲香港遙遙領先的最大私有化交易，儘管在紐約進行的一波類似交易在過去兩年的報價總計至少達到400億美元。
The HK$52.8 per share offer represented a 10 per cent bump on the company’s 2014 listing price and a 44 per cent premium to its price before the idea of an offer was first floated in March.
每股52.8港元的報價比該公司2014年的發行價高出10%，且相對於3月份私有化想法首次提出之前的股價有44%的溢價。
Wanda listed its property arm to fanfare in December 2014 but its shares, initially boosted by the mainland stock market boom in early 2015, did not trade above their offer price between November 2015 and the March 2016 privatisation offer.
萬達在2014年12月大張旗鼓地上市其房地產部門，但其股價在2015年上半年得到內地股市行情高漲的提振後，在2015年11月至2016年3月私有化報價發出之間一直低於發行價。
Property is the foundation of Mr Wang’s fortune, and his Wanda Plaza mixed-use property developments are common across China. He has moved into entertainment with the purchase of Hollywood studio Legendary Entertainment as well as US cinema chains. Earlier this summer, he took on Disney by opening the Wanda City theme park weeks ahead of the launch of Disneyland Shanghai.
房地產是王健林財富的基礎，他的萬達廣場(Wanda Plaza)綜合用途地產開發項目在中國頗爲常見。他已進軍娛樂行業，收購好萊塢電影製片公司傳奇娛樂(Legendary Entertainment)以及美國院線。今夏早些時候，他還叫板迪士尼(Disney)，在上海迪士尼樂園(Disneyland Shanghai)開幕幾周前開張了“萬達城”(Wanda City)主題公園。
Mr Wang is expanding into overseas property development, securing ￡500m in financing for two towers he is developing as part of London’s Nine Elms project.
王健林正擴張進入海外房地產開發，爲他正在開發的兩棟倫敦高樓（倫敦Nine Elms項目的一部分）落實了5億英鎊資金。
The take-private deal could pose a risk to Hong Kong’s market if other companies choose to follow suit since the city offers lower valuations for mainland companies than Shanghai or Shenzhen and even New York.
如果其他公司選擇跟風，那麼萬達的私有化交易可能對香港股市構成風險，因爲這裏給予內地企業的估值低於上海或深圳，甚至還不如紐約。
Outside the tech sector, US-listed Chinese groups have often felt ignored and undervalued by investors there. In Hong Kong, meanwhile, mainland groups receive more attention, but valuations are dragged lower by investor distrust, or at best a lack of interest.
除了科技類股票外，在美國上市的中資集團常常感到被那裏的投資者忽視和低估。而在香港，內地集團受到更多關注，但估值受到投資者不信任（或者往好了說是缺乏興趣）的拖累。
The valuation gap between the mainland and Hong Kong-listed shares of Chinese groups has reached its lowest in 10 months, but mainland shares are still 20 per cent more expensive.
內地和香港上市的中資集團股票之間的估值差距已收窄至10個月最低位，但內地股價仍高出20%。
Wanda’s deal comes as China regulators probe the take-private trend.
萬達的交易進行之際，中國監管部門正在調查這股私有化趨勢。
The queue for initial public offerings in Shanghai and Shenzhen is believed to include several hundred companies, so some companies looking to switch listings have sought to speed up the process by taking over already-listed groups — something that regulators are questioning.
據信目前有數百家企業排隊等候在上海或深圳股市進行首次公開發行(IPO)，因此有意變更上市地點的一些企業尋求通過收購已經上市的公司來加快過程；監管機構正在質疑這種操作。
