博通和高通合併將在中國面臨挑戰

A proposed tie-up between rival semiconductor manufacturers Broadcom and Qualcomm is expected to come under particular regulatory scrutiny in China as authorities there look to protect domestic players in a key industrial sector.

半導體制造商博通(Broadcom)與競爭對手高通(Qualcomm)之間的擬議併購預計將受到中國特別的監管審查，因爲中國當局希望在這一重要行業保護本國企業。

“Given China’s ambitions in the chip and mobile telecoms space, I can’t see the Chinese authorities taking kindly to a Broadcom-Qualcomm merger. It would likely create the biggest and most powerful player in the mobile chip market,” said a Hong Kong-based technology lawyer who requested anonymity due to the sensitivity of the subject.

“考慮到中國在芯片和移動電信領域的野心，我看不出中國當局希望博通和高通合併。合併後的博通和高通可能會成爲移動芯片市場上最大、最強的一家企業，”一名由於該話題的敏感性要求匿名的香港技術行業律師說。

Broadcom on Monday unveiled an unsolicited $130bn bid for Qualcomm, which would be the single largest pure technology deal in history and create a $200bn manufacturing giant making semiconductors crucial for everything from smartphones to computers.

博通週一公佈了其向高通提出的1300億美元的主動收購要約，這將是史上最大規模的科技行業併購，並將締造一家市值2000億美元的半導體制造巨頭，半導體產品對從智能手機到電腦的一切產品都至關重要。

Yet lawyers say the deal could encounter its biggest challenge in China, where policymakers are looking to foster domestic chip champions, such as SMIC and Tsinghua Unigroup, and reduce reliance on foreign companies. They say there is a growing chance that China could use its antitrust review to modify global deals or add commercial requirements to align with its own industrial policy.

但律師們說，這筆交易可能會在中國遭遇最大的挑戰，中國的政策制定者們正打算培養本國的芯片領軍企業，如中芯國際(SMIC)和清華紫光(Tsinghua Unigroup)，並減少對海外企業的依賴。他們稱目前有一個發展機會，即中國可以利用其反壟斷審查制度更改國際交易，或增加商業條件以配合自身的產業政策。

The Committee on Foreign Investment in the United States has blocked a number of Chinese bids for US tech companies as the two countries become more protective over technology deals — an issue US President Donald Trump is likely to raise when he arrives in China on Wednesday. Steve Mollenkopf, Qualcomm’s chief executive, is one of 29 US business leaders accompanying the president on his trip.

隨着中美兩國對技術領域的交易採取越來越保護主義的立場，美國外國投資委員會(Committee on Foreign Investment)已經阻止了很多起中國企業對美國科技企業的收購——美國總統唐納德?特朗普(Donald Trump)在週三抵達中國時，有可能會提到這個問題。高通首席執行官史蒂夫?莫倫科夫(Steve Mollenkopf)是陪同特朗普此行的29名美國商界領導人之一。

Although relatively nascent, China’s antitrust approval process has become an important consideration for global dealmakers. Since 2008, China’s ministry of commerce has required all deals involving parties with a combined global turnover exceeding Rmb10bn ($1.5bn) or combined China income exceeding Rmb2bn ($300m) — an unusually low filing threshold — to apply for Chinese merger approval.

雖然剛問世不久，但中國的反壟斷審批過程已成爲全球併購交易者的一個重要考慮因素。自2008年以來，中國商務部已要求參與方全球營業額合計超過100億元人民幣（15億美元），或在中國的營業額合計超過20億元人民幣（3億美元）的所有交易——這個門檻低得出奇——申請中國的併購審批。

Although the Chinese government intervenes in a lower number of deals than its European counterparts, antitrust lawyers say the country has become more confident in delaying or changing deals.

雖然中國政府幹預的交易數量低於歐洲的反壟斷機構，但反壟斷律師們表示，中國對推遲或更改交易越來越自信。

“There is a suspicion — but it is just a suspicion — that at least sometimes, China uses the review process to raise other concerns from stakeholders about a deal that may not be strictly antitrust,’’ said a Beijing-based M&A lawyer who declined to be named because of a client relationship.

“有一種懷疑——但僅僅是懷疑——至少某些時候，中國在利用審查過程引起利益相關者對某項交易的其他關切，這種關切可能並非是嚴格的反壟斷方面的，”北京一名因客戶關係而拒絕具名的併購律師表示。

Mofcom introduced an expedited 30-day review process for more straightforward deals in 2014. However, a deal as big and significant as the potential Broadcom-Qualcomm merger would almost certainly be required to undergo the full 180-day approval process.

中國商務部2014年爲一些較爲簡單的交易引入了一種爲期30天的加速審查程序。然而，像博通和高通合併這種重大交易，幾乎無疑必須經過180天的全面審批流程。

“If a deal does not help Chinese economic growth, then it will not likely pass. [Mofcom] must see if the deal helps the domestic industry sector and policies, as well as global competition,” said Zhou Chunsheng, a finance professor at the Cheung Kong Graduate School of Business in Beijing.

“如果一筆交易對中國的經濟增長沒有幫助，那它很可能不會通過。（商務部）一定要看到一筆交易對中國國內的產業部門、政策以及全球競爭力有無助益。”北京長江商學院(Cheung Kong Graduate School of Business)金融學教授周春生說。

China typically prefers to make conditional approvals for deals rather than block them outright, for instance requesting that parties divest of assets within China or make commitments to certain market conditions for a limited period of time.

中國通常更傾向於有條件地批准而不是徹底阻止，例如要求交易方對在中國的資產撤出投資，或在一定時期內對某些市場條件作出承諾。

“I expect Mofcom won’t go so far as to block the deal, but I expect they will ask for concessions and deals for Chinese companies,’’ said the Hong Kong technology lawyer.

“我預計中國商務部不會阻止這筆交易，但我預計他們會要求博通和高通給予中國企業某些讓步和交易，”之前那位香港技術行業的律師表示。

Both Broadcom and Qualcomm have previously come under Chinese regulatory scrutiny.

博通和高通此前都受到過中國監管機構的審查。

In August, Mofcom conditionally approved Broadcom’s efforts to acquire telecoms company Brocade for $5.9bn, a deal that has been delayed by Cfius in the US. To gain Chinese approval, Broadcom must maintain transaction conditions of certain products for 10 years within China.

今年8月，中國商務部有條件地批准了博通對電信公司博科(Brocade)的59億美元收購，這筆交易在美國已經被美國外國投資委員會推遲。爲贏得中方的批准，博通必須在中國保持某些產品的交易條件長達10年。

In 2015, Qualcomm was forced to fork over a record $975m in fines after Mofcom found it guilty of charging Chinese customers both the cost of its products plus patent royalties.

2015年，中國商務部認定高通讓中國客戶支付其產品成本外加專利許可費，之後高通被迫交出9.75億美元的創紀錄罰金。