中國國企交易左右亞洲投行排行榜
China’s $26bn trainmaker merger last week boosted Bank of America Merrill Lynch from third to first in Asia’s 2014 dealmaking rankings, highlighting the importance of state-owned enterprises for banks’ league table credit.
上週，中國宣佈了一筆260億美元的機車製造商合併案，使得美銀美林(Bank of America Merrill Lynch)在2014年亞洲交易撮合排行榜上由第三名升至第一名，凸顯了國企對投行在排行榜上位置的重要性。
The region’s biggest three deals last year were all the product of SoE reforms — a movement that has triggered bruising battles between banks and league table compilers over how much credit each adviser deserves.
去年亞洲三筆最大交易都是國企(SoE)改革的產物。在這一背景下，投行與排行榜編制機構之間在每家顧問應計入多少撮合金額的問題上發生激烈爭執。Asian dealmaking reached a record $651bn in 2014, up a fifth on the previous year and led by China. But bank fees are unlikely to have kept issue is whether such deals, directed by the state, involve the sort of strategic advice involved in western dealmaking — and thus deserve similar credit.
2014年，在中國相關交易的帶動下，亞洲地區交易撮合金額達到創紀錄的6510億美元，同比增長五分之一。但投行佣金不大可能同步增長。問題在於，這類政府指令的交易，是否需要西方交易撮合中的那種戰略建議——並由此計入類似的貢獻。
Providing the idea or otherwise broking a deal generates far more in fees than arranging such nuts and bolts as shareholder approval or ironing out legal issues.
提供思路或以其它方式撮合交易所賺取的佣金，比安排股東批准或化解法律問題等具體細節所賺佣金要多得多。“It is not like you’re at the table negotiating. There’s no part in these where someone says ‘I think this is the price’ and someone else disagrees,” said one senior M&A banker of SoE deals.
“這不像你坐在談判桌前談判。有人說，‘我認爲這個價格合適’，而另一方不同意，交易過程中沒有這種情形，”一名參與了國企交易的高級併購銀行家表示。BofA advised CSR, alongside China’s CICC, in its purchase of fellow SoE trainmaker CNR. The $15.6bn of credit each bank got for the deal — the value of CNR, according to Dealogic — vaulted BofA past Citigroupand Goldman Sachs, formerly first and second.
在中國南車(CSR)收購其同行、國有機車製造商中國北車(CNR)的交易中，美銀和中國的中金公司(CICC)一起提供了諮詢服務。美銀和中金公司各自被計入156億美元的撮合金額（Dealogic數據顯示，這正是中國北車的價值），使得美銀一舉超過了先前分別位居第一和第二的花旗集團(Citigroup)和高盛(Goldman Sachs)。One banker involved in the train deal, however, said it was in fact more complex than many SoE deals since it required agreement by four sets of shareholders as both groups are dual-listed in Shanghai and Hong Kong.
然而，一名參與南北車合併的銀行家表示，該交易事實上比許多國企合併案更復雜，這是因爲，這兩家公司均同時在上海和香港兩地上市，合併必須獲得四羣股東的同意。“It was agreed by the Chinese government that’s true. But how exactly to merge — to balance shareholders, to get regulatory agreement — that was still a big issue to sort out,” he said.
他說，“中國政府已同意南北車合併是沒錯。但具體如何合併（平衡股東利益和取得監管機構同意），仍是一個有待解決的大問題。”More SoE deals are expected this year as Beijing’s push for reform gathers pace — part of its efforts to improve the performance of its sprawling corporate empire, which has long lagged the returns produced by the private sector.
隨着北京方面加快推進國企改革計劃，今年預計將發生更多的國企相關交易。這是中國政府提高其不斷膨脹的企業帝國業績的努力的一部分——長期以來，中國國企的回報一直低於民營行業。The CSR-CNR deal was the second-biggest in Asia last year, by Dealogic’s rankings, behind Sinopec’s $17.4bn partial spin-off of its retail arm and just ahead of Citic’s $15.6bn reverse merger — which involved the injection of $37bn of state-owned assets into the group’s listed Hong Kong subsidiary.
在Dealogic的排行榜上，南北車合併是去年亞洲規模第二大的交易，排在174億美元的中石化(Sinopec)部分剝離其零售部門之後，略高於156億美元的中信(Citic)的反向收購——該集團將370億美元國有資產注入了其香港上市子公司。UBS advised CNR alongside Somerley Capital, an independent mid-market Hong Kong adviser, and Great Wall Securities.
瑞銀(UBS)跟香港一家獨立的中間市場顧問公司Somerley Capital以及長城證券(Great Wall Securities)一道向中國北車提供了諮詢服務。Dealogic’s tables now give BofA credit for work on deals worth $81bn, Citi for $78bn and Goldman for $68bn in Asia excluding Japan. Add in Australia, where Goldman is particularly strong, and BofA moves to second from third with $92bn, behind Goldman with $110bn but pushing ahead of Citi with $87bn.
在Dealogic除日本外亞洲市場交易排行榜上，目前美銀的撮合金額爲810億美元，花旗爲780億美元，高盛爲680億美元。如果加上高盛業績尤其強勁的澳大利亞，則美銀以920億美元變爲第二名，落後於撮合金額達1100億美元的高盛，但領先於撮合金額爲870億美元的花旗。
