復星66億港元入股青島啤酒

Chinese investment group Fosun International has agreed to buy an 18 per cent stake in China’s Tsingtao Brewery for HK$6.6bn from Japanese beverage group Asahi.

中國投資集團復星國際(Fosun International)同意以66億港元從日本飲料集團朝日(Asahi )收購中國青島啤酒(Tsingtao Brewery) 18%的股權。

Tsingtao, based in the northern Chinese city of Qingdao, is one of country’s oldest breweries and its most recognisable beer brand overseas, being sold in more than 100 countries.

總部位于中國北方城市青島的青島啤酒，是中國歷史最悠久的啤酒廠之一，也是在海外最知名的中國啤酒品牌，行銷100多個國家。

The $847m acquisition will make Fosun the second-largest shareholder in Tsingtao, and grant it direct exposure to one of China’s best-selling beers in what is now the world’s largest market for the beverage. Tsingtao, which will remain the largest shareholder, also agreed yesterday to buy back a small stake in the company from Asahi for about $94m.

這筆8.47億美元的收購將使復星成為青島啤酒的第二大股東，使其在如今已是世界最大飲料市場的中國獲得最暢銷啤酒之一的直接敞口。仍將是最大股東的青島啤酒，昨日也同意以大約9400萬美元從朝日回購一小部分股權。

The sale price of HK$27.22 a share, according to a regulatory filing by Fosun, was a 32 per cent discount to Tsingtao’s Monday closing price in Hong Kong. The deal is expected to close at the end of March.

根據(jù)復星提交的監(jiān)管申報文件，每股27.22港元的交易價格相對于青島啤酒周一在香港的收盤價有32%的折讓。預計這筆交易將在明年3月底完成。

Fosun, along with three other aggressive Chinese investors, has been scrutinised by regulators this year for leading a charge to snap up assets overseas at high prices, while building up mountains of debt.

復星和另外三家積極收購的中國投資者今年以來受到監(jiān)管機構從嚴審查，因為它們競相高價收購境外資產(chǎn)，同時大量舉債。

The Shanghai-based company has a vast list of overseas businesses under its control, including Canadian entertainment company Cirque du Soleil, French leisure group Club Med, Greek fashion company Folli Follie and Portugal’s largest bank, Millennium BCP.

這家總部位于上海的公司控制著多家境外企業(yè)，包括加拿大娛樂公司太陽馬戲(Cirque du Soleil)、法國休閑集團地中海俱樂部(Club Med)、希臘時裝公司Folli Follie以及葡萄牙最大銀行千禧銀行(Millennium BCP)。

It also said yesterday that it had entered into exclusive talks with Italian luxury fashion house La Perla for 30 business days in which it will conduct due diligence on the company.

該公司昨日還表示，已進入與意大利La Perla為期30個工作日的排他性談判，其間將對這家高端時裝公司進行盡職調(diào)查。

But Fosun has also been selling off assets in 2017 and is seeking to lower its leverage ratio. On Monday, it sold its stake in a Sydney office tower for A$150m ($115m) to Propertylink, its partner in the investment. Late last year it sold a stake in US insurance group Ironshore for US$3bn to Liberty Mutual less than two years after buying the company.

但復星在2017年期間也出售了資產(chǎn)，并正在尋求降低其杠桿率。周一，該公司將其在悉尼一棟辦公大樓所持股權以1.5億澳元(合1.15億美元)出售給投資伙伴Propertylink。去年末，復星以30億美元把買下不到兩年的美國保險集團Ironshore的部分股權出售給Liberty Mutual。

Fosun has said the sales are part of its normal investment activity and not a sign that it is under financial stress.

復星表示，這些出售是其正常投資活動的一部分，不說明它受到財務壓力。

Guo Guangchang, the jet-setting chairman, has sought to cut the company’s debt this year. Its ratio of net debt to equity fell from 60.3 per cent at the end of last year to 47.4 per cent at the end of June, according to its half-year earnings report. In the period, profit attributable to shareholders climbed 33.6 per cent to Rmb5.86bn ($890m).

頻頻乘飛機出行的復星董事長郭廣昌今年試圖減少公司的債務。根據(jù)該公司的半年度財報，其凈債務與股本之比從去年底的60.3%降至6月底的47.4%。同期，股東應占溢利增長33.6%，至58.6億元人民幣(合8.9億美元)。

Along with Chinese investors Dalian Wanda, HNA and Anbang Insurance, Chinese regulators asked banks to assess their level of exposure to Fosun in June. Since then, some of the companies have sought to divest from some assets and pare down their high levels of leverage. Wanda has sold off nearly $10bn in onshore property assets this year and HNA has announced plans to sell some assets that do not conform with government regulation. Anbang Insurance has not yet divested from significant assets it bought overseas but its chairman, Wu Xiaohui, was detained by Chinese authorities this year and his whereabouts are still unknown.

今年6月，中國監(jiān)管機構要求各商業(yè)銀行評估其對復星以及大連萬達(Dalian Wanda)、海航(HNA)和安邦保險(Anbang Insurance)的信貸敞口。自那以來，其中一些公司已設法剝離部分資產(chǎn)，降低它們偏高的杠桿水平。萬達今年已脫手近100億美元的國內(nèi)房地產(chǎn)資產(chǎn)，海航則宣布計劃賣掉一些不符合政府政策的資產(chǎn)。安邦保險至今沒有出售其在境外收購的重大資產(chǎn)，但其董事長吳小暉今年早些時候已被中國有關部門帶走，至今下落不明。