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2018年并购年中回顾与展望
August 2018
2018年8月
The value of China M&A fell by 18% in the first six months of 2018 to US$348 billion, despite a slight increase in the volume of transactions. Deal values fell across the four main sub-sectors of M&A: domestic strategic buyers, foreign strategic buyers, PE deals and China mainland outbound. Domestic strategic M&A declined 27% in value. Nevertheless, deal volumes were still the second highest on record.
2018年上半年，中国并购交易额虽然略有增长，但仍下降了18%，至3480亿美元。并购的四个主要子行业的交易价值都有所下降：国内战略买家、国外战略买家、私募股权交易和中国内地海外市场。国内战略并购价值下降27%。尽管如此，交易量仍然是有记录以来的第二高。
Looking at geographical regions, Europe displaced Asia as the primary outbound destination in terms of value. However, two deals (China Three Gorges’ US$10.8 billion acquisition of EDP Energias de Portugal and Geely’s US$9 billion investment in Daimler) accounted for 80% of the Euro-zone total. Looking over a longer period, it is apparent that falling investments into the US accounts for a significant proportion of the overall decline in China outbound M&A from the peak in the first half of 2016.
从地理区域来看，欧洲取代亚洲成为主要的出境目的地。然而，两宗交易（中国三峡以108亿美元收购葡萄牙能源公司和吉利以90亿美元投资戴姆勒）占欧元区交易总额的80%。从较长时期来看，从2016年上半年的峰值来看，在中国海外并购整体下降中，流入美国的投资显然占了相当大的比例。
Domestically, strategic M&A was down 27% by value, with 24 ‘mega-deals’ (valued over US$1 billion) compared to 32 in the second half of 2017. To some extent the slowdown reflects the Chinese government’s commitment to deleveraging, which has had some impact on M&A, particularly among listed companies.
在国内，战略并购的价值下降了27%，与2017年下半年的32宗交易相比，有24宗“大型交易”（价值超过10亿美元）。在某种程度上，经济放缓反映出中国ZF致力于去杠杆化，这对并购尤其是上市公司的并购产生了一定影响。
In the financial buyers sector, fund-raising by traditional PE has remained robust and venture capital activity reached a new six-month record in terms of value. The value of investments by PE and financial buyers in outbound M&A declined in line with the overall trend. But the number of overseas transactions actually increased – PE funds remain active and interested in outbound opportunities, and their access to USD financing will be an advantage.
在金融买家领域，传统私募股权基金（PE）的融资依然强劲，风险投资活动在价值方面创下6个月新高。私募股权和金融买家在境外并购中的投资价值随总体趋势而下降。但海外交易的数量实际上有所增加——私募股权基金仍然活跃，对海外机会感兴趣，它们获得美元融资将是一个优势。
The first half of 2018 also saw a significant decrease in exit activities for PEs. Regulators controlled the numbers of IPOs in this period, seeking to improve the quality of applicants and reduce market volatility. Exits via trade sales also declined, as listed company buyers tightened their belts amid a deleveraging environment.
2018上半年，PES出口活动也显著减少。监管机构控制了这一时期的ipo数量，试图提高申请者的质量，减少市场波动。由于上市公司的买家在去杠杆化的环境中勒紧腰带，通过贸易销售的出口也下降了。
PwC expects a further moderate decline in M&A in the second half of the year. China outbound will continue to slow, but the other sectors (domestic, foreign and PE) are likely to remain steady.
普华永道预计，下半年并购规模将进一步温和下降。中国出境游将继续放缓，但其他行业（国内、国外和私募股权投资）可能保持稳定。
ma-2018-mid-year-review-and-outlook.pdf
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