【英语财经】中信泰富再获新投资者青睐 Citic Pacific adds investors for asset deals to bolster state enterprises’ reform

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2014-6-18 15:56

小艾摘要: Citic Pacific has broadened investor support for its purchase of $37bn in mainland assets from its Chinese government-controlled parent, in a further sign of interest in China’s efforts to reform its ...
Citic Pacific adds investors for asset deals to bolster state enterprises’ reform
Citic Pacific has broadened investor support for its purchase of $37bn in mainland assets from its Chinese government-controlled parent, in a further sign of interest in China’s efforts to reform its sprawling state-owned enterprises (SOE).

A group including Och-Ziff Capital, Tencent and Bain Capital will join a collection of 15 previously announced anchor investors, among them Temasek, the Singapore government’s investment company, and AIA, the Asian insurer.

Citic Pacific’s deal was approved by independent shareholders this month.

The purchase involves its mainland parent Citic Group – the controlling shareholder – reorganising its myriad subsidiaries into the existing Hong Kong-listed vehicle at a little more than the book value of the assets. When the process is completed, the new Citic Pacific will have been transformed from an ailing collection of mining, property and telecoms assets with a market capitalisation of about $6bn into a financial conglomerate worth about $40bn.

The list of anchor investors has been closely watched as a gauge of international market interest in China’s SOEs.

While SOEs are known for gathering so-called cornerstone shareholders – dubbed “friends and family” by Hong Kong bankers – Citic Pacific’s test has been the range of international friends it could garner beyond the “family” of SOEs that typically support their fellow government-backed groups.

Unlike cornerstones, which agree to six-month lock-ups in exchange for guaranteed allotments in initial public offerings, Citic Pacific’s anchor shareholders do not have lock-ups – a factor that will lift the free-float in the enlarged group and help it remain listed.

Other investors announced yesterday include Malaysia’s Kuok family, owners of the Shangri-La hotel group, and Chow Tai Fook Nominees, the private investment vehicle of Cheng Yu-tung, controller of a hotel, property and jewellery empire and Asia’s fifth-richest man, according to Forbes the US business magazine group.

But executives close to the process admitted that garnering the list of big names had not been easy in Hong Kong’s bumpy markets.

In April, WH Group, the Sino-US pork group was forced to pull its IPO after initially looking to raise $6bn.

“It is a miracle that we could get this done at all,” the head of one Citic entity told the Financial Times.

The new investors are subscribing for $690m of shares between them in addition to the $5.1bn the original 15 signed up for.

Och-Ziff and Tencent are investing $50m each while Bain is buying $60m. The largest investor so far is China’s National Social Security Fund, which will take $2.2bn of the new stock.

中信泰富(Citic Pacific)从中国政府控股的母公司手中收购370亿美元内地资产的交易,已获得更多投资者的支持,这进一步表明投资者对中国政府改革庞大国有企业的兴趣。

包括Och-Ziff Capital、腾讯(Tencent)和贝恩资本(Bain Capital)在内的投资者将加入之前公布的15个“锚定投资者”(anchor investor)之列,后者包括新加坡政府投资公司淡马锡(Temasek)和亚洲保险公司友邦保险(AIA)。

中信泰富的交易本月得到独立股东的批准。

根据此笔收购交易,中信泰富的内地母公司、控股股东中信集团(Citic Group)将对其众多子公司进行重组,并入在香港上市的中信泰富。此笔交易的收购价略高于中信集团的股东权益。交易完成后,新的中信泰富将从一家境况不佳、市值约为60亿美元的矿业、房地产和电信企业,变成一家市值约为400亿美元的金融综合企业。

作为衡量国际市场对中国国有企业兴趣的指标,锚定投资者名单受到密切关注。

尽管国有企业以集中所谓的基石投资者(被香港银行家戏称为“朋友和家人”)出名,但中信泰富面对的考验是,在国有企业“家人”(一般会支持同为国企的企业)之外,还能获得多大范围国际友人的支持。

与基石投资者(同意将持股锁定6个月,以保证在首次公开发行(IPO)中获得配售)不同,中信泰富的锚定投资者没有禁售期,这一因素将增加扩大后集团的流通股数量,并有利于其保持上市地位。

昨日公布的其他投资者包括香格里拉(Shangri-La)酒店集团所有者——马来西亚郭氏家族以及郑裕彤(Cheng Yu-tung)的私人投资机构——周大福代理人有限公司(Chow Tai Fook Nominees)。郑裕彤拥有一个酒店、房地产和珠宝王国,根据美国商业杂志《福布斯》(Forbes)的数据,他在亚洲富人榜上排名第五。

然而,接近收购交易的高管承认,在香港这个情况不佳的市场,获得这些大牌企业的支持相当不易。

今年4月,中美猪肉集团万洲国际(WH Group)被迫放弃IPO,该公司最初本来希望筹资60亿美元。

中信旗下一家公司的负责人告诉英国《金融时报》:“我们能做成这件事是个奇迹。”

除了最初15家锚定投资者认购的51亿美元股票之外,新投资者将总共认购6.90亿美元股票。

Och-Ziff和腾讯将分别投资5000万美元,而贝恩资本将投资6000万美元。目前最大投资者是中国的全国社保基金(National Social Security Fund),将认购22亿美元新股。

译者/梁艳裳

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