中国外包与并购市场展望2013.pdf

Contents 3 Foreword 4 Deal Trends 8 Paul Hastings Perspectives Outbound Real Estate Investment: The Next Phase 10 Financing Growth 12 Paul Hastings Perspectives The Path to Finance: Policies, Procedures, and Potential Challenges 14 Regulatory Approval 16 Paul Hastings Case Study Shuanghui International’s Acquisition of Smithfield Foods 18 Common Hurdles 21 Concluding Remarks: Critical Success Factors 22 Paul Hastings Perspectives Access to Technology: Deal-making Options Amid Complex Regulations 24 About Paul Hastings 26 About Mergermarket Methodology In the second and third quarters of 2013, Paul Hastings Research notes: commissioned Mergermarket to interview 150 corporate executives, investment bankers, private equity • Where percentages add up to over 100%, respondents practitioners and sovereign wealth fund managers were asked to choose all applicable answers. based in Greater China regarding the prospects and procedures of outbound MA. Results are presented in • Greater China includes: China, Hong Kong, aggregate and reported anonymously. Macau and Taiwan. Foreword The inaugural edition of China Outbound MA Outlook published by Paul Hastings and Mergermarket looks at some of the significant challenges and opportunities faced by China’s companies as they increase the pace of their international investment and expansion. For today’s Chinese acquirers, market potential particularly in areas that will move the Chinese economy reflects both the factors that are drawing investments further up the value chain in terms of technology, outwards as well as the realities they have encountered resources, market positioning and brand value. in entering new markets, however attractive. Our study examines the investment question from both