国家开发银行日益商业化

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This year, state-controlled China Development Bank has stepped into some of the biggest deals in Asia, as the policy lender goes increasingly commercial.

今年，中国政府控制的国家开发银行(China Development Bank)涉足了亚洲部分规模最大的交易，这家政策性银行正变得日益商业化。

On Wednesday, it made what could be its biggest acquisition loan so far to a non-Chinese company: a loan aimed at financing the US$9.39 billion acquisition by Thailand's Charoen Pokphand Group of HSBC Holdings PLC's stake in Ping An Insurance (Group) Co. of China Ltd.

周三，国家开发银行向一家非中资企业放出了一笔可能是其迄今为止提供的最大规模收购贷款。这笔贷款旨在资助泰国卜蜂集团(Charoen Pokphand Group)收购汇丰控股有限公司(HSBC Holdings PLC)持有的中国平安保险（集团）股份有限公司(Ping An Insurance (Group) Co. of China Ltd., 简称：中国平安)的股权。收购价为93.9亿美元。

However, some recent cases suggest that having the backing of the Chinese state doesn't mean quick financing is always guaranteed.

然而，最近一些案例表明，得到中国政府的支持并不一定意味着保证能够很快获得资金。

'The bank is still in the process of transformation,' said Bin Hu, senior analyst at Moody's Investors Service in Hong Kong.

穆迪投资者服务公司(Moody's Investors Service)驻香港高级分析师胡斌说，国家开发银行仍处于转型过程中。

For example, CDB is one of three Chinese banks in a multibank roster that includes Citigroup Inc. and Credit Suisse Group AG in financing what could be China's biggest leveraged buyout: the $3.7 billion privatization of Nasdaq-listed Chinese advertising company Focus Media Holding Ltd. by a consortium including the company's chairman and Carlyle Group.

比如，国家开发银行是为可能是中国最大的一宗杠杆收购案提供资金的三家中资银行之一。多家银行参与了这宗交易，其中包括花旗集团(Citigroup Inc.)和瑞士信贷集团(Credit Suisse Group AG)。这宗交易就是在纳斯达克上市的分众传媒控股有限公司(Focus Media Holding Ltd.)被以37亿美元的价格私有化的交易。提出私有化方案的财团包括分众传媒董事长和凯雷投资集团(Carlyle Group)。

The sign-off on financing for that acquisition, announced in August, has been delayed for weeks because the Chinese banks involved in the loan have been slow to receive approval, say people with knowledge of the deal.

知情人士透露，虽然这宗私有化交易今年8月就已经宣布，但为这宗收购提供资金的方案推迟了数周才通过。因为负责提供贷款的三家中资银行迟迟未能获得批准。

One of the people said the Chinese banks are taking time to approve the loan because the deal structure, which includes a cash bridge loan, a term loan and a high-yield bond, is more complicated than the conventional term loans they typically provide.

其中一位知情人士说，三家中资银行之所以需要时间来审批贷款，是因为相比它们通常提供的传统定期贷款，这宗交易的结构要更为复杂，其中包括了现金过渡性贷款、定期贷款和高收益债券。

In Australia, a delay in funding from CDB is stalling another deal. Iron-ore explorer Sundance Resources Ltd. said Wednesday it extended the deadline again for a takeover by Sichuan Hanlong Group as it waits for submission of a credit-approved term sheet from CDB for the 1.4 billion Australian dollar deal. The transaction is now expected to close on Feb. 22, pushed back from an original target of Dec. 31. Sundance said in October that Hanlong had secured a loan from CDB.

在澳大利亚，由于来自国家开发银行的资金未能及时到位，另一宗交易因此被推后。铁矿石出口企业Sundance Resources Ltd.周三表示，该公司再次延长了四川汉龙集团(Sichuan Hanlong Group)进行收购的最后期限，因为该公司正等待汉龙集团提供国家开发银行出具的信贷审批条款书。这宗收购交易的规模为14亿澳元。目前预计交易将于明年2月22日完成，原先定下的交易截止日为今年12月31日。Sundance今年10月表示汉龙集团已经获得了国家开发银行的贷款承诺。

CDB couldn't be reached for comment.

记者无法联系到国家开发银行置评。

Mr. Hu said that while some deals appear to be driven by commercial interests, there may also be less obvious policy-driven goals involved. 'The nature of some of the deals are on commercial terms, but we can still see government functions behind it,' he said. Mr. Hu says solar-energy companies in China have received active support from CDB as commercial banks retreat from the sector because the sector is seen as strategically important by the government.

胡斌说，虽然某些交易似乎是受商业利益推动，其中可能也涉及一些不那么明显的政策目的。他说，部分交易属于商业性质，但我们仍然可以看到背后政府在起作用。胡斌说，在商业银行撤离中国光伏产业之际，光伏企业获得了国家开发银行的积极支持，因为政府认为这个行业在战略上具有重要意义。

Still, CDB, which has made a noticeable effort to veer away from lending to Chinese state-backed companies since 2008, has been escalating its efforts in the commercial space this year. For example, CDB provided a $1.8 billion loan to Hong Kong Exchanges & Clearing Ltd. in September to fund its takeover of London Metal Exchange, according to people familiar with the deal. Chinese e-commerce giant Alibaba Group Holding Ltd. also turned to the bank for a $1 billion loan for the privatization of its trading unit in June, and in July CDB made another $1 billion, four-year loan to Alibaba to fund the buyout of around half of Yahoo Inc.'s 40% stake in the company.

但国家开发银行自2008年以来明显地回避向中国国有企业贷款，今年以来又加快了商业领域的前进步伐。比如据知情人士说，它在9月份为香港交易及结算所有限公司(Hong Kong Exchanges & Clearing Ltd.)提供了一笔18亿美元的贷款，用来支持后者对伦敦金属交易所(London Metal Exchange)的收购。中国电子商务巨头阿里巴巴集团(Alibaba Group Holding Ltd.)也从国家开发银行拿到了一笔10亿美元的贷款，用于6月份对其上市子公司的私有化。今年7月，国家开发银行向阿里巴巴提供了另外一笔10亿美元的四年期贷款，支持阿里巴巴回购了大约一半的雅虎(Yahoo Inc.)在阿里巴巴所持的40%股份。

CDB has also been active in funding the growing number of U.S.-listed Chinese companies that are being taken private, as valuations have plunged after concerns about corporate governance and accounting standards surfaced last year. Last month, food and meat processor Zhongpin Inc. agreed to be taken private by a group including its chief executive and a Chinese fund, with a $320 million term-loan facility from CDB's Hong Kong branch.

随着赴美上市中国公司的估值因为去年浮出水面的公司治理和会计准则问题而大幅下降，国家开发银行也在积极地资助这些数量越来越多的公司进行私有化。上个月，食品肉类加工企业众品集团(Zhongpin Inc.)同意由一个包括其首席执行长和一只中国基金在内的团体私有化，这当中就有国家开发银行香港分行提供的一笔3.2亿美元定期贷款。

Indian companies have also gone to CDB for funds, at a time when Western banks are pulling back from lending outside their home markets. Two Indian companies Lanco Infratech Ltd., a power producer, and Reliance Communications Ltd., a telecommunications services company, tapped CDB for money this year.

在西方银行退回本土市场之际，印度企业也曾找国家开发银行拿贷款。发电企业Lanco Infratech Ltd.和电信服务企业Reliance Communications Ltd.今年都从国家开发银行拿到了资金。

This year, state-controlled China Development Bank has stepped into some of the biggest deals in Asia, as the policy lender goes increasingly commercial.

今年，中国政府控制的国家开发银行(China Development Bank)涉足了亚洲部分规模最大的交易，这家政策性银行正变得日益商业化。

On Wednesday, it made what could be its biggest acquisition loan so far to a non-Chinese company: a loan aimed at financing the US$9.39 billion acquisition by Thailand's Charoen Pokphand Group of HSBC Holdings PLC's stake in Ping An Insurance (Group) Co. of China Ltd.

周三，国家开发银行向一家非中资企业放出了一笔可能是其迄今为止提供的最大规模收购贷款。这笔贷款旨在资助泰国卜蜂集团(Charoen Pokphand Group)收购汇丰控股有限公司(HSBC Holdings PLC)持有的中国平安保险（集团）股份有限公司(Ping An Insurance (Group) Co. of China Ltd., 简称：中国平安)的股权。收购价为93.9亿美元。

However, some recent cases suggest that having the backing of the Chinese state doesn't mean quick financing is always guaranteed.

然而，最近一些案例表明，得到中国政府的支持并不一定意味着保证能够很快获得资金。

'The bank is still in the process of transformation,' said Bin Hu, senior analyst at Moody's Investors Service in Hong Kong.

穆迪投资者服务公司(Moody's Investors Service)驻香港高级分析师胡斌说，国家开发银行仍处于转型过程中。

For example, CDB is one of three Chinese banks in a multibank roster that includes Citigroup Inc. and Credit Suisse Group AG in financing what could be China's biggest leveraged buyout: the $3.7 billion privatization of Nasdaq-listed Chinese advertising company Focus Media Holding Ltd. by a consortium including the company's chairman and Carlyle Group.

比如，国家开发银行是为可能是中国最大的一宗杠杆收购案提供资金的三家中资银行之一。多家银行参与了这宗交易，其中包括花旗集团(Citigroup Inc.)和瑞士信贷集团(Credit Suisse Group AG)。这宗交易就是在纳斯达克上市的分众传媒控股有限公司(Focus Media Holding Ltd.)被以37亿美元的价格私有化的交易。提出私有化方案的财团包括分众传媒董事长和凯雷投资集团(Carlyle Group)。

The sign-off on financing for that acquisition, announced in August, has been delayed for weeks because the Chinese banks involved in the loan have been slow to receive approval, say people with knowledge of the deal.

知情人士透露，虽然这宗私有化交易今年8月就已经宣布，但为这宗收购提供资金的方案推迟了数周才通过。因为负责提供贷款的三家中资银行迟迟未能获得批准。

One of the people said the Chinese banks are taking time to approve the loan because the deal structure, which includes a cash bridge loan, a term loan and a high-yield bond, is more complicated than the conventional term loans they typically provide.

其中一位知情人士说，三家中资银行之所以需要时间来审批贷款，是因为相比它们通常提供的传统定期贷款，这宗交易的结构要更为复杂，其中包括了现金过渡性贷款、定期贷款和高收益债券。

In Australia, a delay in funding from CDB is stalling another deal. Iron-ore explorer Sundance Resources Ltd. said Wednesday it extended the deadline again for a takeover by Sichuan Hanlong Group as it waits for submission of a credit-approved term sheet from CDB for the 1.4 billion Australian dollar deal. The transaction is now expected to close on Feb. 22, pushed back from an original target of Dec. 31. Sundance said in October that Hanlong had secured a loan from CDB.

在澳大利亚，由于来自国家开发银行的资金未能及时到位，另一宗交易因此被推后。铁矿石出口企业Sundance Resources Ltd.周三表示，该公司再次延长了四川汉龙集团(Sichuan Hanlong Group)进行收购的最后期限，因为该公司正等待汉龙集团提供国家开发银行出具的信贷审批条款书。这宗收购交易的规模为14亿澳元。目前预计交易将于明年2月22日完成，原先定下的交易截止日为今年12月31日。Sundance今年10月表示汉龙集团已经获得了国家开发银行的贷款承诺。

CDB couldn't be reached for comment.

记者无法联系到国家开发银行置评。

Mr. Hu said that while some deals appear to be driven by commercial interests, there may also be less obvious policy-driven goals involved. 'The nature of some of the deals are on commercial terms, but we can still see government functions behind it,' he said. Mr. Hu says solar-energy companies in China have received active support from CDB as commercial banks retreat from the sector because the sector is seen as strategically important by the government.

胡斌说，虽然某些交易似乎是受商业利益推动，其中可能也涉及一些不那么明显的政策目的。他说，部分交易属于商业性质，但我们仍然可以看到背后政府在起作用。胡斌说，在商业银行撤离中国光伏产业之际，光伏企业获得了国家开发银行的积极支持，因为政府认为这个行业在战略上具有重要意义。

Still, CDB, which has made a noticeable effort to veer away from lending to Chinese state-backed companies since 2008, has been escalating its efforts in the commercial space this year. For example, CDB provided a $1.8 billion loan to Hong Kong Exchanges & Clearing Ltd. in September to fund its takeover of London Metal Exchange, according to people familiar with the deal. Chinese e-commerce giant Alibaba Group Holding Ltd. also turned to the bank for a $1 billion loan for the privatization of its trading unit in June, and in July CDB made another $1 billion, four-year loan to Alibaba to fund the buyout of around half of Yahoo Inc.'s 40% stake in the company.

但国家开发银行自2008年以来明显地回避向中国国有企业贷款，今年以来又加快了商业领域的前进步伐。比如据知情人士说，它在9月份为香港交易及结算所有限公司(Hong Kong Exchanges & Clearing Ltd.)提供了一笔18亿美元的贷款，用来支持后者对伦敦金属交易所(London Metal Exchange)的收购。中国电子商务巨头阿里巴巴集团(Alibaba Group Holding Ltd.)也从国家开发银行拿到了一笔10亿美元的贷款，用于6月份对其上市子公司的私有化。今年7月，国家开发银行向阿里巴巴提供了另外一笔10亿美元的四年期贷款，支持阿里巴巴回购了大约一半的雅虎(Yahoo Inc.)在阿里巴巴所持的40%股份。

CDB has also been active in funding the growing number of U.S.-listed Chinese companies that are being taken private, as valuations have plunged after concerns about corporate governance and accounting standards surfaced last year. Last month, food and meat processor Zhongpin Inc. agreed to be taken private by a group including its chief executive and a Chinese fund, with a $320 million term-loan facility from CDB's Hong Kong branch.

随着赴美上市中国公司的估值因为去年浮出水面的公司治理和会计准则问题而大幅下降，国家开发银行也在积极地资助这些数量越来越多的公司进行私有化。上个月，食品肉类加工企业众品集团(Zhongpin Inc.)同意由一个包括其首席执行长和一只中国基金在内的团体私有化，这当中就有国家开发银行香港分行提供的一笔3.2亿美元定期贷款。

Indian companies have also gone to CDB for funds, at a time when Western banks are pulling back from lending outside their home markets. Two Indian companies Lanco Infratech Ltd., a power producer, and Reliance Communications Ltd., a telecommunications services company, tapped CDB for money this year.

在西方银行退回本土市场之际，印度企业也曾找国家开发银行拿贷款。发电企业Lanco Infratech Ltd.和电信服务企业Reliance Communications Ltd.今年都从国家开发银行拿到了资金。