因中國資本管制，收購好萊塢懸而未決

01-26

原文標題：Hollywood is left hanging as China reins in investments

原文地址：https://www.wsj.com/articles/capital-control-policy-puts-brakes-on-chinese-investment-in-hollywood-1487965450

原文作者：ERICH SCHWARTZEL，KANE WUand WAYNE MA

譯者：葉卓青

China』s crackdown on overseas investment is hitting Hollywood, torpedoing a deal that would have put Metro-Goldwyn-Mayer Studios under Chinese control and placing other high-profile acquisitions in limbo.

中國近幾年來不斷收購好萊塢公司，但隨著中國政府加強審查海外投資，一些尚未完成的交易面臨破裂威脅，其中包括萬達對米高梅的收購案。

Talks broke down between MGM and several Chinese companies late last year, an apparent casualty of China』s move to stanch capital outflows that has stalled the country』s shopping spree in Hollywood, according to people familiar with the matter.

據知情人士透露，米高梅公司與幾家中國公司的談判於去年底破裂，顯然是中國資本管制新政策的結果。這原本將是此類收購交易中規模最大且最受關注的其中一起。

The change comes after years of Chinese companies striking large deals, including the $3.5 billion acquisition of Legendary Entertainment in 2016 and a $1 billion film-financing infusion for Paramount Pictures last month.

這一變化經跟著中國公司這幾年進行大宗收購案而來，其中包括2016年以35億美元收購傳奇影業，以及上個月為派拉蒙影業公司注資10億美元的電影融資。

An MGM sale would have been among the biggest-ticket and highest-profile such acquisitions, but its failure to materialize is evidence of a twist ending that few in Hollywood expected.

出售米高梅將是將是最大規模和最引人注目的收購之一，但是這次收購失敗對於好萊塢的期待而言是一個難以意料的結局。

Beijing』s capital-control policy, which began in November, has kept deals such as the $1 billion acquisition of Dick Clark Productions by real-estate conglomerate Dalian Wanda Group Co. from closing, according to people familiar with the matter, and scuttled the takeover of smaller production companies.

中國從去年11月開始打擊資本外流。據知情人士透露，這已經導致中國房地產巨頭萬達集團擬以10億美元收購迪克·克拉克製作公司的交易無法完成，同時也阻礙了幾家小型電影製片公司的出售，這些公司已接近與中國買家達成交易。

The new dynamic highlights Hollywood』s dependence on China, where the slightest change in state policy has ripple effects across the entertainment industry. China』s deep pockets have become a frequent topic of speculation and intrigue among entertainment executives, some of whom see the country as full of prospective buyers willing to pay high premiums for flashy Hollywood holdings.

這一新的形勢凸顯出好萊塢對中國的依賴，中國國家政策最微小的變化也會對好萊塢娛樂行業產生連鎖效應。中國公司雄厚的財力早已在娛樂業管理人員之中成為一個有關投機和陰謀論的津津樂道話題，其中一部分人看出這個充滿潛在買家的國家願意為好萊塢的公司支付高額的溢價。

The economic-policy changes in China come amid mounting protectionist rhetoric in the U.S. from the administration of President Donald Trump.「We』ve heard from both [private-equity] firms and investment banks that China investment activity around [Hollywood] assets started to wane just prior to the election and is almost nonexistent now,」 said Chris Fenton, a trustee of the U.S.-Asia Institute, which organizes congressional delegations to China, and president of DMG Entertainment, a media company headquartered in Beverly Hills and Beijing. 「No China entity wants to be the first to test」 the heated rhetoric on the U.S. side and the capital controls on the Chinese side, he added.

中國經濟政策改變的同時，美國特朗普政府的保護主義風潮日益高漲。「我們從私募和投行都聽說，圍繞好萊塢的中國投資活動在大選之前就已經開始下降，現在幾乎不存在了」，曾組織國會代表團到訪中國的DMG娛樂總裁Chris Fenton說道。「沒有任何一家中國公司想要第一個嘗試來自美國措辭激烈的批判（指貿易保護主義）和中國的資本管制「，他補充說。

An MGM spokeswoman said: 「MGM is in the strongest position ever and is not for sale.」Once known for producing classics of Hollywood』s Golden Age such as 「The Wizard of Oz」 and 「Singin』 in the Rain,」 MGM is now much smaller, owned by private-equity firms and long considered as a likely takeover target. The studio』s most valuable asset is its film library, which includes several thousand titles, including co-ownership of numerous James Bond films.

米高梅的發言人說：「米高梅現在正處於最強的地位，沒必要被賣掉。」米高梅一度被稱為好萊塢黃金時代的代表，曾製作了《綠野仙蹤》和《雨中曲》等經典作品。現在的米高梅已經大不如前了，由私募控股，並長期考慮成為被收購目標。該工作室目前最寶貴的資產是其片庫，收藏了上千部影視作品，包括共同所有的多部詹姆斯·邦德電影。

Interest in MGM from China heated up last year when Viacom Inc.』s Paramount Pictures considered a rich acquisition offer from Wanda, according to a person familiar with the matter.

據一名知情人士透露，去年維亞康姆旗下的派拉蒙影業也曾考慮萬達集團的豐厚收購提議，中國對米高梅的興趣也隨之高漲。

MGM wasn』t the subject of a formal auction process, according to a different person familiar with the matter, and has indicated to potential business partners that it may pursue a public stock offering in the next couple of years.

根據另一名知情人士透露，米高梅並沒有處在正式的拍賣過程之中，並已向潛在的商業夥伴表示它可能在未來幾年內進行公開發行股票。

Chinese companies last year announced a record $225 billion in international purchases. Beijing keeps tight controls on money flowing out of the nation, concerned such capital flight could shake confidence in its economy and potentially weaken the yuan. That has led to greater scrutiny of overseas acquisitions to ensure they aren』t being made to evade capital controls.

中國企業在去年創下了高達2250億美元海外收購紀錄。北京對流出國外的貨幣實行嚴格控制，認為大量的資本外逃可能會動搖經濟，影響人民幣匯率。這導致對海外收購進行更嚴格的審查，以確保他們不會逃避資本管制。

Chinese companies that want to invest internationally typically submit applications to at least two regulators: the Ministry of Commerce and the National Development and Reform Commission, the country』s top economic planner. Once those applications are approved, the decision moves to a third regulator, the State Administration of Foreign Exchange. Regulators are still accepting applications, a person involved in Chinese outbound media deals said, but some applications appear to be in limbo and haven』t received a formal response, which has ground deals to a virtual halt.

想要在國際上投資的中國公司通常需要向至少兩個監管機構提交申請：商務部和發改委。一旦這些申請獲得批准，該決定將移交給第三個監管機構 —— 國家外匯管理局。監管機構仍在接受申請，一名參與中國收購海外媒體的人士透露，但一些申請似乎被駁回了，但是並沒有收到正式回應，這導致了這些交易的終止。

In recent years, China has become a go-to source of capital for Hollywood. Studios have co-financed productions with Chinese firms and raked in billions in ticket sales in the country, now the world』s No. 2 box-office market.

近年來，中國已成為好萊塢重要的資本來源。好萊塢工作室與中國公司共同出資製作，帶來了數十億美元的票房收入，中國現在已經是世界第二大的票房市場。

But to some extent any deal with China represents a roll of the dice, said one longtime Hollywood executive. In the U.S., it is relatively easy to predict what might trip up government regulators, but in China there is little transparency about the state』s concerns.「You have no way to assess what they might say about a deal,」 the executive said.

一位長期參與與中國公司談判的好萊塢高管說：「在某種程度上，與中國的交易更像是在投骰子。在美國，相對容易預測到可能會牽扯到政府監管機構，但在中國我們對當局所在乎的問題由於缺乏透明度很難拿捏。你沒有辦法預測他們對交易可能說什麼。」

In December, Chinese metals manufacturer Anhui Xinke New Materials Co. said it was canceling its roughly $350 million acquisition of Voltage Pictures LLC, a Los Angeles film financing and production company best known for 「The Hurt Locker」 and 「Dallas Buyers Club.」

12月，安徽鑫科新材料股份有限公司表示，取消了以3.5億美元對Voltage Pictures LLC的收購，這是一家以《拆彈部隊》和《達拉斯買傢俱樂部》聞名的洛杉磯電影融資和製作公司。

「They were really close to the end of the deal,」 said a person close to Voltage. 「Suddenly, the deal』s off and they never really got any clear communication from Xinke as to why.」

「當時他們馬上就要完成交易了」，一名了解Voltage的人士透露，「但突然之間就停止了交易，他們也沒得到來自鑫科確切的答覆。」

Voltage is suing Xinke and the Chinese company』s law firm for breach of contract, seeking more than $300 million in damages. Xinke has said in regulatory filings to the Shanghai Stock Exchange that Voltage didn』t provide additional information requested by that regulator. Xinke didn』t return calls or an email seeking comment.

Voltage隨後起訴了鑫科及參與收購的中國律所，尋求3億美元的賠償。鑫科回應說，Voltage沒有提供上海股票交易所所需要的材料，之後沒有做出更多的回應。

On Thursday, China-based Recon Holding announced it would pay $100 million for a 51% stake in Millennium Films of Los Angeles, which produces 「The Expendables」 and 「Olympus Has Fallen」 franchises, and has a library of nearly 300 films. A person close to the deal said the crackdown made Recon more sensitive to regulatory concerns, adding that Chinese support for the transaction was helped by the fact that Millennium films have performed well in Chinese theaters. Wanda』s purchase of Dick Clark Productions, producer of the Golden Globes and other awards shows, was announced in November, but it is in limbo, according to people familiar with the matter. Dick Clark』s current owner, Eldridge Industries, still expects the deal to close, according to a person close to the company.

上周四中國企業聯合睿康集團（Recon Group）宣布，將通過其子公司睿康股份（Recon Holding）斥資1億美元收購好萊塢製片公司千禧影業（Millennium Films）的51%股權，後者曾製作《第一滴血》和《敢死隊》系列，以及《倫敦陷落》等電影，並有一個收藏了近300部電影的片庫。一名了解該交易的人士表示，這次打擊（資本管制）使得睿康對監管問題更加慎重，並補充說，中國對交易的支持是源於千禧影業在中國院線表現良好。據知情人士透露，萬達公司欲收購迪克·克拉克製片公司（Dick Clark Productions），該公司曾榮獲金球獎和其他獎項的製片方，但它現在正處於困境之中。迪克·克拉克目前的控股方， Eldridge Industries仍然希望完成這項交易。

Wanda has had little trouble in the past getting money out of China for such deals. It paid $3.5 billion in early 2016 for Legendary Entertainment, which produced 「The Great Wall,」 and its AMC Entertainment Holdings Inc. theatrical chain has acquired several other exhibitors around the world in recent years. Wang Jianlin, Wanda』s chairman and China』s richest man, has repeatedly said he wants to own a major Hollywood studio.

萬達之前從中國匯出資金從未收到很大的阻力。在2016年初，它曾斥資35收購傳奇影業，並製作了電影《長城》，而且它旗下的AMC娛樂在全球範圍內收購了多條院線。中國首富王健林曾多次表示希望收購好萊塢的六大電影公司。