中东巨额投资者仅在上周即将中国企业家电制造商在香港发行的40亿美元股票中进行了大规模投资，并通过了阿布扎比投资局（ADIA）的审核。另外一位来自阿拉伯联合酋长国的基金也参与了一笔大连万达集团商业地产部门的价值交易，具体金额不详。
在5月时，一家中东基金还向沙特政府财富基金注资20亿美元的无息可转换债券，并作为更广泛的战略协议的一部分。据彭博社汇编的数据，今年至今为止来自中东国家公司的交易总额已达到创纪录的900亿美元，尚有三个月的时间。
预计接下来的季度中，投资活动将会加速。“中国资产的价值在整个亚太地区是最具吸引力的”，APAC地区投资银行部门首席执行官说，“中东投资者持有长期视角，并预计市场会逐渐恢复正常”。
全球超过4万亿美元的财富基金已成为交易活跃的核心力量，在今年所有由主权支持的投资交易中占据超过一半的价值。截至2024年前9个月，仅阿布扎比投资局、沙特阿拉伯政府和卡塔尔投资基金等企业即完成550亿美元的交易。
而与此同时，全球其他许多公司正削减其在包括中国在内的环球市场的支出，面对着监管审查的压力、地缘政治紧张局势、市场波动以及经济增长放缓的问题。甚至专门针对中国的投资基金也正在转向东南亚、日本、澳大利亚甚至欧洲进行投资探索。
Midea的代表拒绝置评，阿布扎比投资局也没有立即回应。
四月至六月期间，外国投资者从中国获得了创纪录的资金流出量。而中国人民银行周二宣布了一系列广泛的货币刺激措施以提振世界第二大经济体，这表明中国政府对其放缓的增长和挫伤的投资信心深感不安。“主权财富基金资金雄厚，渴望在亚洲找到有吸引力的商业机会”，Elalingam说。
鉴于竞争相对有限，中东企业能够以对亚洲其他地区相比而言显著较低的价格获取高质量资产，并与中国历史上的多重市场价格相比较低，尤其是在医疗保健、消费品等领域的高质量资产。这些基金还正在提高其在中国拥有全球竞争优势行业的行业知识，包括高端制造等领域。
然而，中东投资者的胃口并不能弥补中国整体交易活动量的下降。针对中国企业进行的投资活动今年同比下降了12%，总额达到770亿美元。根据彭博社汇总的数据，“尽管对中国存在大量兴趣”，亚洲科技和通讯投资银行部门首席执行官说，“中东投资者关注的是其各自行业中的市场领导者，并愿意展开合作”。
政治上的紧张可能并不成为中东基金在中国投资的阻碍，德意志银行亚洲并购业务主席Kim表示，“我们已看到若干情况，在其中中东主权财富基金起到了促进收购的关键作用”。
中国政府与沙特阿拉伯在本月表示愿意加深在石油、化工和基础设施方面的合作关系。中国企业也被鼓励向沙特阿拉伯投资新能、信息通信以及绿色经济等领域。
政府官员、投资银行家、律师和亚洲顾问正在花费更多时间与前往中国寻找扩张机会的中东投资者见面。对于长期依赖于中国企业在中国上市以及美国和欧洲资金的香港来说，与中东增加的互动是积极的，它有助于多元化机遇和融资来源。“我们看到了大量来自中东的资金流入中国”，花旗集团中国资本市场顾问团队负责人说，“他们不仅将大笔投资带到中国，还在整个亚太地区寻求机会”。
除了石油和化工领域外，物流、消费以及医疗保健资产同样吸引了中东资金。一家位于迪拜的全球供应链解决方案领导者在今年收购了香港上市货运服务公司的多数股权，并与一家中国的中老年及过敏业务达成68亿美元的交易。
与此同时，Mubadala和Qatar Investment Authority也在考虑参与中国业务的投资，据消息称，QIA和沙特阿拉伯公共投资基金被提出作为可能共同投资者加入一个旨在收购香港上市物流房地产企业的联盟体。中东资金的兴趣也与芯片制造、人工智能等技术领域挂钩。
阿美石油公司则表示，在转向清洁能源、工业、科技、旅游和体育等领域多元化的同时，他们正专注于在多个行业取得突破。
阿拉伯联合酋长国的主权财富基金也在寻求与中国进行进一步的合作，并积极参与到中国企业的创新项目中。例如，它们通过旗下的一家子公司投资了人工智能初创企业Zhipu AI，成为第一个向主要中国AI参与者投资的外国公司。
此外，中东投资者对电动汽车电池制造和数据中心也表现出兴趣，而这些行业与中国的经济增长点相吻合。“他们正在寻找能够带来回报的投资机会”，阿布扎比一家律师事务所的合伙人说，“他们在初期就需要有扎实的投资机会以吸引他们的注意”。
同样值得关注的是，亚太地区的其他市场，包括日本，在资本流动方面也出现了来自中东资金的大规模增长。德意志银行的Elalingam表示，“不仅仅是在中国可以看到这种大规模投资活动的增长，整个亚太地区都受到了中东资金流的显著推动”。
阿拉伯联合酋长国的投资局在东南亚和印度进行了活跃的投资活动。ADIA与其他投资者一起参与了收购私营企业以及成为医院运营商HCA Holdings等业务新股东的努力。
而在中国市场方面，德意志银行表示：“这些中东投资者是聪明、有经验的投资者，并期望得到引人入胜且符合长期收益的投资机会。”他们希望在整个投资过程中发挥关键作用。
新闻来源：www.bloomberg.com
原文地址：Middle East Firms Drive Record Investment Into China as Others Retreat
新闻日期：2024-09-25
原文摘要：
Deep-pocketed Middle Eastern investors are deploying a record amount of capital in China just as other global firms retreat., known as ADIA, was among investors in Chinese appliance maker ’s $4 billion listing in Hong Kong last week, according to people familiar with the matter, who asked not to be identified because the investment is private.ADIA has also been involved in an deal for Dalian Wanda Group Co.’s shopping mall management unit, along with another Abu Dhabi fund, in May announced a of $2 billion worth of zero-coupon convertible bonds to Saudi Arabia’s sovereign wealth fund as part of a broader strategic pact with the tech-hungry kingdom.Data compiled by Bloomberg show that the volume of deals from Middle Eastern firms into Greater China has already reached a record $9 billion this year, and there’s still three months to go. Dealmakers expect the pace to pick up in the coming quarters.“Valuation of Chinese assets are the most attractive in the entire APAC region,” , head of investment banking coverage & advisory in APAC at . “Middle East investors are investing with a long-term time frame and taking a view that markets will normalise over time.”Middle Eastern wealth funds, which together control more than $4 trillion of assets, have become in dealmaking, accounting for more than half the value of all deals done by global state-backed investors this year. Firms including ADIA, Saudi Arabia’s and backed deals worth $55 billion in the first nine months of 2024, according to data from consultancy GlobalSWF.Meanwhile, many others have reduced spending globally, particularly in China where they’re faced with increasing regulatory scrutiny, geopolitical tensions, market volatility and a slower economy. Even China-focused investment funds have been redirecting their focus towards other regions including Southeast Asia, Japan, Australia and even Europe.A representative for Midea declined to comment, while ADIA didn’t have an immediate comment.Foreign investors a record amount of money from China in the April-June period. China’s central bank on Tuesday a broad package of monetary stimulus measures to revive the world’s second-largest economy, underscoring mounting alarm within ’s government over slowing growth and depressed investor confidence.“Sovereign wealth funds have deep pockets and are hungry to find interesting businesses in Asia,” Elalingam said.Given the limited competition, he added, Mideast firms are able to acquire high-quality assets at significant discounts to other markets in the region and relative to historic multiples in China, especially in sectors such as health care and consumer. Those funds are also building their know-how in industries where China has a global competitive advantage, including in high-end manufacturing, he said.Yet the appetite from Middle Eastern investors doesn’t help make up for the overall loss of dealmaking activity in China. Transactions targeting Chinese firms this year are down 12% from a year earlier to $77 billion, according to data compiled by Bloomberg.“There is a lot of interest in China,” said , who heads Asia technology and communications investment banking at “Middle Eastern investors are looking at companies that are market leaders in their respective sectors and willing to collaborate.”Geopolitical tensions have been less of an issue for Middle Eastern funds seeking to invest in China, according to , chairman of mergers and acquisitions in APAC at Deutsche Bank.“We have seen a number of situations where Middle Eastern sovereign wealth funds have played an important role facilitating acquisitions,” said Kim, who’s also chief country officer for Deutsche Bank in South Korea.Political ties are strengthening too. Chinese Premier said earlier this month that the country is willing to with Saudi Arabia in oil and gas, petrochemicals and infrastructure. Chinese enterprises have also been encouraged to invest in Saudi Arabia in areas including new energy, information and communication, and digital and green economies.Government officials, investment bankers, lawyers and Asia-based consultants are spending more time meeting with Middle Eastern investors touring China and the rest of APAC looking for opportunities to expand.For Hong Kong, which has been reliant on Chinese companies listing in the city and on the US and Europe in terms of funding, greater interaction with the Middle East is positive as it helps diversify opportunities and sources of funding, said , a partner at ’s capital markets advisory group in China. has been busy in China. The world’s largest crude oil exporter is in more chemical plants in the country, on top of deals it has already clinched to secure long-term buyers for its crude. Aramco has been eyeing a 10% stake in China’s and similar deals with two other Chinese companies. It closed a $3.4 billion deal for a stake in last year, its largest foreign acquisition ever.Aramco is also looking beyond oil and petrochemicals. In June, it announced to take a 10% stake in an automotive joint venture with France’s and China’s , a transaction that valued Horse Powertrain Ltd. at roughly $8 billion.Saudi Arabia and others are ramping up efforts to diversify away from oil and into sectors such as clean energy, industrials, technology, tourism and sports.The long-term goal to reshape their economies will likely guide their investment strategies in places such as China, according to , a Dubai-based partner at law firm Ashurst. Some wealth funds may invest in businesses that also want to expand in the Middle East so that they can promote an exchange of know-how, Rahimzada said.The increasing investment activity into China has also had some side effects. Middle Eastern funds have also been faced with greater scrutiny on US deals from the Biden administration as part of a broader pushback on entities perceived to have close ties with Beijing, Bloomberg News has .“Not only have we seen the quantum of capital deployed from the Middle East to be much larger in recent times, but the focus is increasingly diversification into Asian economies, including China,” said Lei Li, Asia head of industrials investment banking at Citigroup.Logistics, consumer and health-care assets have also drawn Middle Eastern money. , a leader in global supply chain solutions based in Dubai, this year Cargo Services Seafreight, a deal that led to a controlling stake in Hong Kong-listed Mubadala and CBC Group ’s mature neurology and allergy business in China in a $680 million deal.Mubadala and QIA are also among investors considering ’s China business, Bloomberg News has . QIA and Saudi Arabia’s PIF have been approached as potential co-investors to join a consortium seeking to acquire Hong Kong-listed logistics real estate firm , people familiar with the matter have .Their interest has also been linked to technology including chipmaking and artificial intelligence. An arm of Saudi Aramco joined the latest for startup Zhipu AI, becoming the first known foreign firm to back a major Chinese player in generative AI.Electric-vehicle battery manufacturing and data centers are also areas of interest, said , a partner at Ashurst based in Abu Dhabi. A compelling investment return is still the paramount consideration, he added.It’s not just China — the wider APAC region has seen a substantial bump in capital flows from the Middle East, Deutsche Bank’s Elalingam said.ADIA has been active in Southeast Asia and India. The fund is part of a of investors seeking to take private, while it was also a coinvestor in ’s of hospital operator In India, it has an additional stake in billionaire ’s rapidly expanding retail unit.In Japan, the other Asian market where dealmaking activity is booming, Mubadala-owned made an for , the operator of the Spa Resort Hawaiians leisure facility in Fukushima prefecture.“They are smart and sophisticated investors, and bankers need to present them solid investment opportunities to be able to catch their interest,” Elalingam said. “They like to get involved in deals from the beginning and not be seen as a last resort to simply help get things done.”
