作者：徐萍（金杜公司部合伙人） 何未（金杜跨境并购合伙人） 涂能谋 （理脉CEO联合创始人，金杜国际合伙人）

中国企业海外并购在经历了2016年的历史高位之后，在2017年回归理性并进行了调整，投资结构更为优化，投资实体产业的比例增加。全球形势的风云变幻，不论是美国新政府的上台、英国脱欧还是世界范围内的政权更迭，都未能阻碍中国企业国际化发展的趋势。

Following the record-high in Chinese overseas M&A activity in 2016, 2017 saw an adjustment with the optimization of the investment structure and the increase in investment activity from the entity economy industry. In spite of the changing global marketplace – whether it is the new U.S. administration, uncertainties and ramifications from the Brexit reform or changes in global power regimes – the path to the globalisation for Chinese companies is expected to continue.

在中国企业跨境并购的浪潮中，上市公司正日趋成为一股令人瞩目的力量。出于对业绩和市值增长的追求以及受益于融资渠道多样化的便利，上市公司常常是并购市场上重大交易的主力军。近三年来上市公司参与的交易规模更是屡创新高。中国上市公司海外并购尤其热衷于制造业、科技类、服务类等行业，足迹遍布全球各地，以北美、西欧、北欧等地区为著。

Listed companies are becoming increasingly important in cross-border M&A transactions. Not only do they enable better business performance and market value, but they also benefit from the ability to draw on a wide range of financing channels. In the past three years, transactions involving listed companies have set new records in terms of value and scale. The majority of the focus being on M&A across the manufacturing, technology and service industries worldwide, covering key markets in North America, Western Europe and Northern Europe in particular.

金杜依托其全球网络、丰富的国际并购经验以及对境内外法律监管环境的深入理解，为中国企业提供跨境交易的商业、法律和监管解决方案，帮助客户实现全球化战略布局。在2017年数家权威机构的中国市场并购排名中，金杜提供服务的交易在数量和金额上均位列第一。

Drawing on a global network of offices, extensive international M&A experience and in-depth understanding of both domestic and international regulatory landscape enables KWM to offer the most practical and cost effective commercial, legal and regulatory advice in cross-border transactions to help Chinese enterprises reach their global ambitions. In 2017, KWM topped the M&A rankings in both transaction volume and value, according to a number of prominent M&A rankings in China.

大数据在并购交易中的作用也日益显现其重要性，而以法律、商业以及行业大数据为基础输出知识成果，形成解决方案，正是法律大数据平台理脉的使命所在。金杜和理脉共同合作对中国上市公司跨境并购交易的关键数据进行独家分析，从中总结出中国上市公司境外并购的市场热点和发展趋势。金杜的并购专家还就中国最新监管政策的发展、全球重大法域监管环境、融资以及其他并购法律专题提供了最前沿的分析，集结为本报告。这是挑战与机遇并存的时代，理性且有备而战的企业家将在跨境并购中创造价值。我们衷心希望金杜与理脉联合制作的本报告能够助您了解中国上市公司海外跨境并购的最新动态及趋势，为企业在扬帆出海之路上把握机遇、化解难题提供一点裨益。

Our China outbound M&A report, a research collaboration by KWM and Legal Miner (a big data platform with a legal sector focus), summarises key market hotspots and outbound M&A trends through in-depth analysis of data from cross-border transactions of China’s listed companies. In the report, KWM’s M&A experts offer their insights on:

  • the latest policy developments in China
  • an overview of the global regulatory landscape for key jurisdictions, and
  • financing and other M&A-related legal topics.

注/Note 

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Click here to download the full PDF report in English and Chinese.