時事新聞:高盛將向吉利汽車投資2.5億美元

【英文原文】

Goldman Sachs To Invest In Geely
A Goldman Sachs Group Inc.-managed private equity fund is investing about $250 million in Geely Holding Group's Hong Kong-listed arm to fund the Chinese auto maker's growth ambitions, according to a person familiar with the matter.

Geely Automobile Holdings Ltd. is expected to announce the investment by Goldman Sachs Capital Partners on Monday, a Geely executive said.

The Hong Hong-listed Geely arm plans to use the money to fund its working capital as it expands. That could free up capital for its parent to bid for Ford Motor Co.'s Volvo unit.

People familiar with the matter have said Ford was likely to pick Geely Holding soon to take over Volvo -- a sign of Geely's global ambitions. Geely Auto confirmed earlier this month that its parent was bidding for Volvo with an unnamed state-owned investment company.

The Goldman Sachs fund is investing in convertible bonds and warrants that will give it a minority stake in the Chinese auto maker, according to the person familiar with the matter. The exact size of the stake will vary depending on whether the company hits certain targets and Goldman decides to exercise the warrants. An investment of $250 million represents around 15% of the listed arm's market capitalization of over $1.6 billion, according to FactSet Research Systems Inc., a research firm.

Geely said Wednesday that it planned to issue convertible bonds and warrants without naming Goldman Sachs Capital Partners as the buyer.

International investors have in recent months backed major Chinese auto makers, betting they may become global champions.

The Goldman fund's $250 million investment is chunky compared with typical private equity deals in China. Most deals are below $100 million because Chinese business owners rarely give up control and deals bigger than $100 million require central government approval. Private equity funds in recent months have made more investments in Chinese listed companies that need capital. Those deals don't require the same level of government approvals and due diligence needed for investments in unlisted companies.

The auto makers are looking to survive a possible wave of consolidation in China's domestic market by snatching up smaller players at home and buying into distressed brands overseas in order to expand sales both domestically and outside the country.

A unit of Warren Buffett's Berkshire Hathaway Inc. agreed last year to pay $232 million for a 10% stake in electric carmaker BYD Co. The electric car and battery maker's shares have soared this year to over HK$63 (US$8.13) a share from the HK$8 a share Berkshire paid. Earlier this year, Chery Automobile Co. secured backing from yuan-denominated private equity funds managed by CDH Investments and Bohai Industrial Investment Fund Management Co.

Hangzhou-based Geely has made substantial improvement in the engineering and quality of its vehicles since 2006 under Frank Zhao, the company's product development director, who joined Geely from the U.S. auto maker now known as Chrysler Group LLC via a separate Chinese auto maker.

【中文譯文】

據一位知情人士透露，高盛集團(Goldman Sachs Group)管理的一傢俬募基金將向吉利控股集團(Geely Holding Group)旗下香港上市子公司投資約2.5億美元，以資助這家中國汽車廠商的增長計劃。

吉利汽車控股有限公司(Geely Automobile Holdings Ltd.,簡稱：吉利汽車)一位管理人士表示，預計公司週一將宣佈Goldman Sachs Capital Partners的投資計劃。

這或將使得吉利控股集團得以騰出資金，競標收購福特汽車(Ford Motor)旗下子公司沃爾沃(Volvo)。

知情人士此前表示，福特汽車可能很快就會選擇將沃爾沃出售給吉利控股──這筆交易是吉利全球擴張雄心的一個跡象。本月早些時候，吉利汽車證實其母公司正攜手一家未具名國有投資公司競標收購沃爾沃。

據這位知情人士透露，高盛旗下這隻基金正投資購買吉利汽車的可轉換債券和認購權證，從而將獲得吉利汽車的少數股權。具體的持股規模將取決於吉利汽車能否達到某些目標以及高盛是否決定執行權證。據市場研究公司FactSet Research Systems估算，2.5億美元的投資額約佔吉利汽車超過16億美元市值的15%。

吉利汽車上週三表示，計劃發售可轉換債券和認購權證，但並沒有透露Goldman Sachs Capital Partners是投資方。

最近幾個月，國際投資者紛紛轉向中國主要汽車廠商，認爲這些中國公司可能會成爲全球汽車市場的領頭羊。

與投資中國的典型私募交易相比，高盛基金此次2.5億美元的投資額頗爲醒目。大多數此類交易的投資額都低於1億美元，因爲中國企業所有者很少讓出控股權，而且規模超過1億美元的交易需要獲得中國中央政府的批准。最近幾個月，私募基金向需要資本的中國上市公司進行了更多的投資。這些交易並不需要與投資非上市公司同等級別的政府審批和盡職調查。

中國汽車廠商目前正在努力吞併國內規模較小的汽車品牌，收購陷入困境的海外品牌，意在同時提振國內外的汽車銷量，以便在中國汽車市場可能出現的一波整合潮中生存下來。

去年，巴菲特(Warren Buffett)的伯克希爾哈撒韋公司(Berkshire Hathaway)旗下一家子公司同意斥資2.32億美元，收購中國電動車和電池廠商比亞迪股份有限公司 (Byd Co.,簡稱：比亞迪股份) 10%的股權。今年以來，比亞迪股份的股價一路飆升至超過63港元（約合8.13美元），而伯克希爾當時支付的價格是每股8港元。今年早些時候，奇瑞汽車有限公司(Chery Automobile Co.)獲得了鼎暉投資(CDH Investments)和渤海產業投資基金管理公司(Bohai Industrial Investment Fund Management Co.)管理的人民幣計價私募基金的投資。

自2006年趙福全加盟吉利汽車負責產品研發以來，吉利汽車的工程設計和汽車質量都取得了顯著提高。加入吉利之前，趙福全曾效力於美國汽車廠商克萊斯勒(Chrysler)（如今的克萊斯勒集團有限責任公司(Chrysler Group LLC)）以及另外一家中國汽車廠商。