中國監管機構拒絕高盛入股福耀玻璃

中國監管機構昨日拒絕了高盛(Goldman Sachs)收購福耀玻璃(Fuyao Glass Group)大量少數股權的提議，福耀是中國最大的汽車玻璃制造商。

Chinese regulators yesterday rejected proposals by Goldman Sachs to buy a substantial minority stake in Fuyao Glass Group, China’s largest automotive glass maker.

不過，據知情人士稱，高盛還計劃牽頭一個國際基金集團，在首次公開發行(IPO)前投資近3億美元入股熔盛重工集團(Rongsheng Heavy Industrial)，這是中國東部江蘇省的一家大型造船企業。

However, Goldman was also planning to lead a group of international funds investing nearly $300m in a pre- initial public offering stake in Rongsheng Heavy Industrial, a large shipbuilder in eastern China’s Jiangsu province, according to people close to the deal.

熔盛重工集團總裁陳強今年早些時候表示，該公司計劃在IPO前向戰略投資者出售至多25%的股份。

Chen Qiang, Rongsheng’s president, said earlier this year that his company was planning to sell as much as 25 per cent to strategic investors prior to its IPO.

福耀玻璃在一份聲明中稱，中國證監會(CSRC)拒絕了高盛出資1.19億美元收購福耀玻璃近10%股權的提議。

Goldman’s proposal to pay $119m for nearly 10 per cent of Fuyao Glass Group was turned down by the China Securities Regulatory Commission, Fuyao said in a statement.

去年11月，高盛同意入股這家在上海證交所上市的玻璃制造商，當時該公司的股價約為8元人民幣。自那以來，由于整個市場處于牛市，該股上漲了兩倍以上，在昨日交易中收于30.50元人民幣。

Goldman agreed to buy into the Shanghai-listed glass company last November when it was trading at about Rmb8 per share. Thanks to a market-wide bull run, this has more than tripled since then, closing at Rmb30.50 a share yesterday.

美邁斯律師事務所(O'Melveny & Myers)上海代表處合伙人李強表示：“審批過程過于冗長和艱辛，與此同時，市場有了如此大的漲幅，考慮到巨大的價格差異，當局現在不愿批準此筆交易。”

“The approval process is so long and arduous and in the meantime the market has gone up so much the authorities are unwilling to approve the deal considering the huge price discrepancy,” said Li Qiang, a partner in the Shanghai Office of law firm O’Melveny & Myers.

近來，許多其它交易——包括通用電氣(GE)計劃入股深發展(Shenzhen Development Bank)的交易——紛紛失敗，原因是協議價格與公司在中國股市中的市值之間存在巨大的差距。

A number of other deals, including General Electric’s planned investment in Shenzhen Development Bank, have been scuttled recently because of a huge gap between the negotiated price and the company’s value in the Chinese stock market.

在過去28個月里，中國股市漲逾四倍，多數中國公司的股價較發達市場中更為成熟的同類公司有巨大的溢價，因此許多分析師作出了這樣的結論：（中國市場）出現了泡沫。

Chinese share prices have more than quintupled in the past 28 months, and most Chinese companies are trading at huge premiums to more sophisticated counterparts in developed markets, leading many analysts to conclude that a bubble has formed.

盡管估值存在扭曲，但監管機構不愿意（或者說從政治角度說不能夠）允許這些企業被“賤賣”：較目前膨脹的股價有較大的折讓。 In spite of skewed valuation, regulators are unwilling or politically unable to allow companies to be sold at deep discounts to the inflated stock market prices.

高盛及其投資對象昨日均不予置評。

Neither Goldman nor any of its investment targets would comment yesterday.