Millennials’ tastes shape China’s outbound acquisitions
千禧一代影响中国海外并购
并购翻译：金奇：作为中国千禧一代的大约4.15亿人，不但在重塑国内消费市场，也在对全球并购趋势产生日益深远的影响。
Behind many of the decisions of Chinese acquirers overseas lie the idiosyncratic needs of some 415m millennials. So distinctive are the tastes of the generation born in the final two decades of the last century that China’s emerging multinationals are scouring the world to answer their desires.
在中国企业许多海外收购决策的背后，是大约4.15亿千禧一代的个性化需求。出生于上世纪最后20年的那一代人的喜好是如此独特，以至于中国新兴的跨国企业正在全球搜寻目标，以满足他们的愿望。广州翻译公司。
As Goldman Sachs, an investment bank, put it in a 2015 report: “Chinese millennials are probably the single most important demographic on the planet today.”
正如投资银行高盛(Goldman Sachs)在2015年的一份报告中所指出：“中国的千禧一代可能是当今世界上最重要的人口群体。”并购翻译。
Not only is this individualistic, tech-savvy and internationally minded cohort reshaping the contours of China’s domestic consumer markets, it is also leaving an increasingly deep imprint on global M&A trends.
这群个性十足、精通科技并且拥有国际头脑的年轻人，不但在重塑中国的国内消费市场，而且也在对全球并购趋势产生日益深远的影响。广州翻译公司。
“Young consumers are increasingly willing to pay for quality,” said Lu Wenjie, China equity strategist at UBS, an investment bank. “They seem more sophisticated than their parents and can tell the difference between overseas brands that are good quality and those that aren’t.”
“年轻消费者越来越乐于为品质掏钱，”投资银行瑞银(UBS)中国股票策略师陆文杰说。“他们看来比父母一代更见多识广，能够区分海外优质的品牌和其他品牌之间的差别。” 并购翻译。
The craving of millennials for quality — as well as for fun and healthy lifestyles — are evident in China’s largest outbound deals so far this year.
千禧一代对品质——以及有趣、健康的生活方式——的追求，在今年迄今中国企业的最大几宗海外并购交易中体现得很明显。广州翻译公司。
The acquisitions by Haier and Midea, two Chinese household appliance firms, of the white goods divisions of GE and Toshiba respectively were driven by an imperative to upgrade their technology for an increasingly discerning domestic consumer.
海尔(Haier)和美的(Midea)这两家中国家电企业分别收购了通用电气(GE)和东芝(Toshiba)旗下白电部门，推动因素在于它们必须升级自己的技术，以满足鉴别力越来越强的国内消费者的需求。并购翻译。
Wanda’s $3.5bn acquisition of Legendary Entertainment, a US movie company, was motivated largely by millennials’ love affair with cinema. ChemChina’s intention to purchase Syngenta, a Swiss seed and chemical firm, was prompted by an appetite for quality food.
万达(Wanda)以35亿美元收购美国电影公司传奇娱乐(Legendary Entertainment)，主要推动因素在于千禧一代对于电影的喜爱。中国化工(ChemChina)收购瑞士种子与化学公司先正达(Syngenta)，则是受到千禧一代对优质食品需求的推动。
Even the approaches this month by a Chinese buyer to AC Milan, the Italian football club, are reinforced by the popularity among millennials for overseas sport, which they often livestream on to their mobile phones inside China.
甚至本月中国买家收购意大利足球俱乐部AC米兰(AC Milan)，也是受到千禧一代喜爱海外体育的推动。他们经常在国内用手机观看这些体育赛事的网络直播。广州翻译公司。
Such preferences are driving shifts in the pattern of outbound Chinese M&A activity, according to a new report by UBS.
瑞银的一份新报告显示，这种偏好正在推动中国企业海外并购模式发生变化。并购翻译。
The number of outbound M&A deals completed in 2015 in the technology and tourism sectors — both of which are buoyed by millennial demand — rose 4.5 times since 2012 to a total of 18 last year.
科技和旅游这两个行业都受到千禧一代需求的支撑。2015年中国科技行业完成的海外并购交易数量比2012年增加4.5倍，达到18起。
Tourism deals also jumped, from zero in 2012 to 10 last year (see chart), partly because millennials are becoming insatiable global travellers. Total spending by outbound Chinese travellers in 2025 is likely to reach $255.4bn, more than that by UK, German and French travellers put together in the same year, according to a study by Oxford Economics, a consultancy, and Visa, the payments company.
旅游业并购也大幅增加，从2012年的零起增加至去年的10起（见图表），部分原因在于千禧一代正成为兴趣极高的全球旅行者。咨询机构牛津经济研究院(Oxford Economics)和支付公司Visa的一份研究报告称，2025年中国游客在境外的消费额可能会达到2554亿美元，超过英国、德国和法国游客同年的总消费额。广州翻译公司。
Conversely, the number of deals in “old economy” sectors such as energy and metals — which are associated with the investment-driven model of growth that China is trying to transition away from — have dwindled significantly since 2012 both in absolute terms and as a share of transactions.
相反，自2012年以来，能源和金属等“旧经济”部门——跟中国正尝试摆脱的投资驱动的增长模式相关——的并购交易数量，不论是绝对值还是占比都大幅下降。并购翻译。
Outbound acquisitions in the real estate sector rose strongly between 2012 and 2015, though this is not primarily a phenomenon driven by millennials’ demand.
2012年至2015年，房地产行业的海外并购数量显著增加，不过，这一现象并非主要受到千禧一代需求的推动。
Overall, UBS expects the compound annual growth rate (CAGR) in Chinese outbound direct investment to hit 18 per cent over the 2015-18 period, up from a 14 per cent CAGR between 2008 and 2014. Total outbound direct investment was $118bn last year.
总体来看，瑞银预计，2015年至2018年期间中国对外直接投资的复合年增长率将达到18%，高于2008年至2014年间的14%。去年，中国对外直接投资额达到1180亿美元。广州翻译公司。
As the M&A activity speeds up, so the pattern of purchases is set to shift. “We view the changes . . . as closely linked to the structural shifts now playing out in China’s economy,” according to the UBS report.
随着并购活动的加速，并购模式也必定发生改变。“我们认为这些改变……与目前中国经济中展现出的结构性变化密切相关，”瑞银报告表示。并购翻译。
“(These) include a rising share of the services sector in GDP, a greater share of consumer spending on discretionary areas such as travel, movies and online entertainment, internet and mobile shopping, etc, as well as slowing investment demand,” the report added.
“（这些结构性变化）包括服务业在国内生产总值(GDP)中的比例上升，旅游、电影、在线娱乐、互联网与手机购物等非必需消费领域的消费占比提升，以及投资需求放缓，”报告补充称。
This is likely to accentuate the emerging dominance of Chinese companies in their sectors globally (see the second chart), with household appliances, consumer electronics and airlines particularly in the frame. UBS also sees considerable appetite among Chinese firms for overseas acquisitions in the semiconductor, automobile and internet industries.
这可能会强化中国企业在其行业内正在获得的全球主导地位（见第二张图表），尤其是家用电器、消费电子和航空行业。瑞银还发现中国企业在半导体、汽车和互联网行业也有很强的海外并购兴趣。广州翻译公司。
The two industries in which Chinese companies are overwhelmingly dominant from a global perspective — rail equipment and ports — have little to do with the influence of millennials. Forays abroad by port and rail equipment companies are supported by a vast domestic infrastructure market and generous financing from the China Development Bank and the Export-Import Bank of China.
从全球角度看，中国企业占据绝对主导地位的两个行业——铁路设备和港口建设——跟千禧一代的影响力没什么关系。港口建设与铁路设备公司进军海外得到了巨大的国内基建市场以及中国国家开发银行(CDB)和中国进出口银行(Export-Import Bank of China)的慷慨融资的支撑。
