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Chinese SOEs record first drop in overseas M&As, report says
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THE value of outbound merger and acquisition investment made by Chinese state-owned companies recorded the first ever year-on-year drop in the first three quarters while private companies more than doubled their overseas investment, PricewaterhouseCoopers said in a report today.
The total value of outbound M&A deals completed by private companies was up more than 120 percent year-on-year to US$17.7 billion in the first nine months while those made by state-owned companies dropped 37 percent to US$23.1 billion, the report said.
PwC partners attributed the decline of overseas acquisition by state-owned companies to their focus on market-oriented reforms domestically and fewer M&A opportunities in the energy and power sector.
On the other hand, private companies are more active in seeking advanced technology and market resources through overseas M&As.
“Chinese companies, especially private enterprises, are actively seeking quality M&A targets in North America and Europe, aiming to introduce advanced technology, intellectual property and strong brands to China,” said Andrew Li, leader of PwC China advisory services in central China. “Unlike state-owned enterprises who are mainly targeting resource related deals, private enterprises focus on industries such as high technology, telecommunications and retail to seek more diversified investment opportunities.”
PwC said outbound investment from Chinese companies will continue to rise next year helped by easing restrictions from Chinese authorities.
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