According to the latest report released by Deloitte China's Deloitte Touche Tohmatsu's "The New Phase of Overseas Expansion of China's Equipment Manufacturing Industry", the overseas expansion of China's manufacturing industry has entered a new stage led by the equipment manufacturing industry. In the first three quarters of 2012, the amount of overseas M&A transactions of China's equipment manufacturing enterprises accounted for 45% of the total M&A transactions of Chinese manufacturing industries. Overseas M&As have become the main mode of overseas expansion of China's equipment manufacturing industry since the global financial crisis. M&A sponsors also From the original leading large-scale state-owned enterprises to expand to more leading private equipment manufacturing enterprises to actively participate.
â€œThe Chinese equipment manufacturing industry has benefited from the acceleration of Chinaâ€™s urbanization process and the continued rapid rise in fixed asset investment, which has seen an explosive growth in the past three years,â€ said Ms. Yang Ying, a joint leader of the Deloitte China Manufacturing Group. Statistics from the National Bureau of Statistics show that in 2008, the main business income of China's machinery and equipment industry was 10 trillion RMB. By 2011, the main business income of the industry will reach 21 trillion RMB, and the compound annual growth rate will be close to 30%. However, since 2011, the global economy has been deteriorating. China's economic growth has slowed down. The sharp drop in market demand has caused the industry's performance to decline significantly. In 2012, it entered the bottoming period. At the same time, the episodic growth model cannot hide the weaknesses of China's equipment manufacturing industry that lacks core technologies and low self-innovation capabilities. China's equipment manufacturing industry has entered a crucial period of industrial transformation and upgrading. Many companies have already tried to acquire technology through overseas acquisitions.
Yang Ying stated that Chinaâ€™s manufacturing industryâ€™s exports were mainly dominated by small commodities and textile products, but since 2000, the proportion of machinery and transport equipment exports has grown rapidly and surpassed that of textile products. By the end of 2011, it had occupied 47 of Chinaâ€™s total exports. %, this testifies to the trend of China's exports to high value-added products as China's economy grows and matures. The financial crisis has undoubtedly provided a rare opportunity for overseas mergers and acquisitions, but it is also a rational choice for Chinese manufacturing companies to achieve industrial upgrading.
â€œPrivate equity funds actively participate in large-scale overseas M&A transactions in the equipment manufacturing industry.â€ Cao Wenzheng, a Deloitte China M&A transaction partner, points out that in the early stages of Chinese companiesâ€™ overseas acquisitions, trading participants are dominated by state-owned enterprises and basically adopt a pure-cash acquisition model. . Since 2008, private equity investment funds have also actively participated in overseas mergers and acquisitions of Chinese companies as purchasers, resulting in multiple large-scale transactions. In addition to funding support, private equity investment funds also provide professional advice to enterprises or help companies communicate with each other to make up for the inadequacies of Chinese companies' foreign laws and regulations in overseas M&A and cultural dissatisfaction. Overseas acquisitions of the equipment manufacturing industry will become one of the focuses of Chinaâ€™s cross-border mergers and acquisitions in the coming years, and the private equity investment fund will be an important partner for industrial capital for overseas acquisitions.
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