從表面上看，中國(guó)東航(China Eastern Airlines)股東周二否決新加坡航空(Singapore Airlines)收購(gòu)東航24%股權(quán)的報(bào)價(jià)，似乎標(biāo)志著中國(guó)企業(yè)文化的一個(gè)轉(zhuǎn)折點(diǎn)，以及市場(chǎng)力量的勝利。
On the surface, Tuesday’s rejection of Singapore Airlines’ bid to take a 24 per cent stake in China Eastern Airlines appears to mark a turning point for Chinese corporate culture and a triumph of market forces.
但周二的投票，與其說是小股東前所未有地拒絕一宗似乎得到國(guó)家全力支持交易的例證，不如說是反映出在國(guó)內(nèi)競(jìng)爭(zhēng)對(duì)手中國(guó)國(guó)航(Air China)不屈不撓的努力下和東航股價(jià)飆升后，權(quán)力走廊里出現(xiàn)了變化。
But rather than an unprecedented example of small investors rejecting a deal that appeared to have the full backing of the state, Tuesday’s vote is more likely to reflect a reversal in the corridors of power following an unrelenting campaign by domestic rival Air China and a surge in CEA’s share price.
東航的中小股東多數(shù)是大型基金管理公司。國(guó)航母公司中國(guó)航空集團(tuán)公司（CNAC，簡(jiǎn)稱：中航集團(tuán)）出言反對(duì)此筆交易，給這些中小股東壯了膽。中航集團(tuán)上周承諾，如果新航報(bào)價(jià)遭否決，就會(huì)對(duì)東航提出更高報(bào)價(jià)。
Minority investors, most of them large fund managers, were emboldened by vocal opposition to the deal from China National Aviation Corp, Air China’s parent company, which promised last week to launch its own higher bid for CEA if SIA’s offer was rejected.
對(duì)許多投資者而言，國(guó)航母公司獲準(zhǔn)出言反對(duì)的事實(shí)，足以證明中國(guó)政府高層官員已改變了對(duì)這筆交易的想法。人們認(rèn)為，這種轉(zhuǎn)變要么是試圖迫使新加坡方面提高報(bào)價(jià)，要么是中國(guó)航空業(yè)戰(zhàn)略可能發(fā)生改變，允許中國(guó)三大航空公司中的兩家進(jìn)行合并。
The fact that Air China’s parent was allowed to voice any opposition at all was proof enough to many investors that senior government officials had changed their minds about the deal. The shift was seen as a either a move to try to force the Singaporeans to come up with more cash or a possible change in strategy for the airline industry that would allow two of the country’s big three airlines to merge.
“這筆交易是在好幾個(gè)月之前批準(zhǔn)的，顯然，現(xiàn)在中央政府不再滿意交易條款?！币晃恢殂y行家表示?！澳壳?，中國(guó)的民族主義情緒非常強(qiáng)烈，新航報(bào)價(jià)與市場(chǎng)價(jià)格之間的巨大差異，使高層官員無法接受這一交易，因此給中國(guó)國(guó)航阻止交易開了綠燈?！?BR> “The approval for the deal was given many months ago and the central government is clearly no longer happy with the terms,” according to a banker familiar with the situation. “Nationalist sentiment is very strong in China now and the huge gap between SIA’s offer and the market price means top officials can’t accept it and so gave Air China the green light to block it.”
對(duì)于中國(guó)政府來說，將國(guó)有資產(chǎn)出售給外國(guó)投資者是個(gè)微妙的問題。隨著東航的香港H股股價(jià)幾乎達(dá)到新航報(bào)價(jià)的兩倍，上海A股股價(jià)較新航報(bào)價(jià)高出近6倍，該交易遭到強(qiáng)烈反對(duì)。
The sale of state assets to foreigners is a delicate issue for the Chinese government and with CEA’s Hong Kong-listed share price nearly double SIA’s offer and its Shanghai shares trading nearly six times higher, the deal was facing stiff opposition.
近兩周前，曾任中航集團(tuán)總經(jīng)理兼國(guó)航董事長(zhǎng)的李家祥升任中國(guó)民航總局(CAAC)局長(zhǎng)，令人們確信中國(guó)政府已決定改變航空業(yè)改革戰(zhàn)略。中國(guó)民航總局是中國(guó)航空業(yè)的監(jiān)管機(jī)構(gòu)。
The view that the government has decided to change its strategy for overhauling the airline industry was given credence when former CNAC and Air China chairman Li Jiaxiang was promoted to head the General Administration of Civil Aviation of China (CAAC), the Chinese aviation regulator, less than two weeks ago.
投資銀行里昂證券(CLSA)的航空業(yè)分析師劉世君(Adrian Lowe)表示：“盡管其前任更贊同引入更大的競(jìng)爭(zhēng)，但眾所周知，李家祥是中國(guó)航空業(yè)整合的支持者。”
“Whereas his predecessor was more in favour of greater competition, Mr Li is well known as a supporter of consolidation in the Chinese airline industry,” said Adrian Lowe, an aviation analyst at CLSA, an investment bank.
李家祥曾公開提議，締造一家可以與新航等外國(guó)航空公司競(jìng)爭(zhēng)的中國(guó)“超級(jí)航空運(yùn)營(yíng)商”。
Mr Li has publicly put forward a proposal to create a Chinese “super-carrier” that can compete with foreign airlines such as SIA.
國(guó)航和東航的多數(shù)股權(quán)均由中國(guó)政府通過雙方的母公司持有，而其母公司則由中國(guó)國(guó)資委(SASAC)完全控股。
Air China and CEA are both majority owned by the Chinese government through parent companies which are in turn 100 per cent-owned by the State-owned Assets Supervision and Administration Commission (SASAC).
有一個(gè)跡象表明，政府內(nèi)部并非一致反對(duì)新航收購(gòu)東航。東航某大股東的一位高管表示，中國(guó)國(guó)資委一直在向一些中小股東施壓，讓他們不要反對(duì)新航投資，但中航集團(tuán)則發(fā)出了一個(gè)與之沖突的信息。最終，許多大股東決定放棄投票，以免得罪任何一方。
In a sign that opposition to the SIA bid was not unanimous within the government, an executive at one large CEA shareholder said SASAC had been applying pressure on some minority shareholders not to oppose the SIA investment, but CNAC had been sent a conflicting message and in the end many large shareholders had decided to abstain from the vote so as not to offend any party.
東航周二在上海召開了3次股東大會(huì)，與會(huì)成員分別是香港上市H股股東、上海上市A股股東，以及同時(shí)持有A股和H股的股東。每次大會(huì)均要求，必須獲得三分之二當(dāng)日與會(huì)中小股東的支持，才能批準(zhǔn)此項(xiàng)交易。
CEA held three shareholder meetings on Tuesday in Shanghai – one for holders of Hong Kong-listed H shares, one for holders of Shanghai-listed A shares and one for holders of both – which each required two-thirds of the minority shares represented on the day to approve the deal.
中航集團(tuán)持有東航12%的香港上市股份，由于股東大會(huì)出席率很低，該集團(tuán)的投票權(quán)占到當(dāng)天出席股東所代表股票的三分之一以上，使中航單憑己力就可阻止這筆交易。
CNAC holds 12 per cent of CEA’s Hong Kong-listed shares and thanks to very low turnout at that meeting its vote against the deal made up more than a third of the shares represented on the day, allowing it to block the deal single-handedly.
初看上去，盡管這些股東大會(huì)并不完全像民主之舉，但仍然是中國(guó)企業(yè)文化的進(jìn)步。目前，中國(guó)企業(yè)文化已呈現(xiàn)出以市場(chǎng)為導(dǎo)向的進(jìn)程。
While the shareholders’ meetings were not quite the democratic exercise they might appear at first glance, the event was still progress for Chinese corporate culture, which now has the appearance of market- orientated procedures.
在上海上市A股股東大會(huì)上，至少有50位個(gè)人投資者到場(chǎng)，會(huì)議過程活躍，偶爾還出現(xiàn)喧鬧的局面。
In the meeting for holders of Shanghai-listed A-shares at least 50 individual investors showed up and the proceedings were lively and occasionally boisterous.
新航周二表示，“將繼續(xù)支持與東航建立關(guān)系”，但分析師稱，鑒于新航難以說服東航股東同意每股3.80港元的報(bào)價(jià)，加之國(guó)航已表示將提出每股不低于5港元的報(bào)價(jià)，因此新航很難迅速提出競(jìng)爭(zhēng)性報(bào)價(jià)。
SIA said on Tuesday that it “will continue to support the building of a relationship with China Eastern” but analysts say it will be hard for SIA to come up with a counter-bid quickly, given the difficulties it had in convincing shareholders to agree to pay HK$3.80 a share and the fact that Air China has said it will offer a minimum of HK$5 a share.
On the surface, Tuesday’s rejection of Singapore Airlines’ bid to take a 24 per cent stake in China Eastern Airlines appears to mark a turning point for Chinese corporate culture and a triumph of market forces.
但周二的投票，與其說是小股東前所未有地拒絕一宗似乎得到國(guó)家全力支持交易的例證，不如說是反映出在國(guó)內(nèi)競(jìng)爭(zhēng)對(duì)手中國(guó)國(guó)航(Air China)不屈不撓的努力下和東航股價(jià)飆升后，權(quán)力走廊里出現(xiàn)了變化。
But rather than an unprecedented example of small investors rejecting a deal that appeared to have the full backing of the state, Tuesday’s vote is more likely to reflect a reversal in the corridors of power following an unrelenting campaign by domestic rival Air China and a surge in CEA’s share price.
東航的中小股東多數(shù)是大型基金管理公司。國(guó)航母公司中國(guó)航空集團(tuán)公司（CNAC，簡(jiǎn)稱：中航集團(tuán)）出言反對(duì)此筆交易，給這些中小股東壯了膽。中航集團(tuán)上周承諾，如果新航報(bào)價(jià)遭否決，就會(huì)對(duì)東航提出更高報(bào)價(jià)。
Minority investors, most of them large fund managers, were emboldened by vocal opposition to the deal from China National Aviation Corp, Air China’s parent company, which promised last week to launch its own higher bid for CEA if SIA’s offer was rejected.
對(duì)許多投資者而言，國(guó)航母公司獲準(zhǔn)出言反對(duì)的事實(shí)，足以證明中國(guó)政府高層官員已改變了對(duì)這筆交易的想法。人們認(rèn)為，這種轉(zhuǎn)變要么是試圖迫使新加坡方面提高報(bào)價(jià)，要么是中國(guó)航空業(yè)戰(zhàn)略可能發(fā)生改變，允許中國(guó)三大航空公司中的兩家進(jìn)行合并。
The fact that Air China’s parent was allowed to voice any opposition at all was proof enough to many investors that senior government officials had changed their minds about the deal. The shift was seen as a either a move to try to force the Singaporeans to come up with more cash or a possible change in strategy for the airline industry that would allow two of the country’s big three airlines to merge.
“這筆交易是在好幾個(gè)月之前批準(zhǔn)的，顯然，現(xiàn)在中央政府不再滿意交易條款?！币晃恢殂y行家表示?！澳壳?，中國(guó)的民族主義情緒非常強(qiáng)烈，新航報(bào)價(jià)與市場(chǎng)價(jià)格之間的巨大差異，使高層官員無法接受這一交易，因此給中國(guó)國(guó)航阻止交易開了綠燈?！?BR> “The approval for the deal was given many months ago and the central government is clearly no longer happy with the terms,” according to a banker familiar with the situation. “Nationalist sentiment is very strong in China now and the huge gap between SIA’s offer and the market price means top officials can’t accept it and so gave Air China the green light to block it.”
對(duì)于中國(guó)政府來說，將國(guó)有資產(chǎn)出售給外國(guó)投資者是個(gè)微妙的問題。隨著東航的香港H股股價(jià)幾乎達(dá)到新航報(bào)價(jià)的兩倍，上海A股股價(jià)較新航報(bào)價(jià)高出近6倍，該交易遭到強(qiáng)烈反對(duì)。
The sale of state assets to foreigners is a delicate issue for the Chinese government and with CEA’s Hong Kong-listed share price nearly double SIA’s offer and its Shanghai shares trading nearly six times higher, the deal was facing stiff opposition.
近兩周前，曾任中航集團(tuán)總經(jīng)理兼國(guó)航董事長(zhǎng)的李家祥升任中國(guó)民航總局(CAAC)局長(zhǎng)，令人們確信中國(guó)政府已決定改變航空業(yè)改革戰(zhàn)略。中國(guó)民航總局是中國(guó)航空業(yè)的監(jiān)管機(jī)構(gòu)。
The view that the government has decided to change its strategy for overhauling the airline industry was given credence when former CNAC and Air China chairman Li Jiaxiang was promoted to head the General Administration of Civil Aviation of China (CAAC), the Chinese aviation regulator, less than two weeks ago.
投資銀行里昂證券(CLSA)的航空業(yè)分析師劉世君(Adrian Lowe)表示：“盡管其前任更贊同引入更大的競(jìng)爭(zhēng)，但眾所周知，李家祥是中國(guó)航空業(yè)整合的支持者。”
“Whereas his predecessor was more in favour of greater competition, Mr Li is well known as a supporter of consolidation in the Chinese airline industry,” said Adrian Lowe, an aviation analyst at CLSA, an investment bank.
李家祥曾公開提議，締造一家可以與新航等外國(guó)航空公司競(jìng)爭(zhēng)的中國(guó)“超級(jí)航空運(yùn)營(yíng)商”。
Mr Li has publicly put forward a proposal to create a Chinese “super-carrier” that can compete with foreign airlines such as SIA.
國(guó)航和東航的多數(shù)股權(quán)均由中國(guó)政府通過雙方的母公司持有，而其母公司則由中國(guó)國(guó)資委(SASAC)完全控股。
Air China and CEA are both majority owned by the Chinese government through parent companies which are in turn 100 per cent-owned by the State-owned Assets Supervision and Administration Commission (SASAC).
有一個(gè)跡象表明，政府內(nèi)部并非一致反對(duì)新航收購(gòu)東航。東航某大股東的一位高管表示，中國(guó)國(guó)資委一直在向一些中小股東施壓，讓他們不要反對(duì)新航投資，但中航集團(tuán)則發(fā)出了一個(gè)與之沖突的信息。最終，許多大股東決定放棄投票，以免得罪任何一方。
In a sign that opposition to the SIA bid was not unanimous within the government, an executive at one large CEA shareholder said SASAC had been applying pressure on some minority shareholders not to oppose the SIA investment, but CNAC had been sent a conflicting message and in the end many large shareholders had decided to abstain from the vote so as not to offend any party.
東航周二在上海召開了3次股東大會(huì)，與會(huì)成員分別是香港上市H股股東、上海上市A股股東，以及同時(shí)持有A股和H股的股東。每次大會(huì)均要求，必須獲得三分之二當(dāng)日與會(huì)中小股東的支持，才能批準(zhǔn)此項(xiàng)交易。
CEA held three shareholder meetings on Tuesday in Shanghai – one for holders of Hong Kong-listed H shares, one for holders of Shanghai-listed A shares and one for holders of both – which each required two-thirds of the minority shares represented on the day to approve the deal.
中航集團(tuán)持有東航12%的香港上市股份，由于股東大會(huì)出席率很低，該集團(tuán)的投票權(quán)占到當(dāng)天出席股東所代表股票的三分之一以上，使中航單憑己力就可阻止這筆交易。
CNAC holds 12 per cent of CEA’s Hong Kong-listed shares and thanks to very low turnout at that meeting its vote against the deal made up more than a third of the shares represented on the day, allowing it to block the deal single-handedly.
初看上去，盡管這些股東大會(huì)并不完全像民主之舉，但仍然是中國(guó)企業(yè)文化的進(jìn)步。目前，中國(guó)企業(yè)文化已呈現(xiàn)出以市場(chǎng)為導(dǎo)向的進(jìn)程。
While the shareholders’ meetings were not quite the democratic exercise they might appear at first glance, the event was still progress for Chinese corporate culture, which now has the appearance of market- orientated procedures.
在上海上市A股股東大會(huì)上，至少有50位個(gè)人投資者到場(chǎng)，會(huì)議過程活躍，偶爾還出現(xiàn)喧鬧的局面。
In the meeting for holders of Shanghai-listed A-shares at least 50 individual investors showed up and the proceedings were lively and occasionally boisterous.
新航周二表示，“將繼續(xù)支持與東航建立關(guān)系”，但分析師稱，鑒于新航難以說服東航股東同意每股3.80港元的報(bào)價(jià)，加之國(guó)航已表示將提出每股不低于5港元的報(bào)價(jià)，因此新航很難迅速提出競(jìng)爭(zhēng)性報(bào)價(jià)。
SIA said on Tuesday that it “will continue to support the building of a relationship with China Eastern” but analysts say it will be hard for SIA to come up with a counter-bid quickly, given the difficulties it had in convincing shareholders to agree to pay HK$3.80 a share and the fact that Air China has said it will offer a minimum of HK$5 a share.