久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Role reversal

Updated: 2013-09-13 07:13

By Oswald Chan(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

Once gateway to the nation, Hong Kong is now a bridge for mainland companies 'going out'. Oswald Chan reports.

It began with the banks five years ago. Now a spate of mainland enterprises are expanding into Hong Kong's retail, property and financial sectors taking advantage of business diversification, just as some Hong Kong blue chips are offloading their local business assets. The city is experiencing the nascent rise of corporate crimsoning. And as Hong Kong exuviates its halcyon days as a last-century West-East entrepot, as it surely must, morphing inexorably into a 21st-century East-West configuration, then now is the time the city can capitalize on its unique global bridging role to enable more mainland firms to reach out into the world.

But small steps first. Mainland-based beer-to-retail conglomerate China Resources Enterprise Ltd (CRE) is one of at least seven firms which bid for tycoon Li Ka-shing's Hong Kong supermarket chain ParknShop, in July. CRE Chief Financial Officer Frank Lai went on to announce in August that CRE's bid also involved its recent joint-venture partner, UK-based grocery chain Tesco Plc.

Two months on, CRE - owner of Hong Kong's third-largest supermarket brand Vanguard, which already accounts for 7.8 percent of Hong Kong's $6.6 billion supermarket industry - now looks the frontrunner in the race. The sale of the grocery chain ParknShop is estimated to fetch between $3 billion to $4 billion.

Optimistic on Hong Kong

CRE wants the brand name. In a mainland market shocked by numerous food scares in recent years, acquiring ParknShop's brand is like an image makeover. It uplifts credibility and allows access to the chain's suppliers, thereby getting CRE's name associated with superior - and more trustworthy - merchandise. Acquiring ParknShop lets mainland consumers buy with greater confidence, goes the thinking.

In the real-estate sector, mainland property developers have been getting more proactive since last year in bidding for land parcels in Hong Kong. China Overseas successfully snatched two land parcels in the Kai Tak region whereas the Hong Kong government designated that property developers can only sell those residential flats built on these two land parcels to Hong Kong permanent residents.

Mainland flagship property developer Vanke, in cooperation with Hong Kong blue chip New World Development, also successfully bid for a land parcel in Tsuen Wan earlier this year. Vanke said its interests in the Tsuen Wan land parcel will be injected into its local-listed subsidiary, Vanke Property Overseas. Vanke President Yu Liang says the deal represents the first of many the company plans to strike and that its prospects look rosy: "We are very optimistic on Hong Kong".

As is the banking sector. Mainland business conglomerate Yue Xiu Group is bidding for Hong Kong-based family-run Chong Hing Bank. No sooner had news of the group's interest been broadcast than shares in Hong Kong's three other family-run banks, Dah Sing Banking Group, Wing Hang Bank and Bank of East Asia all posted more than 10 percent gains.

Role reversal

Yue Xiu is not the first mainland financial entity to acquire Hong Kong banks with an eye to further business expansion. China Merchants Bank, China Construction Bank and Industrial and Commercial Bank of China Ltd (ICBC), have all acquired Hong Kong-based banks as their business subsidiaries in the last five years, each small step the forerunner to a potential giant leap of international expansion.

The financial crisis of 2008 was the wake-up - or 'going out' - call for the nation's latent aspiration. Externally, the economies of the developed and developing countries have huge demand for overseas capital, making them receptive to acquisition by mainland companies. Internally, the needs for acquiring markets, resources, technologies and brands, as well as cost-reduction considerations, propel mainland enterprises to "go out" on a larger scale.

However, the overseas expansion trajectory is not always straightforward, a result of both local and global factors. External challenges stem from rising overseas investment protectionism, particularly in the US, and increasing global investment market risks. Internal challenges emerge from the mainland enterprises' lack of international management experience, their sometimes inadequate assessment of the global investment environment, as well as a lack of international talent to push toward internationalization.

Due to the numerous hurdles involved with overseas expansion, mainland corporations hence may find Hong Kong a more attractive proposition as their first overseas expansion destination.

"Hong Kong's mature business assets in the banking and retail sectors offer a low-risk investment opportunity for mainland companies," global accounting advisory firm PricewaterhouseCoopers (PwC) China and Hong Kong Transaction Services Leader David Brown says. "In many ways, Hong Kong is the best destination for mainland corporate acquirers because the city is considered to be less affected by the current market's cautious attitude toward business acquisitions."

Global springboard

"Hong Kong has graduated from being solely a gateway for foreign investment in the mainland, to also being a springboard for mainland firms' investment in the rest of the world," Hong Kong Trade Development Council (HKTDC) Principal Economist Daniel Poon says.

Many of the acquiring entities are still large State-owned enterprises, but the number of private businesses is steadily increasing.

Due to the mainland government leadership transition, changes in mainland economic policy direction, tightening credit conditions and the mainland's slowing economic growth, mainland companies recently adopted a "wait and see" attitude toward mergers and acquisitions (M&As).

Many of them were more cautious in acquiring business assets in the country, Hong Kong and Macao in the first half of 2013, as deal volumes stood at 1,375 transactions which remains below previous highs, PwC says in its latest mergers and acquisitions (M&A) mid-year report released in late August, adding that these M&A deals were valued at $119.5 billion.

Despite mainland corporations being relatively lackluster in conducting M&As in Hong Kong, the contribution of mainland companies toward the M&A market in Hong Kong is impressive.

According to the Hong Kong government, the mainland was the most important source of direct investment in Hong Kong in 2012 (accounting for 36.3 percent of the total $1,074 billion). The majority of the investment was related to the service industries including investment, real estate, professional and business services; banking; and import/export, wholesale and retail trades.

Mainland companies are poised to make further overseas business expansion as the country's enterprises still have a "huge stomach" for overseas technology, management skills and brand acquisitions.

According to China CITIC's report, China's outbound FDI will experience a compound annual growth rate of more than 20 percent in the next five years, subsequently reaching more than $200 billion in 2017.

Contact the writer at oswald@chinadailyhk.com

Role reversal

Role reversal

(HK Edition 09/13/2013 page6)

久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    亚洲一区二区四区蜜桃| 国产一区二区不卡| 欧美一级艳片视频免费观看| 日韩电影免费一区| 精品国产乱码久久久久久1区2区| 国产美女在线观看一区| 国产精品视频一二三| 色综合久久久久| 免费人成精品欧美精品| 久久久无码精品亚洲日韩按摩| 成人h动漫精品一区二| 亚洲综合色在线| 欧美成人精品3d动漫h| 成人午夜av电影| 亚洲一区二区综合| 欧美成va人片在线观看| 不卡电影免费在线播放一区| 亚洲第四色夜色| 精品国产自在久精品国产| av成人免费在线| 午夜免费久久看| 国产欧美一区二区精品性| 欧美综合欧美视频| 久久精品国产精品亚洲红杏| 国产精品入口麻豆原神| 欧美日韩一区二区三区免费看| 久久av中文字幕片| 亚洲美女一区二区三区| 日韩一区二区中文字幕| 99久久精品一区二区| 首页国产欧美久久| 中文欧美字幕免费| 欧美日韩国产首页在线观看| 国产精品羞羞答答xxdd| 一二三四社区欧美黄| 久久影院电视剧免费观看| 色爱区综合激月婷婷| 久久99久久99小草精品免视看| 中文字幕一区二区三区在线播放 | 久久免费午夜影院| 在线观看亚洲a| 国产风韵犹存在线视精品| 偷拍自拍另类欧美| 亚洲欧洲av一区二区三区久久| 日韩视频免费观看高清完整版| 91在线视频观看| 精品一区二区三区在线播放 | 国产日产欧美一区二区视频| 欧美日韩一区三区四区| 懂色av中文一区二区三区| 免费观看一级特黄欧美大片| 综合久久给合久久狠狠狠97色| 日韩三级在线观看| 在线一区二区视频| 岛国精品在线播放| 韩国视频一区二区| 婷婷综合在线观看| 亚洲免费大片在线观看| 国产欧美一区二区在线| 欧美大胆人体bbbb| 欧美色视频一区| 91美女片黄在线| 国产精品18久久久久| 奇米精品一区二区三区四区 | 久久国产精品免费| 污片在线观看一区二区| 亚洲精品成人在线| 中文字幕一区免费在线观看| 久久久蜜桃精品| 日韩欧美一区在线| 欧美日韩国产不卡| 欧美中文字幕不卡| 一本到不卡精品视频在线观看| 成熟亚洲日本毛茸茸凸凹| 国产做a爰片久久毛片| 美女视频黄免费的久久| 日日摸夜夜添夜夜添精品视频 | 欧美日韩国产免费| 欧美自拍偷拍午夜视频| 91蜜桃免费观看视频| fc2成人免费人成在线观看播放| 国产美女主播视频一区| 韩国女主播成人在线观看| 美腿丝袜一区二区三区| 日韩成人av影视| 性做久久久久久免费观看| 亚洲精品老司机| 亚洲人成网站影音先锋播放| 国产精品欧美久久久久一区二区| 久久久久久久久久电影| 26uuu成人网一区二区三区| 欧美成人video| 精品电影一区二区三区| 欧美大片免费久久精品三p| 欧美一二三在线| 日韩精品一区二区三区中文精品| 日韩视频免费观看高清在线视频| 6080yy午夜一二三区久久| 欧美久久一区二区| 91精品国产综合久久精品性色| 在线成人av网站| 日韩三区在线观看| 欧美精品一区二区精品网| 亚洲精品一区二区三区影院 | 欧美巨大另类极品videosbest | 日韩av高清在线观看| 首页综合国产亚洲丝袜| 喷白浆一区二区| 精品在线亚洲视频| 国产一区二区免费在线| 国产乱人伦精品一区二区在线观看 | 麻豆精品久久精品色综合| 捆绑调教美女网站视频一区| 久久精品国产在热久久| 国产精品综合网| 不卡av在线网| 色av成人天堂桃色av| 欧美日本一区二区| 日韩三区在线观看| 久久久蜜桃精品| 国产精品福利av| 亚洲精品一卡二卡| 午夜精品aaa| 久久爱www久久做| 国产成人av自拍| 一本大道综合伊人精品热热| 欧美日韩久久久| 精品国免费一区二区三区| 中文子幕无线码一区tr| 伊人开心综合网| 日韩成人av影视| 国产精品456露脸| 色嗨嗨av一区二区三区| 69堂成人精品免费视频| 久久婷婷综合激情| 亚洲人一二三区| 日本亚洲欧美天堂免费| 国产精品亚洲а∨天堂免在线| 91色.com| 欧美电影影音先锋| 国产婷婷一区二区| 亚洲卡通动漫在线| 狂野欧美性猛交blacked| 成人高清在线视频| 欧美精品自拍偷拍| 国产三级欧美三级日产三级99 | 激情成人午夜视频| 91伊人久久大香线蕉| 欧美一区二区三区电影| 中文字幕欧美日韩一区| 香蕉成人伊视频在线观看| 韩国女主播成人在线观看| 91免费版在线看| 精品国产欧美一区二区| 亚洲人123区| 蜜桃av一区二区在线观看| heyzo一本久久综合| 91精品国产综合久久香蕉麻豆| 国产精品日韩成人| 日本sm残虐另类| 91偷拍与自偷拍精品| 日韩视频国产视频| 亚洲人精品一区| 国内精品视频666| 欧美亚洲尤物久久| 久久精品一区二区三区不卡牛牛| 亚洲综合成人在线视频| 国产成人在线观看免费网站| 欧美色精品在线视频| 欧美韩国日本一区| 日av在线不卡| 色先锋资源久久综合| 久久久久久久久久看片| 亚洲国产成人tv| 丁香天五香天堂综合| 欧美一区二区在线看| 亚洲色图19p| 国产精品亚洲一区二区三区妖精 | 日韩午夜中文字幕| 亚洲精品视频在线观看免费| 黑人精品欧美一区二区蜜桃| 精品视频色一区| 中文字幕一区在线观看视频| 精品午夜久久福利影院| 欧美午夜在线一二页| 国产精品女人毛片| 久久99在线观看| 欧美日韩高清不卡| 亚洲人成在线观看一区二区| 国产伦精品一区二区三区免费 | 26uuu久久天堂性欧美| 性久久久久久久| 色综合久久中文综合久久牛| 国产日韩精品视频一区| 免费高清在线视频一区·| 欧美主播一区二区三区美女| 国产精品第13页| 国产91清纯白嫩初高中在线观看 | 午夜精品爽啪视频| 一本大道久久a久久精品综合|