• JPMorgan leads Asia-Pacific M&A league table so far this year, having been involved in 27 deals worth US$64.2 billion, according to Bloomberg data 彭博社数据显示，摩根大通今年迄今为止在亚太地区并购排行榜上名列前茅，已参与 27 笔交易，价值 642 亿美元
• Marriage of foreign capital and Chinese technology ‘is a very powerful theme,’ says Peter Yu, co-head of diversified industries and technology in the region 该地区多元化产业和技术联席主管Peter Yu表示，外资与中国技术的联姻“是一个非常有力的主题”

2023发布时间：2023 年 8 月 31 日上午 8:00 南华早报

Things are getting busy again for bankers in China’s EV industry, JPMorgan says.摩根大通表示，中国电动汽车行业的银行家们又开始忙碌起来。

China’s electric-vehicle (EV) industry is becoming a brighter spot for JPMorgan Chase’s top deal bankers as the crowded domestic market faces pressure to consolidate and foreign manufacturers jostle for a bigger stake in the world’s biggest market.随着拥挤的国内市场面临整合压力以及外国制造商争夺全球最大市场的更大份额，中国电动汽车（EV）行业正在成为摩根大通顶级交易银行家的一个亮点。

Recent transactions involving BYD, Nio, Xpeng, Volkswagen and BMW are fuelling hopes that mergers and acquisitions (M&A) will make the industry a fertile ground for deal-making after two years of muted opportunities for investment bankers in Asia-Pacific.

最近涉及比亚迪、蔚来、小鹏、大众和宝马的交易引发了人们的希望，即在亚太地区投资银行家的机会暗淡两年后，并购将使该行业成为交易的沃土。

“We are at the beginning of a resurgence of M&A activity,” Peter Yu, co-head of diversified industries and technology for Asia-Pacific at JPMorgan based in Hong Kong, said in an interview. Some carmakers “will just fall away, others will be potentially acquired,” he added.

摩根大通驻香港亚太区多元化行业和技术联席主管Peter Yu在接受采访时表示：“我们正处于并购活动复苏的开端。”他补充说，一些汽车制造商“将会消失，其他汽车制造商可能会被收购”。

Foreign OEMs investing in Chinese technology is a powerful theme, says Peter Yu, co-head of Asia-Pacific diversified industries and technology at JPMorgan Chase.摩根大通亚太区多元化产业和技术联席主管Peter Yu表示，外国原始设备制造商投资中国技术是一个强有力的主题。 Photo: Handout

China’s 200-odd licensed EV producers in its US$200 billion domestic market are expected to hand over 40 per cent more vehicles – 9 million units – in 2023, the industry association estimated, after deliveries surged 114 per cent in 2022. Annual capacity in was four times the output in 2020, according to a private industry report.该行业协会估计，继 2022 年交付量猛增 114% 后，中国 200 多家获得许可的电动汽车生产商预计在 2023 年将在其价值 2000 亿美元的国内市场上交付 40% 的汽车，即 900 万辆。根据私营行业报告，产量是 2020 年产量的四倍。

Efforts to boost economies of scale and profitability will lead to more M&A activity among Chinese companies, Bain & Co said in a report in January. The value of strategic M&A transactions across industries in China dropped 34 per cent to US$304 billion in 2022, it said, while the global tally declined by about one-third to US$2.6 trillion.贝恩公司在一月份的一份报告中表示，提高规模经济和盈利能力的努力将导致中国企业进行更多的并购活动。报告称，2022年中国跨行业战略并购交易价值下降34%，至3040亿美元，而全球交易总额下降约三分之一，至2.6万亿美元。

JPMorgan led the M&A league table in Asia-Pacific this year through August with 27 deals worth US$64.2 billion across all industries, according to Bloomberg data, giving it an 11.7 per cent share of the market. Morgan Stanley, UBS, Nomura and Citigroup rounded out the top five players.

彭博社数据显示，截至 8 月份，摩根大通在亚太地区并购排行榜上位居榜首，共有 27 笔交易，涉及各行业，价值 642 亿美元，占据 11.7% 的市场份额。摩根士丹利、瑞银、野村证券和花旗集团跻身前五名。

A crossover between technology and industries such as automotive presents big opportunities for deals, Deutsche Bank’s head of investment banking Fabrizio Campelli said in an interview last month. The German bank’s clients in Europe were keen to expand their footprint in Asia, he added.

德意志银行投资银行业务主管法布里奇奥·坎佩利(Fabrizio Campelli)上个月接受采访时表示，科技与汽车等行业的交叉带来了巨大的交易机会。他补充说，这家德国银行在欧洲的客户热衷于扩大在亚洲的业务。

A hive of activity in China’s EV industry is raising hopes that investment bankers will get busier this year and next. This week, Xpeng agreed to buy Didi’s smart electric car development business in an exchange of shares worth US$744 million.

中国电动汽车行业的大量活动让投资银行家们燃起了今年和明年更加忙碌的希望。本周，小鹏汽车同意以价值 7.44 亿美元的股份交换方式收购滴滴的智能电动汽车开发业务。

Recently, Middle East-based investors have also agreed to pump cash for equity stakes into Nio and Evergrande New Energy Vehicle. Volkswagen Group agreed to pay about US$700 million for a 4.99 per cent stake in Xpeng, with both parties agreeing to roll out two Volkswagen-badged midsize EVs in 2026 in China, according to their agreement.

近期，中东投资者也同意向蔚来汽车和恒大新能源汽车注资。根据协议，大众集团同意支付约 7 亿美元收购小鹏汽车 4.99% 的股份，双方同意于 2026 年在中国推出两款带有大众标志的中型电动汽车。

A foreign OEM (original equipment manufacturer) investing in a Chinese EV player “can get access to technology that could accelerate the time to develop a new model by a couple of years,” Yu said. The interest among foreign OEMs in Chinese technology “is a very powerful theme,” he added.

于说，投资中国电动汽车厂商的外国 OEM（原始设备制造商）“可以获得能够将新车型开发时间缩短几年的技术”。他补充说，外国原始设备制造商对中国技术的兴趣“是一个非常强大的主题”。

Chinese smart-battery swap stations can change EV batteries automatically中国智能电池更换站可自动更换电动汽车电池

Foreign OEMS are generally a long way behind Chinese companies in terms of EV technology, electrification, smart cabin technology and autonomous driving, Yu said. It is faster for foreign carmakers to cut the R&D process by partnering with or buying Chinese companies and start-ups, he added.

于说，国外整车厂在电动汽车技术、电气化、智能座舱技术和自动驾驶方面普遍落后于中国企业。他补充说，外国汽车制造商通过与中国公司和初创企业合作或收购中国公司和初创企业来缩短研发流程会更快。

Yu said BYD and Tesla will remain dominant market players, while Geely and Guangzhou Auto will also be strong contenders. Meanwhile, smartphone makers such as Apple and Xiaomi are also in the game to make greener cars, with Xiaomi aiming to start mass production in the first half of 2024.余表示，比亚迪和特斯拉仍将是市场的主导者，而吉利和广汽也将是强有力的竞争者。与此同时，苹果和小米等智能手机制造商也在参与生产更环保的汽车，小米的目标是在 2024 年上半年开始量产。

Industry consolidation is another theme that is likely to hasten deal making in the Industry, Yu said. Within the next year, the market could hear more about bankruptcies, as well as smaller EV makers getting swallowed or thrown a financial lifeline by larger rivals or by foreign capital, he added.

于说，行业整合是可能加速该行业交易的另一个主题。他补充说，明年，市场可能会听到更多有关破产的消息，以及小型电动汽车制造商被更大的竞争对手或外国资本吞并或抛出财务生命线的消息。

China-made battery plant upsets local residents in Hungary, triggering protests中国制造电池厂惹恼匈牙利当地居民引发抗议

There are “too many players” in China, and only 20 or 30 of them will “actually make a meaningful number of cars,” he said. “Some of these companies will just fall away, but others will be potentially acquired.”

他说，中国“厂商太多”，其中只有 20 到 30 家能够“真正生产出足够数量的汽车”。 “其中一些公司将会消失，但其他公司可能会被收购。”

Yu said the story is more complex than straightforward consolidation between EV makers, adding that M&A activity “will be diverse in rationale and format.”

于说，这个故事比电动汽车制造商之间的直接整合更为复杂，并补充说，并购活动“在理由和形式上将是多种多样的”。

Backward integration or upstream investment within the industry is also expected to generate M&A volume, he added. Many global EV producers are investing in other parts of the car-making process, including building battery plants and acquiring mining resources like lithium.

他补充说，行业内的后向整合或上游投资也有望产生并购量。许多全球电动汽车生产商正在投资汽车制造过程的其他部分，包括建设电池厂和收购锂等采矿资源。

In addition to greenfield investments like BMW’s US$1.4 billion bet on EV batteries in China for its i3 and iX3 series cars, other deals have also filled up the M&A pipeline in China. They included Volkswagen’s investment in and joint-venture with Horizon Robotics, BYD and NIO’s bets on lithium mining companies, and battery-maker Contemporary Amperex’s stake in Geely’s premium brand Zeekr.

除了宝马在中国为其 i3 和 iX3 系列汽车斥资 14 亿美元为其电动电池押注等绿地投资外，其他交易也填补了中国的并购渠道。其中包括大众汽车对地平线机器人公司的投资和合资、比亚迪和蔚来汽车对锂矿公司的押注，以及电池制造商当代新能源入股吉利旗下高端品牌Zeekr。

“There continues to be a lot of dialogue around foreign players investing in Chinese EV players, beyond the deals that have been announced,” said Yu. “Along with domestic consolidation and capital raising, things are getting busy again in this space.”

“除了已宣布的交易之外，关于外国企业投资中国电动汽车企业的对话仍在继续，”于说。 “随着国内整合和融资，这个领域的事情再次变得忙碌。”