中國(guó)的“鋼鐵公主”
作為中國(guó)最富有的女性之一，陳寧寧(Diana Chen)并不是人們印象中典型的鋼鐵大王。
Diana Chen, one of China’s richest women, is not your typical iron industry baron.
陳寧寧今年36歲，是受過(guò)西方教育的“高干子弟”她已故的外祖父呂東曾于上世紀(jì)60年代和70年代擔(dān)任原冶金工業(yè)部部長(zhǎng)。
Ms Chen, 36, is a Western-educated “princeling”, as the children and grandchildren of China’s communist elite are known. Her late grandfather, Lu Dong, was China’s metallurgy minister in the 1960s and 1970s.
今年夏天，陳寧寧對(duì)香港上市的中國(guó)東方集團(tuán)(China Oriental Group)發(fā)起了敵意收購(gòu)。此前，她與持有東方集團(tuán)45%股權(quán)的主席韓敬遠(yuǎn)鬧翻。東方集團(tuán)控制著湖北省一座中等規(guī)模的鋼鐵廠。
This summer, Ms Chen launched a hostile takeover for Hong Kong-listed China Oriental Group, which controls a mid-sized steel mill in Hebei province. Her bid came after a falling out with Han Jingyuan, Oriental’s chairman, who controls 45 per cent of the company.
在由陳寧寧外祖父等保守派中央計(jì)劃官員打造出的鋼鐵產(chǎn)業(yè)中，這種舉動(dòng)頗不尋常。但這位中國(guó)“鋼鐵公主”的職業(yè)路徑就頗不尋常。 Such manoeuvres are unusual in an industry forged by conservative central planners such as Ms Chen’s grandfather. But then so is the career path of China’s “iron princess”.
上世紀(jì)90年代早期，陳寧寧到紐約理工學(xué)院(New York Institute of Technology)攻讀MBA學(xué)位，畢業(yè)后回香港與母親一同創(chuàng)辦了嘉鑫鋼鐵集團(tuán)有限公司(Pioneer Iron & Steel Group)。她的母親在大學(xué)期間曾學(xué)習(xí)冶金專(zhuān)業(yè)，但此前從未涉足該行業(yè)。在此后短短10年時(shí)間，嘉鑫鋼鐵成為中國(guó)最大的鐵礦石民營(yíng)進(jìn)口商。去年，《福布斯》雜志(Forbes)估計(jì)，陳寧寧個(gè)人財(cái)富高達(dá)2.16億美元。
In the early 1990s, Ms Chen studied for an MBA degree at the New York Institute of Technology before returning to Hong Kong to start Pioneer Iron & Steel Group with her mother, who had studied metallurgy in university but was not previously involved in the industry. In little more than a decade since, Pioneer has become one of the largest private importers of iron ore into China. Last year Forbes magazine estimated Ms Chen’s wealth at $216m.
“這其實(shí)就是通過(guò)非傳統(tǒng)手段進(jìn)入一個(gè)傳統(tǒng)行業(yè)，”陳寧寧表示，“從前，所有人都從事簡(jiǎn)單的貿(mào)易。我們利用無(wú)形資產(chǎn)和技術(shù)幫助（武漢鋼鐵集團(tuán)和鞍鋼新軋等國(guó)有企業(yè)）獲得貸款，并對(duì)其進(jìn)行改造，準(zhǔn)備進(jìn)行首次公開(kāi)發(fā)行(IPO)。”
“It was a matter of using non-traditional means to approach a traditional industry,” Ms Chen says. “Before, everyone just did simple trading. We used intangible assets and skills to help [state-owned companies such as Wuhan Iron and Steel Group, and Angang New Steel Company] get loans and to reform themselves to prepare for IPOs.”
陳寧寧表示，這些服務(wù)都是免費(fèi)提供的，但它們有助于建立關(guān)系，并使她對(duì)這些公司有了深入了解。到世紀(jì)交替之際，鋼鐵行業(yè)開(kāi)始在中國(guó)經(jīng)濟(jì)發(fā)展的推動(dòng)下復(fù)蘇，當(dāng)時(shí)，嘉鑫處在將中國(guó)鋼鐵制造商與外國(guó)鐵礦企業(yè)結(jié)合的良好位置。她表示：“到2003年，中國(guó)大約15%至20%的鐵礦石由我們進(jìn)口。”
Those services were provided free of charge, says Ms Chen, but they helped build relationships and gave her an in-depth knowledge of the companies. By the turn of the century, when the steel industry revived on the back of China’s economic growth, Pioneer was well-positioned to bring together China’s steel makers and foreign iron miners. “By 2003, we were importing about 15-20 per cent of China’s iron ore,” she says.
陳寧寧承認(rèn)，作為中國(guó)共產(chǎn)黨高層官員的后代，身份對(duì)她有所幫助，“但只是人們知道你來(lái)自一個(gè)有名望的家庭。我的外祖父從沒(méi)貪污過(guò)，我母親經(jīng)常教導(dǎo)我不要令我外祖父的名聲蒙羞……我有關(guān)系，但我從沒(méi)用過(guò)。”
Ms Chen admits that being the descendant of a top communist official has helped, “but only in the sense that people knew you came from a respectable family. My grandfather was never corrupt, and my mother always told me not to shame my grandfather’s name?.?.?.?I had the guanxi [connections], but I never used them.”
陳寧寧表示，她向中國(guó)東方集團(tuán)股東提出的競(jìng)價(jià)，代表著復(fù)興這家公司的“最后努力”。她聲稱(chēng)，該集團(tuán)是為數(shù)不多的完全不受?chē)?guó)家控制的上市鋼鐵公司之一，但它沒(méi)能充分利用其作為一家香港上市公司，可以進(jìn)入現(xiàn)代金融市場(chǎng)的渠道。
Ms Chen says her offer to China Oriental’s shareholders represents a “final effort” to revitalise the company. She claims the group, one of China’s few publicly listed steel companies that is completely free of state ownership, failed to make full use of its access to modern financial markets as a Hong Kong-listed company.
極少有人嘗試在香港進(jìn)行敵意收購(gòu)，在香港許多規(guī)模較小的上市公司，都是最大的股東持有控股權(quán)。但陳寧寧表示，如果她獲得成功，就計(jì)劃進(jìn)行大舉籌資，并收購(gòu)規(guī)模較小的競(jìng)爭(zhēng)對(duì)手。
Hostile takeover attempts are extremely rare in Hong Kong, where in many smaller listed companies the largest shareholder owns a controlling stake. But if she succeeds, Ms Chen says she plans to aggressively raise funds and acquire smaller rivals.
“如果失敗，我將退出該公司。我還有其它計(jì)劃，比如收購(gòu)另一家工廠，但我還沒(méi)傻到在沒(méi)做最后努力之前就放棄的地步。”
“If I fail, I will exit the company. I have other plans such as buying another mill, but I am not so silly as to give up before this one last try.”
中國(guó)東方集團(tuán)董事會(huì)（除陳寧寧以外）已表示，她對(duì)該公司的競(jìng)購(gòu)是主動(dòng)進(jìn)行的，而且“沒(méi)有得到董事會(huì)的支持”。上周，董事會(huì)建議股東拒絕此次收購(gòu)。目前未能聯(lián)系到韓敬遠(yuǎn)予以置評(píng)。 China Oriental’s board, excluding Ms Chen, has said her bid for the company was unsolicited and “did not have the support of the board”. Last week, it advised shareholders to reject the offer. Mr Han could not be reached for comment.
陳寧寧的出價(jià)相當(dāng)于每股3港元，遠(yuǎn)低于該股上周五3.59港元的收盤(pán)價(jià)。在今年2月首次宣布此次收購(gòu)交易時(shí)，中國(guó)東方集團(tuán)的股價(jià)為2.24港元，陳寧寧聲稱(chēng)，最近的漲幅“與（她的）報(bào)價(jià)有關(guān)，不會(huì)持續(xù)下去”。
Ms Chen’s offer price amounts to HK$3 per share, well below Friday’s closing price of HK$3.59. China Oriental shares traded at HK$2.24 when the takeover was first announced in February, and Ms Chen claims the recent gains were “related to [her] offer and not sustainable”.
陳寧寧的競(jìng)購(gòu)被稱(chēng)作是私營(yíng)行業(yè)對(duì)中國(guó)政府的首次回應(yīng)之一，中國(guó)政府正努力將全國(guó)260家鋼鐵公司整合成規(guī)模更大、更具競(jìng)爭(zhēng)力的集團(tuán)。國(guó)有控股的武漢鋼鐵(Wuhan Iron & Steel)和鞍鋼(Angang)等公司已開(kāi)始著手進(jìn)行并購(gòu)交易。 Ms Chen’s bid has been billed as one of the first private-sector responses to Beijing’s efforts to consolidate the nation’s 260 iron and steel companies into larger, more competitive groups. State-controlled Wuhan Iron & Steel and Angang, among others, have already embarked on mergers and acquisition deals.
陳寧寧表示：“5年內(nèi)，中國(guó)鋼鐵業(yè)將進(jìn)行整合，并出現(xiàn)超大型鋼鐵公司。”
“In five years’ time there will be consolidation and mega steel companies in China.” Ms Chen says.
“如果你不收購(gòu)其它公司，你就會(huì)被別人收購(gòu)。”
“If you don’t acquire others, you will be acquired.”
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