11月12日至13日，上海证券交易所国际投资者大会拉开帷幕。摩根士丹利证券（中国）有限公司首席执 行官钱菁在并购专场上，就中国企业海外并购的最新趋势及成功要素发表见解。 中国企业海外并购三大趋势凸显 钱菁表示，近年来中国企业海外并购活动展现出三方面显著趋势： 首先，在"一带一路"倡议推动下，国有企业持续进行全球战略布局，成为跨境并购的重要力量。她举例 道，摩根士丹利曾协助某能源行业大型国企完成一宗跨境并购，该项目成为2020年以来规模最大的国有 企业跨境并购交易之一。 其次，民营企业"出海"拓展国际市场势头强劲。新能源等领域的国内龙头企业，正通过引入海外主权财 富基金或私募股权基金的投资，为其全球业务扩张提供资金支持，加速国际市场渗透。 第三，外资聚焦中国优势产业。外资正积极投资于中国的先进制造业与生物医药等优势产业。 【导读】摩根士丹利证券（中国）CEO钱菁称，中国企业跨境投资已迈入高质量发展阶段 中国基金报记者储是 第三，恰当的时机把握能力不可或缺。市场出现重大变化时，往往是发现优质标的的良机。企业应善于 利用内外部有利条件，把握天时、地利、人和。 第四，在估值定价方面，她认为合理的定价能实现交易双赢，但 ...

Core Insights - The article discusses the opportunities and challenges for Chinese enterprises in overseas mergers and acquisitions (M&A) by 2025, highlighting the significant changes in global trade dynamics and the need for compliance, financing, and transaction structuring considerations [1][5][11]. Group 1: M&A Market Overview - As of June 2025, M&A transactions involving Chinese mainland companies accounted for 13% of the global market share, totaling $252 billion, a 130% increase year-over-year, with transaction numbers up by 13% [6]. - The number of mega-deals (over $5 billion) globally increased by 67% compared to the previous year, while transactions over $1 billion involving Chinese mainland companies surged by 440% [6]. - However, cross-border transactions involving Chinese mainland companies totaled $7.4 billion, a decrease of 32% from the previous year, with Sino-American cross-border M&A down by 30% [6]. Group 2: Regional Insights and Trends - Southeast Asia has seen nearly $500 billion in cross-border M&A over the past decade, primarily in high-tech, finance, and industrial sectors, with Singapore, Indonesia, Vietnam, and Malaysia being popular target countries [6]. - Indonesia is highlighted as a growing market with a young workforce and a projected economy ranking seventh globally by 2030, attracting more companies for investment [12]. Group 3: Risks and Challenges - The article outlines the risks and challenges of entering the Indonesian market, including significant changes in economic trends and industry distributions, particularly in infrastructure and public construction [12]. - Legal considerations for investments in Indonesia are emphasized, including requirements for LLCs and specific industry regulations [12]. Group 4: Strategic Insights - The article notes that Chinese enterprises are increasingly adopting strategies such as nearshoring and brand acquisitions to navigate global tariff challenges, with examples of companies successfully leveraging local production to reduce costs [19]. - The importance of risk management tools is highlighted, with companies utilizing geopolitical due diligence and digital tools to monitor tariff policies and streamline decision-making processes [19].

Core Viewpoint - Chinese companies are increasingly acquiring French firms in key industrial sectors such as chemicals, automotive, and energy, indicating a rapid expansion of Chinese investment in Europe, particularly in France [1][2]. Group 1: Recent Acquisitions - In April, China's Wanhua Chemical Group acquired the specialty isocyanate business of French chemical flagship Vencorex through its Hungarian subsidiary Borsodchem, approved by the Lyon Commercial Court [1]. - In May, Suzhou-based Dongshan Precision Investment Co. spent €100 million to acquire French automotive parts contractor GMD Group, which supplies major manufacturers like Renault and Stellantis [1]. - Simultaneously, China's Wanrun Group successfully acquired French hydrogen-powered bus manufacturer Safra, with approval from the Albi Commercial Court [1]. Group 2: Investment Trends - Chinese investment in France has grown significantly since 2010, increasing tenfold by 2017 to reach €15 billion, with 2023 investments at €13.5 billion, a 5% year-on-year increase [2]. - Despite a decrease in investment momentum expected in 2024 due to protective measures by France, recent months have shown a slight recovery in Chinese investments [2][3]. - China ranks eighth in terms of investment amount and acquisitions in France from 2020 to 2025, trailing behind the US and UK [3]. Group 3: Strategic Shifts - Chinese investments have evolved from minority stakes and small-scale direct investments to larger projects, with a focus on high-end sectors such as energy transition [3]. - Notable investments include a €2 billion battery factory by Envision Group in northern France and a €1.5 billion lithium battery materials factory by XTC in partnership with Orano [3]. Group 4: Employment and Presence - Approximately 900 Chinese subsidiaries operate in France, employing over 50,000 people, primarily large conglomerates or state-owned enterprises [4]. - Despite this presence, France is not the primary target for Chinese investments in Europe, with Hungary attracting a significant share of investments in the electric vehicle sector [4]. Group 5: Future Outlook - The increasing number of struggling French companies may lead to more acquisitions by Chinese firms, as France has identified sensitive industries requiring prior approval for foreign acquisitions [4]. - The ongoing US-China trade tensions may push China to expand its investments in Europe, including France, as a means to manage excess production capacity [5].