挪威主權財富基金加大對華投資

Sovereign wealth funds, led by Norway’s $810bn oil fund, are using Hong Kong’s listings revival to achieve a long-held goal of ramping up exposure to China.

以挪威8100億美元石油基金爲首的數家主權財富基金，正利用香港IPO市場的復甦，加大對華投資。

The Norwegian fund – the world’s biggest pool of sovereign wealth – has emerged as one of the most important investors in Chinese companies this year, despite trade friction between Oslo and Beijing.

這家挪威基金是世界上規模最大的主權財富基金。儘管挪威與中國之間存在貿易摩擦，該主權財富基金仍成爲今年中資企業最重要的投資者之一。

It was one of the main cornerstone investors ahead of the initial public offering of Cinda , the Chinese former bad bank set up to manage distressed debt in the late 1990s.

該基金是即將上市的信達資產管理公司(Cinda)的主要基石投資者之一。信達是上世紀90年代末中國爲管理不良貸款而設立的一家壞賬銀行。

The fund has bought $150m, or about 6 per cent, of the $2.5bn deal. Shares in Cinda are due to begin trading tomorrow, one of a spate of deals that followed Beijing’s announcement of a major package of economic reforms last month.

信達上市融資規模爲25億美元，挪威石油基金出資1.5億美元購入了6%左右的股份。信達股票將於明天上市交易，這是中國政府上個月公佈一攬子經濟改革措施以來的一系列上市交易之一。

The oil fund was also a cornerstone investor in Huishan Dairy’s $1.3bn Hong Kong offering in November, and in the $1.3bn Singapore listing of Mapletree’s China real estate trust earlier this year.

挪威石油基金還作爲基石投資者參與了多宗上市交易，其中包括輝山乳業(Huishan Dairy)今年11月在香港的13億美元IPO，以及今年早些時候豐樹(Mapletree)旗下中國房地產信託基金在新加坡的13億美元IPO。

Norway has also become a key international player in China’s onshore markets. In September, the oil fund became only the second institution to be granted an investment quota of more than $1bn, which it needs to buy renminbi-denominated assets within China itself. Only the Hong Kong Monetary Authority and Temasek, Singapore’s state investment agency, have been granted such access.

在中國境內市場上，挪威石油基金也是重要的國際投資方之一。今年9月份，挪威石油基金成爲第二個在華獲批投資額度超過10億美元的機構。要想在中國買入以人民幣計價的資產，外國機構必須首先獲得投資額度。目前，只有香港金管局(HKMA)和新加坡政府投資機構淡馬錫(Temasek)獲得的額度能與其相當。

At the end of September, the oil fund had 2.1 per cent of its $480bn equities portfolio in China, up from 1.7 per cent a year earlier, but only one-third of its exposure to Japan, France or Germany and a 15th the level of its US holdings. Yngve Slyngstad, its chief executive, has repeatedly said he would like to invest more given the size of the Chinese economy.

今年9月底，挪威石油基金4800億美元的股權投資組合中，2.1%投往中國，而一年之前這一比例爲1.7%。不過，這一比例只是其對日、法、德投資比例的三分之一，對美投資的十五分之一。該基金首席執行官英格維•斯靈斯塔(Yngve Slyngstad)曾反覆表示，考慮到中國經濟的規模，他很願意加大對華投資。

Despite the increased investment ties, diplomatic relations between Norway and China remain frozen following the decision in 2010 to award the Nobel Peace Prize in Oslo to Chinese dissident Liu Xiaobo.

儘管中國和挪威的投資關係日益密切，兩國間的外交關係卻仍處於凍結狀態。這緣起於2010年，當時挪威政府決定將諾貝爾和平獎(Nobel Peace Prize)頒給中國異見人士劉曉波。

“Relations with China are unfortunately [still] at freezing point,” Norway’s new foreign minister, Børge Brende, said last month. “I don’t think we should expect that relations will improve in the short term but I hope they will during the next four years.”

挪威新任外交大臣博爾格•布倫德(Børge Brende)上個月曾表示：“不幸的是，挪威與中國的關係（仍）處於冰點。我想我們不能指望挪中關係將在短期內得到改善，但我希望未來四年可以。”

When asked last year why Norway had been excluded from a new visa-free travel programme, Chinese officials said some countries had been “badly behaved”.

去年，在被問到爲什麼挪威被中國排除於新的過境免籤制度之外時，中國官員表示一些國家“行爲不端”。

The Norwegian fund is not the only government-backed investment vehicle looking to increase its China holdings. Korea’s National Pension Service and Canada’s Caisse de Depot Placement du Quebec both recently received fresh onshore investment allocations, while Qatar applied for $5bn in quota in June.

挪威石油基金不是唯一尋求增加對華投資的政府背景投資基金。韓國國民年金管理公團(NPS)以及加拿大魁北克儲蓄投資集團(CDPQ)最近都獲得了新的中國境內投資配額，而今年6月份卡塔爾則申請了50億美元的投資額度。

But sovereign funds have shied away from recent Chinese bank IPOs amid concern over the outlook for the sector.

不過，由於擔心中國銀行業的前景，這些主權財富基金都沒有投資於近期的中資銀行IPO交易。

Global central banks have also been active. Last month South Africa’s central bank followed Australia’s when it signalled moves to invest in Chinese bonds for the first time.

全球央行對華投資也十分積極。上個月繼澳大利亞央行之後，南非央行表示，將首次投資於中國債券。

Chinese authorities are keen to attract sovereign wealth and other long-term investors to its markets, and in the past year they have eased restrictions.

中國官方迫切希望吸引主權財富基金和其他長期投資者投資於中國市場，過去一年他們已爲此放寬了相應限制。