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Statistical Overview and Analysis of Chinese Outbound Foreign Direct Investment

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Appendices: Statistical Overview and Analysis of Chinese Outbound Foreign Direct Investment Comparison of Chinese Enterprises Foreign Investment Scale, 2000–2013 (in dollars) North South America Europe Asia Oceania Africa America 0–1 million 6 1 0 0 0 0 1 million–10 million 4 10 2 1 0 0 10 million–0.1 billion 24 10 12 0 1 0 0.1 billion–1 billion 122 132 318 58 210 67 1 billion–10 billion 43 33 85 16 49 28 more than 10 billion 1 0 0 1 0 0 The scale of overseas investment by Chinese enterprises from 2000 to2013 amounting to between $1 million and $1 billion were concentrated in Asia and Africa, while those amounting to between $10 million and $10 billion were concentrated in North America. Private enterprises are becoming more active in foreign investment, while the scale of such investment by state-owned enterprises remains huge Based on our analysis of foreign investment cases, we can see that state-owned enterprises figure much more prominently than do private firms with respect to overseas investments amounting to between $1 and 10 billion. However, after the 2008 financial crisis, the number of private enterprises investing abroad grew rapidly, and these firms are expected to become a new force in Chinese outbound investment. 187 188 Appendices 2000–2013 Foreign Investment Amount of State-Owned Enterprise and Private Enterprise (in dollars) state-owned enterprise private enterprise 0–1 million 5 2 1 million–10 million 4 13 10 million–0.1 billion 24 23 0.1 billion–1 billion 708 199 1 billion–10 billion 217 37 more than 10 billion 2 0 Chinese Enterprises Foreign Investment Regional Distribution during (2000–2013) Chinese enterprises have invested abroad across all the world’s six continents. With respect to the number of individual outbound investment projects under- taken by these companies, Asia ranks No. 1, accounting for 33%. Asian countries that have been targeted for Chinese outbound investment include Indonesia, Malaysia, and Pakistan. Africa takes second place, accounting for 20% of Chinese outbound investment. That investment is concentrated in Nigeria, Congo, Algeria, and Ethiopia. North America and Europe both account for 17% of Chinese outbound investment. Chinese outbound investment in North America is concentrated in the United States and Canada while in Europe its is mainly concentrated in Germany and Britain. Brazil and Australia are China’s major investment targets in South America and Oceania. Europe 17% South America Asia 33% 7% Africa 20% North America 17% Oceania 6% Appendices 189 Chinese Enterprises Foreign Investment Regional Distribution (2003, 2008, and 2013) Analyzing the foreign investment regions in 2003, 2008, and 2013, we find that overseas investment by individual Chinese firms is rising rapidly in South America and especially in Africa. These regions have gone from accounting for just a few cases of outbound investment to being among the top quarter with respect to the growth of Chinese outbound investment activity. Moreover, individual invest- ment cases in North America and Oceania are decreasing. Finally, investment activity levels in Asia and Europe have changed somewhat since 2008. According to the latest global distribution in 2013, Asia (26%), Europe (25%), and Africa (25%) become the three main areas targeted by Chinese firms investing abroad. 45% 40% 40% 35% 33% 34% 30% 26% 25% 25% 25% 24% 20% 19% 16% 15% 14% 12% 9% 9% 10% 7% 5% 5% 2% 0% 0% 0% Asia Europe North Oceania Africa South America America 2003 2008 2013 190 Appendices Distribution of Chinese Enterprises Overseas Investment by Industry (2000–2013) Energy takes up the biggest share of Chinese overseas investment from 2000 to 2013, accounting for nearly half, or 46%, or the total. Transportation and real estate/property come in second and third, accounting for 17% and 13%, respect- ively. Agriculture and IT are tied for fourth place, with each accounting for 5% of Chinese overseas investment. They are followed by finance at 1%. IT industry comprehensive other 68 industry 20 industries 43 5% 2% 3% financial industry 51 4% manufacturing Energy industry 65 industry 600 5% 46% agriculture 70 5% real property industry 168 13% transportation industry 225 17% Appendices 191 Chinese Enterprises Overseas Investment Industry Distribution (2003, 2008, and 2013) In general, the overseas investment activity of Chinese enterprises has been rising rapidly, with the fastest growth being in merger and acquisitions in the energy industry. The merger and acquisition in energy industry in 2013 was ten times greater than that of 2003. Outbound investment by the Chinese real estate/prop- erty, transportation, and manufacturing industries also grew faster while agricul- ture and finance experienced constant growth. 80 72 70 60 50 50 42 40 38 30 22 20 15 15 10 10 10 7 6 4 3 3 4 5 3 3 0 0 00 1 1 0 IT industry argiculture energy industry other industries financial industry real property industry manufacturing industry transportation industry 2003 2008 2013 192 Appendices Chinese enterprises foreign direct investment pursue high added value, and American companies in high technology field are favored by Chinese investors The traditional driving force in the past for Chinese overseas investment has been energy; however, this is now changing. Greater numbers of Chinese enterprises are now starting to invest in foreign high-tech fields, with the American high- tech industry being the target of choice for Chinese firms. Trend of Chinese Enterprise Investment on New High-Tech Industry (2005–2013) 60 275.9 300 238.3 50 250 198.9 40 185.8 185.1 200 30 150 124 55 106.1 50 20 40 100 28.3 ($100 Million) 47.7 26 29 10 18 50 (Number of transactions) 8713 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Year) Transaction Volume Transaction Amounts Appendices 193 Some enterprises have begun to focus on global industrial chain integration, shifting from being participants in the global industrial chain to industry chain leaders The scale of transnational mergers and acquisitions is growing while that of Greenfield investment has been declining In 2013, the number of transnational mergers and acquisitions undertaken by Chinese firms amounted to 288. These cases were spread out over 70 countries and regions, with the value of the transactions totaling 50.2 billion dollars. Mergers and acquisitions accounted for 37.5% of total Chinese foreign invest- ment. The proportion of Greenfield Investment in Chinese foreign investment has declined, but its total volume is still larger than Chinese enterprises foreign merger and acquisition investment activity. Figure Comparison of China Transnational Merger and Acquisition and Greenfield Investment (2004–2013) 500 600. 400 500. 400. 300 300. 200 200. 100 100. ($100 Million) – ȭ (Year) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (Number of transactions) Cross-border M&A Greenfield Investment Transaction Volume Transaction Amounts Note The tables and figures in this appendix were derived from the various sources used in the tables and figures in Chapter 2 of the book China Enterprise Foreign Investment Cases (2012.1–2014.6) Transaction amount Share Industry of Industry of (million proportion Investment investor investor Investor Counterparty Target dollars) (%) method (first level) (second level) January 2012 China Devon Energy 2440 33 merger and manufacturing petroleum Petrochemical (244000) acquisition processing, Corporation coking and nuclear fuel processing Wanfeng Group 1520 0 merger and financial other financial (152000) acquisition activities China Energy 1400 0 merger and construction other Engineering Group (140000) acquisition construction Co., Ltd. China Investment Thames Water 920 9 merger and financial other financial Corporation (92000) acquisition activities China National Athabasca Oil 670 40 newly- manufacturing petroleum Petroleum Sands Project (67000) established processing, Corporation coking and nuclear fuel processing Sany Heavy Putzmeister 480 90 merger and manufacturing electric Industry Co., Ltd. (48000) acquisition appliances and instrument manufacturing Shandong Heavy Ferretti 460 75 merger and manufacturing electric Industry Group (46000) acquisition appliances and Co., Ltd. instrument manufacturing China National Bow Energy 270 50 merger and manufacturing petroleum Petroleum (27000) acquisition processing, Corporation coking and nuclear fuel processing China Merchants Aitken Spence 150 30 merger and financial other financial Group (15000) acquisition activities HNA Group Co., Assa Properties 130 0 merger and transportation, air-transport Ltd. (13000) acquisition storage and post Jilin Jien Nickel Goldbrook 100 100 merger and mining non-metal Industry Co., Ltd. Ventures (10000) acquisition mineral mining and selecting February 2012 China National 1450 0 merger and manufacturing petroleum Offshore Oil (145000) acquisition processing, Corporation coking and nuclear fuel processing Appendices 195 Whether the investor enterprise Method Category is on the of merger of investor market to Industry of and Transaction Payment Country enterprise be listed target acquisition situation method of target Region Remark state-owned yes mining horizontal finished cash Usa North America private no real estate horizontal finished cash Canada North America state-owned yes mining horizontal finished cash Algeria Africa North Africa state-owned yes agriculture, horizontal finished cash Australia Oceania forestry, animal husbandry and fishing state-owned yes mining
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