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Song Liao Automotive had tried its luck in different industries since the mid-1990s, moving from passenger cars to spare auto parts, infant formula, medical instruments and food packaging.
自上世纪90年代中期以来，松辽汽车(Song Liao Automotive)在许多行业碰过运气，从乘用车转向汽车配件、婴儿配方奶粉、医疗仪器及食品包装领域。
But after a string of losses, the group in 2016 recreated itself yet again — this time with designs on breaking into the global entertainment business through a billion-dollar overseas acquisition.
然而，在经历了一连串亏损之后，该集团在2016年再次重组了业务——这一次旨在通过一宗数十亿美元的海外并购，进军全球娱乐产业。
Song Liao, which changed its name to Cultural Investment Holdings (CIH) in April, is one of scores of Chinese companies that are trying to leave behind slow growth manufacturing and leap into new sectors fashionable at home and abroad — including entertainment, pharmaceuticals and travel.
松辽汽车于2016年4月更名为文投控股(CIH)，目前不少中国公司正试图退出增长缓慢的制造业，进入国内外新时兴的产业，包括娱乐、制药和旅游，这家公司就是其中之一。
Researchers tracking these companies say many listed Chinese groups have sought to make such a transformation, often with the help of an expensive overseas takeover designed to bolster their credentials in otherwise unfamiliar lines of business.
跟踪研究这些企业的研究人员表示，中国已有许多上市集团寻求这样的转型，它们通常会实施代价高昂的海外并购，以求提升自身在并不熟悉的行业的资质。
Many of those deals were done in 2016, helping drive the record $220bn in overseas M&A Chinese companies agreed to last year, double the 2015 total.
其中许多并购交易是在2016年达成的，使得去年中国企业达成的海外并购交易金额达到创纪录的2200亿美元，为2015年的两倍。
But now they face two looming obstacles. First, regulators seeking to stem the outflow of capital from China have for the past few months been sharply restricting acquisitions abroad. Second, bankers have begun to worry about the commercial viability of investments in modern sectors by old-fashioned industrial groups. They are also wary of the impact of the new official curbs on capital outflows.
然而，如今它们面临着两个日益显现的障碍。首先，过去几个月里，试图阻止资金流出中国的监管机构一直在严格限制海外并购。其次，银行家已开始担忧老产业集团对现代化行业的投资是否具有商业可行性。他们还十分警惕官方对资金外流的新限制措施所产生的影响。
“Whatever is hot, they go acquire assets in that area and then ask for a name change,” says Li Wei, a professor of economics at Cheung Kong Graduate School of Business, noting that the decisions can be made hastily.
长江商学院(Cheung Kong Graduate School of Business)经济学教授李伟表示：“哪个领域火他们就收购哪个领域的资产，再要求改个名字。”他还指出，这类决定可能是仓促做出的。
Professor Li has identified more than 100 similar groups, the majority of which change their names, adding words such as “technology”, “internet” or “pharmaceutical” to their new titles. Chinese poultry group Sumpo Food changed its name to Leyou Technologies before buying UK game developer Splash Damage last year, for example.
李伟教授已发现逾100家类似的企业集团，它们中大多数都改了名字，在新名称中加入了“科技”、“互联网”或“药业”等字眼。比如，中国禽业集团森宝食品(Sumpo Food)更名为乐游科技(Leyou Technologies)，后来在去年收购了英国游戏开发商Splash Damage。
Driving the corporate upheavals has been local government and bank support, Prof Li says.
李伟表示，地方政府和银行的支持，是推动这波企业转型的力量。
Many of the groups have been large employers and generators of tax revenue for medium and small cities around the country. As manufacturing and other industry slows in China, company leaders and local government cadres have become eager for the groups to find a new means of survival.
其中许多企业一直是中国各中小城市的招工和纳税大户。随着中国制造业和其他产业放缓，企业领导和地方政府干部急切地想让企业找到生存的新手段。
Buying into higher-returning assets has been one solution, and local banks are often on hand to provide the capital needed to make the transition, Prof Li says.
李伟表示，买入回报率较高的资产是解决方案之一，而当地银行往往随时准备提供企业转型所需要的资金。
Just months after changing its name and announcing a foray into film and television, CIH agreed to pay out $187m in November for a 75 per cent stake in Framestore, the British visual-effects company that worked on blockbuster Hollywood films such as The Dark Knight and The Martian. The deal was backed by local banks.
文投控股更名及宣布进军影视业几个月后，在去年11月同意支付1.87亿美元，买入Framestore公司75%的股份。Framestore是一家英国视觉特效公司，曾参与过《蝙蝠侠:黑暗骑士》(The Dark Knight)和《火星救援》(The Martian)等好莱坞大片的特效制作。这一并购交易获得了当地银行的资金支持。
Chemical group Jinke Peroxides, which changed its name to Jinke Entertainment Culture last year, announced in January that it would pay $1bn for UK-based Outfit 7, the developer of “Talking Tom”, a computer application for children.
化工集团浙江金科过氧化物股份有限公司(Zhejiang Jinke Peroxides)去年更名为金科娱乐文化(Jinke Entertainment Culture)。今年1月，该公司宣布拟斥资10亿美元，收购总部位于英国的Outfit 7，后者是面向儿童的电脑应用《会说话的汤姆猫》(Talking Tom)的开发商。
Jinke — both as a peroxide maker and as vendor for children’s video games — has enjoyed strong local-government support for the deal.
既是过氧化物生产商、也是少儿视频游戏发行商的金科在这笔交易上得到了当地政府的大力支持。
But some investment banks have become increasingly tepid on supporting the companies’ global ambitions following a recent regulatory clampdown.
但在最近监管机构出手严控后，一些投行对支持这些转型企业的全球抱负变得日益冷淡。
China’s foreign exchange regulators have vowed to stem capital outflow in the form of overseas investment. In December, the Ministry of Commerce warned it would monitor closely all outbound investments into gaming, entertainment and film production for speculative investments.
中国外汇监管机构誓言遏制海外投资形式的资本外流。12月，商务部发出警告，将密切监视一切以投机性投资为目的，流入博彩、娱乐和电影制作的对外投资。
Around the same time CIH announced the buyout of Framestore, the company approached at least two investment banks about much larger acquisition targets, including Imagina Group, a Spain-based media company that has backed films such as Woody Allen’s Vicky Cristina Barcelona and distributes Spain’s top football league internationally.
几乎在文投控股宣布收购Framestore的同一时间，该公司还就一些大得多的收购目标接洽了至少两家投行。这些目标中包括西班牙媒体公司Imagina Group，这家公司曾参与投资伍迪?艾伦(Woody Allen)执导的《午夜巴塞罗那》(Vicky Cristina Barcelona)等电影，并在国际范围内分销西班牙顶级足球联赛的转播权。
Bankers who had contact with CIH were puzzled at its rapid swing from auto parts to film production and media rights. The banks decided against working with the company on the deal that valued Imagina at more than $2bn.
与文投控股接触过的银行家们对于其从汽车配件迅速转向电影制作和放映业务感到困惑。在这笔对Imagina的估值超过20亿美元的交易上，这些银行已决定不与该公司合作。
“We have no idea how the regulator would treat [this kind of deal],” says one of the bankers.
“我们不知道监管机构会如何处理（这类交易），”其中一名银行家说。
CIH did not respond to a request for comment on the matter.
文投控股没有回应对此事的置评请求。
Jingfeng Pharmaceutical’s plan to buy a New York-listed hospital operator has run into similar problems, with bankers questioning the company’s ability to make a big transition.
景峰医药(Jingfeng Pharmaceutical)收购一家在纽约上市的医院运营商的计划也遭遇了类似问题，银行家质疑该公司是否有能力实现大转型。
Previously, Jingfeng was a producer of agricultural and industrial pumps called Hunan Tianyi Science & Technology. In 2015, after a period of restructuring, it emerged as Jingfeng and announced that its primary line of business was medicine investment and biopharmaceutical research.
景峰医药的前身是农业和工业泵制造商湖南天一科技(Hunan Tianyi Science & Technology)。2015年，经过一段重组期后，天一科技变更为景峰制药，并宣布主营业务为医药投资和生物制药研发。
During the final months of 2016, the company approached Chinese investment banks to explore a takeover offer for Nobilis Health Corp, according to two people familiar with the matter. Nobilis manages and owns healthcare facilities in Texas and Arizona and has a market capitalisation of $163m.
据两名知情人士透露，在2016年最后几个月，该公司与中资投行接洽，讨论对Nobilis Health Corp发出收购要约的事宜。Nobilis在德克萨斯州和亚利桑那州拥有和管理医疗设施，市值1.63亿美元。
Banks reacted coolly to Jingfeng’s proposal and do not plan to move ahead with the client — mainly because the company’s lack of experience in the area.
银行对景峰的提议反应冷淡，并不打算与该客户推进此事——主要原因是该公司缺乏在该领域的经验。
Jingfeng did not respond to requests for comment.
景峰没有回应置评请求。
“It’s difficult for management to go into these new industries,” says Ivan Chung, a managing director at Moody’s Investors Service. “Overseas investment is particularly tough because they may not understand things like tax and law in other countries.”
“管理层要进入这些新行业是很难的，”穆迪投资者服务(Moody’s Investors Service)执行董事钟汶权(Ivan Chung)表示，“海外投资尤为棘手，因为他们或许不了解其他国家的税收和法律等情况。”
Rapid corporate transitions can sometimes signal distress. Mr Chung points to the bond default of Cloud Live Technology in 2015 just months after the company made a radical shift into cloud computing. Originally it operated Hunan-style restaurants in Beijing.
快速的企业转型有时候可能意味着企业陷入了困境。钟汶权指出，2015年中科云网科技(Cloud Live Technology)在急剧转型为云计算企业仅数月后就发生债券违约。该公司最初在北京经营湖南风味餐厅。
Prof Li says many of the corporate transformations have been shortsighted, with the push into a new industry coming too late, misreading market or policy signals, or simply failing at the business.
长江商学院的李伟教授表示，很多企业转型都是短视的，它们进入新行业或是太晚，或是误读了市场或者政策信号，或是仅仅因为业务做不起来。
“Five years from now, based on what we know about economics, many of these companies will not succeed,” he says.
“基于我们对经济学的了解，五年后很多这样的企业都不会成功，”他说。
