Global China Services Experts Interviewed In Board Agenda

Mazars’ Global China Services experts, Erik Stroeve,Head of Global China Services at Mazars and Nikko Fu, Senior Manager of Mazars’ Global China Services in France were interviewed in the autumn edition of Board Agenda and provided incisive commentary on the Chinese appetite for European investment.

Board Agenda is a multimedia publication dedicated to provide insight & intelligence for board directors, investors and professional advisers on emerging issues that shape corporate strategy, fuel effective boards and drive business success.

DESTINATION EUROPE

Nikko Fu says: “We see more Chinese companies investing in Europe. In the past it would have been luxury brands or industries like agriculture and machinery. But Chinese companies have started to make acquisitions in high-technology industries, such as robotics.”

SOPHISTICATION

While a decade ago there was reticence within the European business community to sell listed or high-end industries like robotics to Chinese enterprises, business leaders in Europe are now more open to potential benefits. The trend has changed as Chinese investors have sharpened their investment approach.

Erik Stroeve says: “Chinese organisations have become more sophisticated, more mature and focused on market knowledge and where they want it.”

SCRUTINY

Nonetheless, there remain significant challenges for Chinese companies looking to expand overseas. Cultural and operational differences continue to arise, even after a takeover or merger. In previous years some Chinese companies would dispose of local workers and management on completion of a takeover, and replace them with Chinese staff. But this would regularly result in problems as a lack of local business knowledge and expertise within the acquired company became apparent.

According to Stroeve: “We used to see more M&A case studies where it wasn’t going well because Chinese owners completely changed local management. Where they retain a mix of local management and Chinese [management]—that’s the key to success long term.”

FOCUS

Europe has a great deal to offer Chinese enterprises: brands, profit, market knowledge and talent. Chinese enterprises are particularly interested in understanding the intricacies of successful supply chains. This is a skill set where Europeans excel and one that is highly prized among Chinese businesses.

Fu says: “There’s a lot to attract Chinese investors to Europe: brands, profits, history and talent. When a Chinese company acquires a European company they want to find synergies so they can expand in Europe and then use the brand back in China too. They want to work together to develop the market.”

Read the full interview by downloading the file below.

玛泽集团中国业务部专家，司徒艾瑞先生（Erik Stroeve）- 玛泽全球合伙人，中国业务部驻荷兰负责人，和傅晶晶女士，玛泽集团高级经理，中国业务部驻法国负责人，在接受秋季版Board Agenda的杂志采访中，双双关于对欧洲的中国投资做了深入的评论。

Board Agenda是一份面向董事会成员，投资人以及企业顾问的多媒体刊物。旨在于针对新兴的商业话题，诸如企业战略制定，管理层成效提高和促成商业成功等。

 “一带一路”与欧洲

过去十年间，在进行美国与欧洲的海外投资的过程中，中国的投资者们掌握了大量的市场经验和在西方国家做生意的技巧。伴随着中国“一带一路”- 中国政府推动的9千亿美元的海外投资项目, 可能是有史以来单个国家对外投资的最大金额 - 的推行，只有在“正确”领域的欧洲企业才能获得中国的可靠支持。

傅晶晶女士评价道：“如今，我们看到了更多来欧洲投资的中国企业。以前他们的目标大都在奢侈品品牌，农业，或者是制造业。但现在中国企业已经开始进行如工业机器人之类的高科技产业收购。

日趋成熟的中国投资

对比十年前，欧洲企业对于把已上市或高端领域的公司（如工业机器人）卖给中国企业这件事是不情愿的。而现在欧洲的商业领袖们对于潜在的利益已更加开放了。这种趋势的转变也和中国更精确的投资策略有关。

司徒艾瑞先生（Erik Stroeve）这样评价：“中国的机构变得比以往更老练，更成熟。他们了解市场，并且知道自己的方向。”

严谨的欧洲市场

然而中国企业的对外扩张仍然面临很多挑战。例如在合规方面，国有企业在欧洲的收购并购仍面临严格的审查。未经申请的收购常常演变为耗时耗资的收购战。即使是收购或者合并后，文化和经营上的差异问题也会不断出现。几年前，一些中国公司在收购后会遣走当地员工及管理人员，以中国员工代替他们的位置。但往往这样欠缺当地商业背景及专业知识的安排，会带来很严重的问题。

司徒艾瑞先生说：“我们经常会看见一些中国公司所有者将本地管理层全部替换后公司运转出现困难的收购案例。而让本地和中国管理者共同管理是获得长久成功的关键。”

聚焦欧洲

欧洲能为中国企业提供很多机遇：品牌，利润，市场经验和人才。比如中国企业对其复杂又运行流畅的供应链有很大的兴趣。欧洲在这方面的专长对中国的商业经营有着很大的价值。

傅女士说：“欧洲有着很多吸引中国投资者的地方：品牌，利润，深厚的历史和人才。中国企业收购欧洲的公司后创造的协同效应，不仅在于中国企业在欧洲得到了扩张，同时也能加强该品牌在中国国内的影响力。如此双管齐下的携手合作能带来更大的市场。”

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