挪威主权财富基金加大对华投资

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8100亿美元石油基金为首的数家主权财富基金，正利用香港IPO市场的复苏，加大对华投资。

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.

这家挪威基金是世界上规模最大的主权财富基金。尽管挪威与中国之间存在贸易摩擦，该主权财富基金仍成为今年中资企业最重要的投资者之一。

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.

该基金是即将上市的信达资产管理公司(Cinda)的主要基石投资者之一。信达是上世纪90年代末中国为管理不良贷款而设立的一家坏账银行。

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.

信达上市融资规模为25亿美元，挪威石油基金出资1.5亿美元购入了6%左右的股份。信达股票将于明天上市交易，这是中国政府上个月公布一揽子经济改革措施以来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.

挪威石油基金还作为基石投资者参与了多宗上市交易，其中包括辉山乳业(Huishan Dairy)今年11月在香港的13亿美元IPO，以及今年早些时候丰树(Mapletree)旗下中国房地产信托基金在新加坡的13亿美元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.

在中国境内市场上，挪威石油基金也是重要的国际投资方之一。今年9月份，挪威石油基金成为第二个在华获批投资额度超过10亿美元的机构。要想在中国买入以人民币计价的资产，外国机构必须首先获得投资额度。目前，只有香港金管局(HKMA)和新加坡政府投资机构淡马锡(Temasek)获得的额度能与其相当。

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4800亿美元的股权投资组合中，2.1%投往中国，而一年之前这一比例为1.7%。不过，这一比例只是其对日、法、德投资比例的三分之一，对美投资的十五分之一。该基金首席执行官英格维•斯灵斯塔(Yngve Slyngstad)曾反复表示，考虑到中国经济的规模，他很愿意加大对华投资。

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.

尽管中国和挪威的投资关系日益密切，两国间的外交关系却仍处于冻结状态。这缘起于2010年，当时挪威政府决定将诺贝尔和平奖(Nobel Peace Prize)颁给中国异见人士刘晓波。

“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尔格•布伦德(Børge Brende)上个月曾表示：“不幸的是，挪威与中国的关系（仍）处于冰点。我想我们不能指望挪中关系将在短期内得到改善，但我希望未来四年可以。”

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，在被问到为什么挪威被中国排除于新的过境免签制度之外时，中国官员表示一些国家“行为不端”。

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寻求增加对华投资的政府背景投资基金。韩国国民年金管理公团(NPS)以及加拿大魁北克储蓄投资集团(CDPQ)最近都获得了新的中国境内投资配额，而今年6月份卡塔尔则申请了50亿美元的投资额度。

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

不过，由于担心中国银行业的前景，这些主权财富基金都没有投资于近期的中资银行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.

全球央行对华投资也十分积极。上个月继澳大利亚央行之后，南非央行表示，将首次投资于中国债券。

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.

中国官方迫切希望吸引主权财富基金和其他长期投资者投资于中国市场，过去一年他们已为此放宽了相应限制。