上海市政府拟出售上海家化股份 Shanghai Jahwa stake sell-off

A 39 per cent government stake in Shanghai Jahwa United is set to be sold, paving the way for one of China’s top cosmetics manufacturers to compete more commercially in the world’s third biggest skincare market.

上海家化(Shanghai Jahwa United) 39%的政府股份将被售出，为中国顶级化妆品制造商之一在全球第三大护肤品市场展开更加商业化的竞争铺平道路。

China’s nearly Rmb60bn ($9bn) skincare market is a magnet for foreign players such as L’Oréal of France, but domestic players have fallen behind on their home turf. Just one of the top 10 skincare companies is Chinese, according to research consultancy Euromonitor.

价值近600亿元人民币（合90亿美元）的中国护肤品市场，吸引着法国欧莱雅(L’Oréal)等外国企业，但国内企业在本土市场上已经落后。根据欧睿信息咨询公司(Euromonitor)的研究，在中国10大顶级护肤品企业中，只有1家是中国公司。

Shanghai Jahwa United, which had revenues of Rmb2.4bn in first nine months of 2010 and net profit of Rmb204m, reckons switching into wholly public hands should enable it to compete more effectively. The company, which is partially listed on the Shanghai Stock Exchange, plans to invest more in marketing and other areas where multinationals are leading.

上海家化在2010年头9个月实现24亿元人民币的营业收入和2.04亿元人民币的净利润。该公司相信，改为整体上市将使公司能够更有效地开展竞争。目前在上海证交所部分上市的上海家化，计划在跨国公司目前处于领先地位的营销等领域加大投入。

“Chinese state-owned companies have very poor management skills,” said Ge Wenyao, chairman, in an interview with the Financial Times.

“中国国有企业的管理技能很差，”上海家化董事长葛文耀在接受英国《金融时报》采访时表示。

“The government cannot do a good job helping state-owned companies compete in the cosmetic market, so they make the company fully private to better compete.”

“政府没有办法很好地帮助国有企业投入化妆品市场的竞争，因此他们让公司完全私有化，以便更好地竞争。”

Under the restructuring, due to take effect in April or May, the Shanghai government’s holding company will put its stake in Shanghai Jahwa United up for sale, along with a number of other disparate assets it also owns. Potential bidders include China Investment Corp, the sovereign wealth fund; Ping An, the Chinese insurer (in which the Shenzhen government owns a small stake) and Temasek, the investment arm of the Singaporean government. Mr Ge said he was also speaking to private bidders, but declined to name them. Based on last week’s market close, the stake in Shanghai Jahwa United is worth Rmb6.4bn. Together with the other assets, which include a resort hotel, the sale is expected to pull in Rmb7bn for the municipal government.

根据这项定于4、5月份生效的重组计划，上海市政府的控股公司将把所持上海家化股份以及其它一些资产进行出售。潜在竞标者包括主权财富基金中国投资公司(CIC)；深圳市政府持有少量股权的中国保险公司平安；以及新加坡政府投资机构淡马锡(Temasek)。葛文耀称，他也在与私人竞标者商谈，但不愿公布对方的名字。根据上周的收盘价，上海家化这部分股份价值64亿元人民币。再加上包括一家度假酒店在内的其它资产，此轮出售预期将为上海市政府带来70亿元人民币的进账。

China’s skincare market grew at a compound annual growth rate of 16 per cent from 2004-2009, according to Euromonitor, which expects total sales to reach Rmb84bn by 2014.

根据欧睿的数据，2004年至2009年期间，中国护肤品市场的复合年增长率达到16%。这家研究机构预测，到2014年该市场的总销售额将达到840亿元人民币。

It has attracted shoals of multinationals, with L’Oréal overtaking Procter & Gamble in 2009 to take the top slot. Japan’s Shiseido and Coty Inc of the US are also aggressively pushing for a slice of the action; the latter recently bought local cosmetics group TJoy. In the past two decades, the Shanghai government has forced the company into an ill-conceived joint venture with SC Johnson and to buy a far bigger – but loss making – state-owned company.

中国护肤品市场吸引了大批跨国企业。欧莱雅在2009年超越美国宝洁(Procter & Gamble)，夺得头把交椅。日本的资生堂(Shiseido)和美国的科蒂公司(Coty Inc)也在力求分得一杯羹；科蒂公司近期收购了本土化妆品集团丁家宜(TJoy)。过去20年，上海市政府曾迫使上海家化与美国庄臣公司(SC Johnson)组建了一家考虑不周的合资企业，以及收购一家规模大得多但亏本的国有企业。