Last week Relativity Media, a Hollywood film studio, filed for bankruptcy protection. But even before its fall from grace, Chinese companies including Alibaba Pictures,Baidu,Dalian Wanda,Tencent and Huayi Brothers Media Corp had been eyeing the business closely.
上周，好萊塢制片公司相對於論傳媒(Relativity Media)提交了停業掩護申請。但在好萊塢片子落空曾的光榮以前，包含阿裏影業(Alibaba Pictures)、百度(Baidu)、大連萬達(Dalian Wanda)、騰訊(Tencent)和華誼兄弟(Huayi Brothers Media Corp)在內的中國公司一向親密存眷著這一行業。
A lot of Chinese money has already found its way into California. In the past year Chinese investors have put billions into Silicon Valley companies including Uber, Airbnb and LinkedIn.
大筆中國資金已想法進入了加州。在曩昔一年裏，中國投資者斥巨資與包含優步(Uber)、Airbnb和領英(LinkedIn)在內的矽谷公司睜開互助。
But of late China Inc has become increasingly focused on the US film industry — in a bid to crack how to make Hollywood blockbusters with Chinese characteristics. This relationship has a natural complementarity. US studios have the know-how but are cash-strapped and risk averse, while the Chinese have abundant capital and an appetite for risk, which lends itself to financing films.
但比來，中國公司日趨聚焦於美國片子行業，以期弄明確若何制造出具備中國特點的好萊塢大片。這類幹系有一種自然的互補性。美國片子公司具有專業技巧，但資金重要且討厭危害，而中國公司本錢充分，樂意冒險，這對片子融資來講最適合不外了。
Hunan Television and Broadcast, a government-controlled company, has already put $375m into Lions Gate Entertainment, the studio behind the blockbuster action film series The Hunger Games.
中國國有控股公司——湖南電廣傳媒(Hunan Television and Broadcast)已斥資3.75億美元，與曾制造刊行系列行動大片《饑餓遊戲》(The Hunger Games)的獅門文娛(Lions Gate Entertainment)展開互助。
Fosun, a privately held conglomerate, plans to spend up to $200m backing Studio 8, an independent studio founded by Jeff Robinov, former head of Warner Brothers. And an arm of Citic, the Chinese state-owned group, has committed $125m to a venture run by Dick Cook, a former Walt Disney executive.
私家控股公司復星團體(Fosun)籌劃斥資最多2億美元投資於自力制片公司Studio 8，後者由華納兄弟(Warner Brothers)前總裁傑夫圠賓諾夫(Jeff Robinov)創建。中國國有團體公司中信團體(Citic)旗下子公司許諾拿出1.25億美元投資於由華特迪士尼(Walt Disney)前高管迪克錠克(Dick Cook)運營的一家公司。
Certainly, the economic fundamentals make sense. China is already the second-largest movie market after the US by value of tickets sold, and it is expected to become the largest by 2020. If the country is to shift from a manufacturing-led, export-driven economy to one based on domestic demand and services, entertainment will become ever more important.
固然，從經濟根本面來講這也是公道的。按票房收入盤算，中國如今已是僅次於美國的環球第二大片子市場，並有望到2020年景為環球最大的片子市場。假如中國經濟從制作業占主導位置的出口驅動模式轉向基於內需和辦事的模式，文娛業將會變得亙古未有的主要。
For non-Chinese companies seeking to profit from this growth market, local partnerships offer a way of keeping a greater share of revenues. Regulations restrict the number of entirely foreign films that can be shown and the percentage of box revenues that foreign studios may collect.
對追求從這類增加型市場贏利的外資公司來講，與本地企業互助可以得到更大的收入份額。中國羈系機構對海內播放的外國片子數目和外國片子公司得到的票房收入比例做出了限定。
It is for these reasons that Chinese technology companies have been visiting Los Angeles in search of content, strategic investors and film distributors. A few months ago, Sequoia Capital China was part of a large contingent of Chinese entrepreneurs that spent days with executives at Fox,Sony Pictures Entertainment and STX Entertainment.
恰是出於這些緣故原由，中國科技公司一向前去洛杉磯追求內容、計謀投資者和片子刊行商。幾個月前，一個範圍宏大的中國企業家代表團與福克斯(Fox)、索尼片子文娛公司(Sony Pictures Entertainment)和STX文娛(STX Entertainment)的高管舉行了數天的打仗，紅杉中國(Sequoia Capital China)就在個中。
New companies are also looking at getting involved. Li Ruigang, former president of Shanghai Media Group, is heading China Media Capital, a vehicle to invest in content on both sides of the Pacific. Some of the most successful technology entrepreneurs and investors in China want to take big stakes in CMC. In addition, some strategic players are considering partnering with online asset management firms in China to help crowdfund potential acquisitions.
新公司也在斟酌涉足個中。上海文廣消息傳媒團體(SMG)前總裁黎瑞剛執掌了華人文化家當投資基金(China Media Capital，簡稱CMC)，後者是一家投資於寧靖洋兩岸內容的機構。中國一些最為勝利的科技企業家和投資者願望大範圍入股CMC。別的，一些計謀投資者正斟酌與中國在線資產治理公司樹立互助幹系，以贊助眾籌資金、履行潛伏的收購。
Donald Tang, a former Bear Stearns executive who shuttles between Los Angeles and Shanghai, has formed a venture with backing from Tencent and others to capitalise on this trend. He has already orchestrated two of the biggest marriages between Hollywood and China: he was deeply involved in Dalian Wanda’s $2.6bn purchase of AMC, the US’s second-biggest cinema chain, and Huayi’s commitment to put hundreds of millions of dollars into STX (which also has money from China-based Hony Capital and the growth capital arm of TPG, the private equity firm).
在騰訊和其他機構的支撐下，在洛杉磯和上海之間穿梭的貝爾斯登(Bear Stearns)前高管唐偉(Donald Tang)建立了一家合夥企業以應用這類趨向。在好萊塢與中國的最大範圍的互助生意業務中，唐偉已謀劃了個中兩宗：他深度介入了大連萬達斥資26億美元收購美國第二大片子院線AMC，和華誼兄弟許諾向STX投資數億美元的生意業務，後者也得到了中國弘毅投資(Hony Capital)和私家股本公司TPG旗下增加本錢部分的資金。
Of course, the Chinese are not the first to succumb to the lure of Hollywood. But whether they succeed will depend on their willingness to accept a reliance on intermediaries and co-investors, such as Mr Tang. “They have a lot of ambition but not a lot of knowledge,” says one mainlander familiar with the Chinese initiatives.
固然，中國人並不是是首批被好萊塢魅力馴服的投資者。但他們可否勝利，將取決於他們是不是樂意依附中介機談判唐偉等互助投資者。一名熟習中國舉動的大陸人表現：“他們野心勃勃，但缺乏深摯常識。”
Historically, Chinese companies have been reluctant to pay for advice — or acknowledge their need for it. Yet it is often not enough simply to pay the highest price. Sellers want certainty that a deal will be done, but all too often Chinese buyers fail, either because they cannot get approval or because they lack the financing. Still, one day it will probably be a Chinese dragon that roars out from American movie screens before the opening titles roll.
從汗青上來看，中國公司一向不肯為咨詢看法大概所需信息付費。但是，僅僅付出最高價平日還不敷。賣產業然願望殺青協定，但中國買家幾回再三失敗，緣故原由要末是沒法獲批，要末是它們缺乏資金。不外，總有一天，在片頭字幕轉動以前，美國片子屏幕上極可能有一條中國龍咆哮所致。
市場價：HK$ 110
