Attempts by Chinese companies at Disney-style transformations — from unloved industrial frogs to handsome media princes in the eyes of investors — have been dealt a blow by new regulations aimed at curbing capital flight.

中国多家企业实施迪斯尼式转型、从投资者眼中不讨喜的工业青蛙变为英俊的传媒王子的企图，受到了限制资金外逃的新监管规定的沉重打击。

The Chinese currency controls could scupper the metamorphosis of enterprises such as Zhejiang Jinke Entertainment, formerly known as Zhejiang Jinke Peroxides,

中国的外汇管制或令浙江金科娱乐文化股份有限公司(Zhejiang Jinke Entertainment)等企业的转型遭遇失败。

an industrial chemical company from southern China.

该公司原名浙江金科过氧化物股份有限公司(Zhejiang Jinke Peroxides)，是中国南方一家化工企业。

Its move from a lacklustre sunset industry towards becoming a global entertainment powerhouse had been swift.

这家原本属于一个死气沉沉的夕阳产业的公司，一直以迅速的步伐朝着成为一家强大的全球娱乐企业迈进。

In February, it bought a local mobile gaming company for Rmb2.9bn ($420m); in July, it officially changed its name and said it would buy more entertainment assets.

今年2月，该公司斥资29亿元人民币（合4.2亿美元）收购了国内一家手游公司；今年7月，该公司正式更改了企业名称，并表示会收购更多娱乐业资产。

Within a month, its Shenzhen-listed share price had surged 70 per cent.

在不到一个月的时间里，这家在深市上市的企业股价暴涨了70%。

But Jinke’s plans have been thrown into flux.

然而，如今金科的计划却已陷入不确定性之中。

Last week, just as several Chinese news outlets reported it was in talks to buy the Slovenian entertainment company Outfit 7, valued at EURO600m, Beijing was busy promulgating new rules limiting capital outflows from China — including foreign acquisitions by Chinese groups.

最近，就在多家新闻机构报道该公司正在进行谈判、准备收购估值为6亿欧元的斯洛文尼亚娱乐公司Outfit 7之际，中国政府正忙着颁布限制资金流出中国（包括中资企业的境外收购行为）的新规定。

In particular, it focused on those that had little to do with the company’s core business.

中国政府尤其关注的是那些与收购发起公司的核心业务没什么关系的交易。

In Zhejiang Jinke’s case, despite the name change, this is still peroxide chemicals.

在浙江金科的案例中，尽管该公司改了名字，它的核心业务仍然是过氧化物生产。

Last Tuesday, four Chinese regulators issued a joint statement saying they were monitoring the tendency of irrational overseas investment in several industries, specifically real estate, hotels, film, entertainment and sports clubs.

上周二，中国四家监管机构发布了一份联合声明，表示它们正在密切关注在房地产、酒店、影城、娱乐业、体育俱乐部等领域出现的一些非理性对外投资倾向。

Tying up to a media business has become very hip, says Michael Fosh of the Beijing office of Reed Smith, a law firm that handles entertainment deals.

礼德律师事务所(Reed Smith)北京办事处的傅石(Michael Fosh)表示：与传媒企业携手已变得非常时髦。

He notes similarities with the rush to capitalise on the commodities boom several years ago,

他还指出，这与几年前企业争相利用大宗商品热潮获利的情况类似，当时多家在名称中增加资源两字的中国国内企业股价直线上升。

when local companies that changed their names to include resources saw their stock prices shoot up.

礼德律师事务所为娱乐业并购交易提供法律服务。

Last year, when Dalian Kemian Wood Industry changed its name to Dalian Zeus Entertainment Group, its share surged by three quarters over the course of the year.

去年，大连科冕木业股份有限公司(Dalian Kemian Wood Industry)更名为大连天神娱乐股份有限公司(Dalian Zeus Entertainment Group)，其股价在该年暴涨了四分之三。

The latest attempt at a metamorphosis was the agreement last month by Anhui Xinke New Materials, a copper processor, to pay as much $518m to buy the parent company of Voltage Pictures,

此类转型尝试的最新例子，是上个月铜加工商安徽鑫科新材料股份有限公司(Anhui Xinke New Materials)达成协议，以5.18亿美元收购Voltage Pictures的母公司。

the Hollywood studio behind The Hurt Locker movie.

Voltage Pictures是制作电影《拆弹部队》(The Hurt Locker，见上图)的好莱坞制片厂。

The new investment rules cast doubt on whether the strategic transformations of many Chinese heavy industrial companies can succeed and revive share prices and fortunes depressed by an economic slowdown.

新的投资规定令人怀疑许多中国重工业企业的战略转型能否成功、以及能否重振受到经济放缓打压的股价和企业命运。

The regulations appear more far-reaching than initially thought.

这一监管规定的影响似乎远远超出了最初的设想。

A number of already agreed foreign deals have been delayed as of November 28, according to one financier who works in the entertainment industry, pending questions from the State Administration on Foreign Exchange — including some transactions well below the $1bn threshold for official scrutiny.

根据一位娱乐业领域金融人士的说法，截至11月28日，已有多笔已经达成的对外交易被推迟，等待国家外汇管理局(State Administration of Foreign Exchange)的问询——其中包括部分规模大大低于10亿美元官方审查门槛的交易。

The situation is also causing problems for foreign companies, with some unable to complete the usually routine process of remitting dividends abroad.

这一局面也在为外国企业带来问题，部分外企无法完成将股息汇往境外这一通常为例行的程序。

With the restrictions, Beijing is seeking to curb capital flight disguised as foreign investment.

中国政府正试图通过这些限制举措，抑制伪装成对外投资的资金外逃行为。

Some Chinese companies are thought to have moved billions of dollars offshore via acquisitions to escape the country’s weakening currency, with analysts noting a particular tendency among Chinese buyers to overpay for foreign assets.

有人认为，部分中国企业已将数十亿美元资金通过并购的方式转移至境外，以规避不断走弱的人民币——分析师指出，中国买家中出现了以过高价格收购境外资产的独特倾向。

Commerce ministry data show that overseas purchases by Chinese companies hit $146bn in the first 10 months of this year, surging past last year’s record of $121bn for non-financial outbound investments.

商务部数据显示，今年头10个月中国企业对境外企业的非金融类直接投资猛增，达到1460亿美元，超过了去年创下的1210亿美元的纪录。

Authorities are primarily concerned about outbound deals worth more than $10bn, but those exceeding $1bn will face examination if they are outside a company’s core business, say people who have seen a draft of the new State Council rules.

见过国务院新规定草案的人士表示，中国当局主要关心的是价值超过100亿美元的对外并购交易，不过如果是涉及企业核心业务以外的并购，10亿美元以上的交易就会面临审查。

In practice, deals well below that level are being queried by regulators, the people add.

该人士还说，实际上，规模大大低于这一水平的交易也已遭到监管机构问询。

Analysts say that even well-established entertainment companies may have trouble closing already agreed deals.

分析师表示，即使是老牌的娱乐业企业，要完成已达成的交易也可能遇上麻烦。

I expect that over the next few months the government will make it very difficult for a lot of outbound M&A deals to close, says Shaun Rein, managing director of China Market Research, a consultancy in Shanghai.

上海咨询机构中国市场研究集团(China Market Research)董事总经理雷小山(Shaun Rein)表示：预计今后几个月政府会令许多对外并购交易极难完成。

I think it’s going to be tough for the entertainment deals — a lot of those deals are about trying to get money out of the country or just to diversify.

我认为娱乐业交易将面临困难——许多这类交易是为了将资金转移至国外或者仅仅是为了让业务多元化。

Dalian Wanda, the property and entertainment conglomerate led by Wang Jianlin, the country’s richest man, has been leading the Chinese march into Hollywood.

中国首富王健林旗下的房地产和娱乐业集团大连万达(Dalian Wanda)一直引领着中国人向好莱坞的进军。

Wanda, which is building a formidable US film empire,

万达目前正在打造一个强大的美国电影业帝国。

last month agreed to pay $4bn for Dick Clark Productions, the company that runs the Golden Globe awards and Miss America pageant.

上个月，该集团同意斥资40亿美元，收购运营金球奖(Golden Globe)和美国小姐(Miss America)选美活动的迪克.克拉克制片公司(Dick Clark Productions)。

Wanda declined to comment on whether the deal has closed or how it might be affected by the restrictions.

对于该交易是否已经完成、或者上述限制可能如何影响该集团的问题，万达拒绝置评。

Jinke Entertainment says it was in talks about acquiring an asset, though it declined to give details, and seemed unperturbed by the new regulations.

金科娱乐表示，该公司正在就收购一项资产进行谈判，不过它拒绝透露相关细节，而且似乎对新的监管规定安之若素。

We are going with our original plan; we don’t expect any impact, the company says.

该公司表示：我们正在按原计划实施，预计不会受到任何影响。

Analysts say Anhui Xinke’s deal may well come under the microscope, especially since the price it paid was high, according to two entertainment finance specialists.

分析师表示，安徽鑫科的交易或许会被置于显微镜下审视，尤其是考虑到根据两位娱乐业金融专家的说法，该公司支付的价格很高。

Xinke considers media its core area of business, according to Chinese press reports, because it has a television station in the central Chinese city of Xian and has set up a special media subsidiary based in Hong Kong.

据中国媒体报道，由于鑫科在中国中部城市西安拥有一家电视制作公司，在香港还拥有一家专门的传媒公司，该公司认为传媒是自己的核心业务。

But there are separate questions about how Xinke plans to pay for its 80 per cent stake in Voltage Pictures.

不过，对于鑫科打算如何为Voltage Pictures公司80%的股份付款，还存在其他质疑。

The deal is to be all cash, but Xinke made a profit of just Rmb74m ($11m) last year, on revenues of Rmb5.8bn, according to stock exchange filings.

该交易将全部用现金完成，然而根据鑫科向证交所提供的文件，该公司去年营收为58亿元人民币，利润总额只有7400万元人民币（合1100万美元）。

Voltage Pictures did not immediately respond to a request for comment.

Voltage Pictures未马上回复记者的置评请求。

Xinke declined to comment on the deal.

鑫科拒绝置评该交易。

These regulations are a double-edged sword, says one entertainment financier in Beijing.

北京一位娱乐业金融人士表示：这些监管规定是一把双刃剑。

There are a lot of crazy deals that will get blocked, but some legitimate ones might also run into trouble.

许多疯狂的交易将被封杀，但部分合法交易可能也会遇到问题。