The rise of private outbound investment from China is rewriting the rules for bankers who now find they must seek business from a new class of entrepreneurs in addition to working with state-owned groups.
China’s private sector has completed about $60bn in outbound mergers and acquisitions and other direct investment such as project finance this year.
Private deals are now neck and neck with transactions completed by state-owned enterprises, according to a Financial Times analysis of data from the China Global Investment Tracker compiled by US think-tank American Enterprise Institute.
英国《金融时报》对美国智库美国企业研究所(American Enterprise Institute)编制的《中国全球投资跟踪器》(China Global Investment Tracker)的数据分析显示，如今，私营部门交易规模与国有企业完成的交易规模不相上下。
In 2015, Chinese private companies pushed through just $51bn in outbound investment to the state’s $157bn.
Behind the shift are hundreds of mid-tier private groups that have bought foreign assets or have at least tried.
Many are making their first acquisition abroad and are unknown to investment bankers even in China, let alone in Hong Kong.
So bankers have had to come up with an new strategy for winning business from a legion of new midsize buyers One senior Hong Kong-based banker referred to his method as carpet bombing, which in practice has meant increasing the number of bankers on the ground to pitch deals to as many corporations as possible.
Bankers say they also have to look more carefully at whether their new