Bankers working for China’s HNA Group have been buoyed¹ by the successful completion of its $6bn deal for US technology group Ingram Micro —

中国海航集团(HNA Group)成功完成对美国科技集团英迈(Ingram Micro)的60亿美元收购交易，令参与该交易的银行家振奋不已。

indicating that other pending² acquisitions of overseas assets will not be blocked by restrictions³ on moving capital offshore⁴.

这笔交易表明，其他仍未完成的对海外资产的收购，不会受到限制资本流出措施的阻碍。

HNA’s Ingram deal had been awaiting approval from China’s State Administration of Foreign Exchange.

海航收购英迈的这笔交易此前一直在等待中国国家外汇管理局批准，

But it was thrown into question by new State Council restrictions on Chinese groups buying overseas companies in areas outside their core business.

但中国国务院出台的限制中企收购核心业务以外海外公司的新规，令这笔交易出现了变数。

Any noncore acquisition worth more than $1bn will now be refused regulatory approval, according to people who have seen documents on the new rules.

据见过该新规文件的人士表示，现在一切价值10亿美元以上的非核心业务收购都不会获得监管部门的批准。

This clampdown is intended as a stopgap measure, in response to $146bn of outbound investment by Chinese companies in the first 10 months of 2016.

2016年头10个月中国企业对外投资达1460亿美元，上述限制意在临时应对一下这种局面。

Regulators have publicly stated they will crack down on so-called fake deals, or transactions designed to move capital offshore.

监管部门已公开表示，他们将打击所谓的虚假交易，即真实目的在于向境外转移资本的交易。

As a result, bankers had been worried as to whether Ingram’s technology supply chain operation in the US could be deemed as core to HNA, which is a Chinese conglomerate⁵ built around an airline business.

因此，银行家们之前一直担心，英迈在美国的技术供应链业务是否能被视作海航的核心业务——这家中国综合性企业是围绕航空业务发展起来的。

One banker working on a number of other cross-border deals with HNA said approval for Ingram was in effect a test to see if they could continue acquiring valuable assets overseas.

一位参与海航其他多笔跨境交易的银行家表示，英迈这笔交易的审批实际上是一块试金石，看看他们是否能继续到海外收购有价值的资产。

HNA has at least seven deals worth up to $6.8bn still awaiting regulatory approval, according to an analysis of data from Dealogic.

根据Dealogic的数据分析，海航至少有7笔总价值高达68亿美元的交易等待监管部门批准。

Some banks had started to adopt a cautious stance towards HNA.

有些银行已开始对海航采取谨慎态度。

One Chinese lender recently removing the company from a list of strategic clients, according to a person familiar with the decision.

据一位知情人士透露，中国一家贷款机构最近将海航移出了其战略客户名单。

However, HNA has remained confident.

不过，海航依然信心十足。

Earlier this week, the chief investment officer of one of its investment arms was quoted by Reuters as stating that restrictions on cross-border investment would impact some of its Chinese competitors — but not HNA itself, which might even benefit from having fewer rival bidders⁶.

本周早些时候，路透社(Reuters)援引海航旗下某投资部门首席投资官的话称，限制跨境投资的措施将对海航在国内的部分竞争对手造成影响，但不会影响到海航自己，海航甚至可能因竞标对手减少而获益。