China’s overseas acquisition spree, which surged to a record in 2016 before slumping¹ in the first few months of this year, appears to be picking up strength again as state-owned companies stage a comeback while their private peers fall away.

在2016年飙升至创纪录高位的中国海外并购热潮，今年头几个月曾出现滑坡，但如今似乎正恢复活力，国有企业重装上阵，而私营企业却退后。

A new study by Rhodium Group, a consultancy, shows that the number of overseas M&A deals announced by Chinese acquirers rose strongly in May and June after hitting low levels in February, March and April following the imposition of capital controls at the end of 2016.

荣鼎咨询(Rhodium Group)的最新研究显示，今年5月和6月，中国收购者宣布的海外并购交易数量强劲增长，在2016年底实行资本管制后，海外并购交易数量在今年2月、3月和4月触及低位。

“Following Chinese regulators crackdown on ‘irrational²’ outbound foreign direct investment in November and December of 2016, new deal activity slowed sharply,” wrote Thilo Hanemann, director at Rhodium Group, in a report.

荣鼎咨询董事韩其洛(Thilo Hanemann)在一份报告中写道：“在2016年11月和12月中国监管机构打击‘非理性’对外直接投资后，新的交易活动大幅降温。”

“However, data points from recent weeks indicates that the decline in the number of outbound M&A transactions has reversed,” he added.

他补充称：“然而，最近几周的数据表明，海外并购交易数量下滑趋势出现逆转。”

The number of Chinese acquisitions valued at more than $5m announced during May and June came to 44, compared to just 29 in February, March and April. In terms of value the uptick is also visible, with $28.6bn in deals announced in the second quarter, up from $16.6bn in the first quarter, according to Rhodium data.

今年5月和6月宣布的交易额在500万美元以上的中国海外并购交易数量达到44笔，而2月、3月和4月仅为29笔。从交易额来看，增速也很明显，根据荣鼎咨询的数据，今年第二季度宣布的交易总规模为286亿美元，而第一季度为166亿美元。

Henry Tillman, chief executive of Grisons Peak, a London-based investment bank, said the the recovery in deal flow was coming mainly in specific areas. “This is a recovery but it is one in directed industries such as logistics and in areas related to the One Belt One Road project,” Mr Tillman said.

总部位于伦敦的投行Grisons Peak首席执行官亨利?蒂尔曼(Henry Tillman)表示，交易数量的复苏主要出现在特定领域。他表示：“这是一轮复苏，但也是侧重于物流和‘一带一路’项目相关领域的特定行业的复苏。”