清华紫光收购美芯片厂商障碍重重

Micron Technology Is Said to Be Takeover Target of Chinese Company清华紫光并购美芯片厂商障碍重重HONG KONG — It is either the first step in the largest takeover of an American company by a Chinese one or a new chapter in the emerging technological cold war between the two countries.香港——这要么是中国企业并购美国企业金额仅次于的一宗行动中的第一步，要么是美中两国日益加剧的技术世界大战中的新的一章。Tsinghua Unigroup, a state-owned company that is Chinas top chip maker, is preparing a $23 billion bid for Micron Technology, the United States maker of memory chips, according to a person briefed on the matter. The bid would dwarf the price of the closest such deal, the $4.7 billion paid by Shuanghui International Holdings of China to take over the American pork producer Smithfield Foods in 2013.知情人士透漏，清华紫光集团打算以230亿美元（约合1400亿元人民币）的开价并购美光科技(Micron Technology)。国有的紫光集团是中国顶尖的芯片生产商，美光则是生产存储芯片的美国企业。此次并购契约的金额相比之下远超过了尤为相似的类似于并购案，即中国企业双汇国际有限公司有限公司在2013年以47亿美元并购美国猪肉生产商史密斯菲尔德(Smithfield)的金额。

Yet obstacles abound to any takeover of Micron by Tsinghua Unigroup. In a report released on Tuesday, Credit Suisse said the deal was highly unlikely to get past U.S. regulators who are increasingly viewing semiconductors as a strategic industry. Credit Suisse said a trade war was brewing between the United States and China over the production of chips, which serve as the brains of the billions of computers, phones and other devices.不过清华紫光企图并购美光的任何尝试，都会遭遇很多妨碍。在周二公布的一份报告中，瑞信(Credit Suisse)称之为，这宗交易获得美国监管部门批准后的可能性极低。美国监管部门更加多地指出半导体是一个战略性产业。瑞信还称之为，美国与中国之间环绕芯片生产正在筹划一场贸易战。

芯片的起到相等于数亿台电脑、手机和其他设备的大脑。The political difficulties that could hurt any deal highlight a growing wariness by both China and the United States of technology produced by the other, and illustrate how critical to security even ordinary electronics have become.任何交易都有可能面临重重政治障碍，这凸显了中美双方对于彼此的技术产品顾虑日益强化，此外也解释，即使是对普通的电子产品而言，安全性问题也显得越发关键。Memory chips are where data resides in between computational tasks. While Micron is best known for bulk memory products that go into mobile phones and personal computers, the company, based in Boise, Idaho, also contributes to advanced systems for global data centers, high-performance computing and flash memory, considered essential for speedy analysis of tasks as varied as placing web ads and maintaining jet engines.存储芯片的用途是在计算出来任务继续执行期间储存数据。

总部坐落于爱达荷州博伊西的美光最知名的业务是为移动电话和个人电脑获取大规模存储产品。该公司也为全世界的数据中心获取先进设备系统、高性能计算技术和存储器。

这些产品被指出有至关重要的意义，可用作对各种任务积极开展高速分析，还包括投入网络广告和确保喷气机引擎。Micron sells chips with wires just 16 nanometers across, which is near the smallest width now commercially available and would probably be considered a leading-edge process technology by United States regulators. Micron is the last United States-based maker of such memory chips, with facilities in the United States and across Asia, but relatively little production in China. The loss of the ability to make advanced memory chips could even affect American security, according to some analysts.美光销售的芯片中包括的电路宽度只有16纳米。这与市面有售的大于宽度距离不远处，因而很可能会被美国监管部门指出是一种顶尖的加工技术。美光是总部在美国的最后一个生产此类存储芯片的企业。

公司在美国和亚洲各地都有生产厂，但在中国大陆的生产能力比较较小。一些分析人士指出，如果丧失生产先进设备存储芯片的能力，甚至不会对美国的安全性导致影响。When reached over the phone for comment, Tsinghua Unigroups chairman, Zhao Weiguo, said, I can only say we are interested in working with Micron.在收到催促置评的专访电话时，清华紫光董事长赵卫国说道，我不能说道我们很有兴趣与美光合作。Micron does not comment on rumor or speculation, a company spokesman, Daniel Francisco, wrote in an email.美光会就传言或猜测公开发表评论，该公司发言人丹尼尔·弗朗西斯科(Daniel Francisco)在电子邮件中写到。

Another problem could be the size of the bid. Nam Hyung Kim, a memory analyst at the research group Arete, said it was too low and could indicate that the Chinese company was simply feeling out prices for companies that produce chips and memory. Micron was worth more than $23 billion just a few weeks ago, and about $35 billion late last year. The stock has been under pressure, partly from low consumer demand for PCs ahead of the release of Microsofts new Windows operating system this month.另一个问题有可能在于并购契约的规模。研究集团Arete的存储行业分析师金南衡（Nam Hyung Kim，音）称之为开价太低，有可能解释这家中国企业只是在试探生产芯片和存储设备的各家企业的要价。就在几周前，美光市值还曾多达230亿美元，去年年底时该公司市值为350亿美元。

该公司股价之所以忍受压力，部分原因在于微软公司(Microsoft)将于本月公布新版Windows操作系统，此时消费者对个人电脑的市场需求较低。Im not sure they are even serious about the price, he said.我不确认他们的出价究竟是不是严肃的，他说道。

Yesterday a major shareholder said the company should be worth more than $40 billion, Mr. Kim said, referring to a note distributed on Monday by David Einhorn, the activist investor who heads Greenlight Capital and has built up a stake in Micron. Given that, and the fact that Micron has good technology with a strong fundamental outlook, the price is way too low for them to even consider, from my view.昨天，美光的一位大股东回应，公司价值应当多达400亿美元，金南衡说道。考虑到这一点，再加美光有先进设备的技术，基本面前景也很好，在我看来，这个开价觉得太低了，他们连考虑到都会考虑到。金南衡援引的是维权投资者戴维·艾因霍恩(David Einhorn)于周一公布的一则通告。

他是绿光资本(Greenlight Capital)的负责人，并逐步在美光持有人了一定股份。Simply by proposing a deal, Tsinghua Unigroup stands to gain status. Last September, Intel invested $1.5 billion in the company. Making Intel-type chips does not help Tsinghua much in manufacturing memory chips, which would require different, or vastly retooled, facilities.单单是明确提出契约，清华紫光就可以提高声望。去年9月，英特尔(Intel)向该公司投资15亿美元。然而，生产英特尔那种芯片，对于存储芯片的生产并会起着多大协助，后者必须有所不同的生产设施，或是作出大幅度改建。

If a deal was rejected by American regulators, it would enable Beijing to claim that United States policies are restrictive to Chinese investment — undercutting complaints by the United States about blocks against American technology companies operations in China.如果美国监管机构驳回这笔交易，北京方面就可以声称，美国对中国投资采行了限制性的政策——进而还击美国政府的责怪。美国回应，中国对美国科技企业在华的经营加以阻扰。

Willy C. Shih, a professor of technology and operations management at Harvard Business School, said an acquisition would save China years in catching up with industry leaders, like Samsung.哈佛商学院(Harvard Business School)的科技和经营管理教授史兆威(Willy C. Shih)回应，并购一家企业，可以让中国在追上三星(Samsung)等业界领袖的过程中节省多年时间。The question is, if youre China and you want to have this capability, one of the ways to do it is to buy it, Mr. Shih said. Tsinghua Unigroup has the cash because its basically government money, so thats one way to do it.问题是，如果你是中国，而你想要获得这种能力，那么一种方式就是并购，史兆威说道。

清华紫光有现金，因为那基本上是政府的钱，所以这就是其中的一种方式。Ye Ming, a spokesman for Tsinghua Unigroup, said on Tuesday that the company had no official announcement. The news was first reported by The Wall Street Journal.清华紫光的发言人叶铭周二回应，公司未公布官方通告。

年所报导该消息的是《华尔街日报》(Wall Street Journal)。If it materializes, the plan would be the strongest indication yet of the aggressiveness with which Beijing is pushing to build Chinas semiconductor industry. Partly because of export restrictions on the sophisticated tools and machines required to produce semiconductors, Chinas companies have lagged behind the global leaders. In 2013, China imported $232 billion of semiconductor materials, more than it spent on petroleum.如果消息有误，该计划将是中国目前为止收到的极力推展构筑半导体产业的最弱信号。中国企业与全球领先厂商之间不存在差距，部分原因在于生产半导体所需的仪器工具和机械有出口容许。

2013年，中国进口了2320亿美元的半导体材料，比进口石油的花费还多。To address the imbalance, Beijing has vowed to spend big. Vice Premier Ma Kai heads a group with the task of making Chinas chip industry a global leader by 2030, and he is equipped with about $170 billion in government money to spend over the next decade, according to a report last year by McKinsey Company.为了应付这种不均衡，北京允诺积极开展巨额投资。副总理马凯联合了一个工作组，目标是到2030年让中国的芯片产业领先全球。麦肯锡(McKinsey Company)去年公布的一份报告称之为，他未来十年可以支配的政府资金约合1700亿美元。

The push has also raised security concerns. Leaks by the former National Security Agency contractor Edward J. Snowden revealed how the United States used hardware produced outside China to snoop on the Chinese.这番希望也引发了安全性方面的忧虑。美国国家安全局前承包商雇员爱德华·J·斯诺登(Edward J. Snowden)透露的文件表明，美国政府用于在中国之外生产的硬件窥视中国。

Over the last two years, Tsinghua Unigroup has emerged as a leader in Chinas semiconductor effort. As a subsidiary of Tsinghua Holdings, which controls companies spun off from Chinas top universities, it is closely connected to the government.过去两年里，清华紫光在中国推展半导体产业的希望中出了一家领军企业。作为清华有限公司的子公司，紫光与政府关系密切。清华有限公司掌控着从中国的顶尖大学挤压出来的多家企业。

All of that means the bid for Micron is likely to stir up scrutiny from American regulators, and in particular could prompt a review by the Committee on Foreign Investment in the United States, which reviews company acquisitions that could pose a threat to American security. Even though the technology is not directly related to the military, the deal might receive scrutiny because it would effectively eliminate the last major American company to make memory chips.所有这些都意味著，并购美光的契约大约不会引发美国监管机构的注目，特别是在可能会招来美国外国投资委员会(Committee on Foreign Investment in the United States)的审查。该委员会负责管理审查有可能对美国安全性构成威胁的企业收购不道德。尽管涉及技术与军方没直接联系，但是由于它实质上不会避免最后一家生产存储芯片的美国大型企业，所以依然有可能受到森严审查。

I think the U.S. should be concerned, said Mr. Shih, the Harvard professor. One could say that maybe the Chinese want to keep Micron in Idaho. If they buy them, theyll likely be wanting to move the tech to China. So to me it just represents the loss of another U.S. capability.我想要美国应当深感忧虑，哈佛教授史兆威回应。有人不会说道，也许中国人想要让美光回到爱达荷州。但既然买了，他们就有可能想要把技术移往到中国。所以在我看来，那的确代表着美国损失又一项实力。

The huge bid is also unusually aggressive for a Chinese state-run company, and analysts say it may shine a spotlight on how China uses a state-backed industrial policy to increase the technological capabilities of its companies.对于中国国有企业来说，这次巨额的并购契约也变得异乎寻常地保守。分析人士回应，也许可以借此显现出，中国不会怎样运用国家反对的产业政策来强化本国企业的技术实力。

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