Last week Relativity Media, a Hollywood film studio,filed for bankruptcy protection. But even before itsfall from grace, Chinese companies including AlibabaPictures,Baidu,Dalian Wanda,Tencent and HuayiBrothers Media Corp had been eyeing the businessclosely.

上周，好萊塢制片公司相對論傳媒(Relativity Media)提交了破產(chǎn)保護(hù)申請。但在好萊塢電影失去曾經(jīng)的榮耀之前，包括阿里影業(yè)(Alibaba Pictures)、百度(Baidu)、大連萬達(dá)(DalianWanda)、騰訊(Tencent)和華誼兄弟(Huayi BrothersMedia Corp)在內(nèi)的中國公司一直密切關(guān)注著這一行業(yè)。

A lot of Chinese money has already found its way into California. In the past year Chineseinvestors have put billions into Silicon Valley companies including Uber, Airbnb and LinkedIn.

大筆中國資金已經(jīng)設(shè)法進(jìn)入了加州。在過去一年里，中國投資者斥巨資與包括優(yōu)步(Uber)、Airbnb和領(lǐng)英(LinkedIn)在內(nèi)的硅谷公司展開合作。

But of late China Inc has become increasingly focused on the US film industry — in a bid tocrack how to make Hollywood blockbusters with Chinese characteristics. This relationship hasa natural complementarity. US studios have the know-how but are cash-strapped and riskaverse, while the Chinese have abundant capital and an appetite for risk, which lends itself tofinancing films.

但最近，中國公司日益聚焦于美國電影行業(yè)，以期弄明白如何制作出具有中國特色的好萊塢大片。這種關(guān)系有一種天然的互補性。美國電影公司擁有專業(yè)技能，但資金緊張且厭惡風(fēng)險，而中國公司資本充足，愿意冒險，這對電影融資來說最合適不過了。

Hunan Television and Broadcast, a government-controlled company, has already put $375minto Lions Gate Entertainment, the studio behind the blockbuster action film series The HungerGames.

中國國有控股公司——湖南電廣傳媒(Hunan Television and Broadcast)已經(jīng)斥資3.75億美元，與曾制作發(fā)行系列動作大片《饑餓游戲》(The Hunger Games)的獅門娛樂(Lions Gate Entertainment)開展合作。

Fosun, a privately held conglomerate, plans to spend up to $200m backing Studio 8, anindependent studio founded by Jeff Robinov, former head of Warner Brothers. And an arm ofCitic, the Chinese state-owned group, has committed $125m to a venture run by Dick Cook, aformer Walt Disney executive.

私人控股公司復(fù)星集團(tuán)(Fosun)計劃斥資至多2億美元投資于獨立制片公司Studio 8，后者由華納兄弟(Warner Brothers)前總裁杰夫圠賓諾夫(Jeff Robinov)創(chuàng)立。中國國有集團(tuán)公司中信集團(tuán)(Citic)旗下子公司承諾拿出1.25億美元投資于由華特迪士尼(Walt Disney)前高管迪克錠克(Dick Cook)運營的一家公司。

Certainly, the economic fundamentals make sense. China is already the second-largest moviemarket after the US by value of tickets sold, and it is expected to become the largest by 2023.If the country is to shift from a manufacturing-led, export-driven economy to one based ondomestic demand and services, entertainment will become ever more important.

當(dāng)然，從經(jīng)濟(jì)基本面來說這也是合理的。按票房收入計算，中國現(xiàn)在已經(jīng)是僅次于美國的全球第二大電影市場，并有望到2023年成為全球最大的電影市場。如果中國經(jīng)濟(jì)從制造業(yè)占主導(dǎo)地位的出口驅(qū)動模式轉(zhuǎn)向基于內(nèi)需和服務(wù)的模式，娛樂業(yè)將會變得前所未有的重要。

For non-Chinese companies seeking to profit from this growth market, local partnerships offer away of keeping a greater share of revenues. Regulations restrict the number of entirely foreignfilms that can be shown and the percentage of box revenues that foreign studios may collect.

對尋求從這種增長型市場獲利的外資公司來說，與當(dāng)?shù)仄髽I(yè)合作可以獲得更大的收入份額。中國監(jiān)管機構(gòu)對國內(nèi)播放的外國電影數(shù)量以及外國電影公司獲得的票房收入比例做出了限制。

It is for these reasons that Chinese technology companies have been visiting Los Angeles insearch of content, strategic investors and film distributors. A few months ago, Sequoia CapitalChina was part of a large contingent of Chinese entrepreneurs that spent days with executivesat Fox,Sony Pictures Entertainment and STX Entertainment.

正是出于這些原因，中國科技公司一直前往洛杉磯尋求內(nèi)容、戰(zhàn)略投資者和電影發(fā)行商。幾個月前，一個規(guī)模龐大的中國企業(yè)家代表團(tuán)與福克斯(Fox)、索尼電影娛樂公司(Sony Pictures Entertainment)和STX娛樂(STX Entertainment)的高管進(jìn)行了數(shù)天的接觸，紅杉中國(Sequoia Capital China)就在其中。

New companies are also looking at getting involved. Li Ruigang, former president of ShanghaiMedia Group, is heading China Media Capital, a vehicle to invest in content on both sides ofthe Pacific. Some of the most successful technology entrepreneurs and investors in China wantto take big stakes in CMC. In addition, some strategic players are considering partnering withonline asset management firms in China to help crowdfund potential acquisitions.

新公司也在考慮涉足其中。上海文廣資訊傳媒集團(tuán)(SMG)前總裁黎瑞剛執(zhí)掌了華人文化產(chǎn)業(yè)投資基金(ChinaMedia Capital，簡稱CMC)，后者是一家投資于太平洋兩岸內(nèi)容的機構(gòu)。中國一些最為成功的科技企業(yè)家和投資者希望大規(guī)模入股CMC。此外，一些戰(zhàn)略投資者正考慮與中國在線資產(chǎn)管理公司建立合作關(guān)系，以幫助眾籌資金、執(zhí)行潛在的收購。

Donald Tang, a former Bear Stearns executive who shuttles between Los Angeles andShanghai, has formed a venture with backing from Tencent and others to capitalise on thistrend. He has already orchestrated two of the biggest marriages between Hollywood and China:he was deeply involved in Dalian Wanda’s $2.6bn purchase of AMC, the US’s second-biggestcinema chain, and Huayi’s commitment to put hundreds of millions of dollars into STX (whichalso has money from China-based Hony Capital and the growth capital arm of TPG, the privateequity firm).

在騰訊和其他機構(gòu)的支持下，在洛杉磯和上海之間穿梭的貝爾斯登(Bear Stearns)前高管唐偉(Donald Tang)成立了一家合資企業(yè)以利用這種趨勢。在好萊塢與中國的最大規(guī)模的合作交易中，唐偉已經(jīng)策劃了其中兩宗：他深度參與了大連萬達(dá)斥資26億美元收購美國第二大電影院線AMC，以及華誼兄弟承諾向STX投資數(shù)億美元的交易，后者也獲得了中國弘毅投資(Hony Capital)和私人股本公司TPG旗下增長資本部門的資金。

Of course, the Chinese are not the first to succumb to the lure of Hollywood. But whether theysucceed will depend on their willingness to accept a reliance on intermediaries and co-investors, such as Mr Tang. “They have a lot of ambition but not a lot of knowledge, says onemainlander familiar with the Chinese initiatives.

當(dāng)然，中國人并非是首批被好萊塢魅力征服的投資者。但他們能否成功，將取決于他們是否愿意依賴中介機構(gòu)和唐偉等合作投資者。一位熟悉中國舉措的大陸人表示：“他們野心勃勃，但缺少深厚知識。

Historically, Chinese companies have been reluctant to pay for advice — or acknowledge theirneed for it. Yet it is often not enough simply to pay the highest price. Sellers want certaintythat a deal will be done, but all too often Chinese buyers fail, either because they cannot getapproval or because they lack the financing. Still, one day it will probably be a Chinese dragonthat roars out from American movie screens before the opening titles roll.

從歷史上來看，中國公司一直不愿為咨詢意見或者所需信息付費。然而，僅僅支付最高價通常還不夠。賣家當(dāng)然希望達(dá)成協(xié)議，但中國買家一再失敗，原因要么是無法獲批，要么是它們?nèi)鄙儋Y金。不過，總有一天，在片頭字幕滾動之前，美國電影屏幕上很可能有一條中國龍呼嘯而至。

Last week Relativity Media, a Hollywood film studio,filed for bankruptcy protection. But even before itsfall from grace, Chinese companies including AlibabaPictures,Baidu,Dalian Wanda,Tencent and HuayiBrothers Media Corp had been eyeing the businessclosely.

上周，好萊塢制片公司相對論傳媒(Relativity Media)提交了破產(chǎn)保護(hù)申請。但在好萊塢電影失去曾經(jīng)的榮耀之前，包括阿里影業(yè)(Alibaba Pictures)、百度(Baidu)、大連萬達(dá)(DalianWanda)、騰訊(Tencent)和華誼兄弟(Huayi BrothersMedia Corp)在內(nèi)的中國公司一直密切關(guān)注著這一行業(yè)。

A lot of Chinese money has already found its way into California. In the past year Chineseinvestors have put billions into Silicon Valley companies including Uber, Airbnb and LinkedIn.

大筆中國資金已經(jīng)設(shè)法進(jìn)入了加州。在過去一年里，中國投資者斥巨資與包括優(yōu)步(Uber)、Airbnb和領(lǐng)英(LinkedIn)在內(nèi)的硅谷公司展開合作。

But of late China Inc has become increasingly focused on the US film industry — in a bid tocrack how to make Hollywood blockbusters with Chinese characteristics. This relationship hasa natural complementarity. US studios have the know-how but are cash-strapped and riskaverse, while the Chinese have abundant capital and an appetite for risk, which lends itself tofinancing films.

但最近，中國公司日益聚焦于美國電影行業(yè)，以期弄明白如何制作出具有中國特色的好萊塢大片。這種關(guān)系有一種天然的互補性。美國電影公司擁有專業(yè)技能，但資金緊張且厭惡風(fēng)險，而中國公司資本充足，愿意冒險，這對電影融資來說最合適不過了。

Hunan Television and Broadcast, a government-controlled company, has already put $375minto Lions Gate Entertainment, the studio behind the blockbuster action film series The HungerGames.

中國國有控股公司——湖南電廣傳媒(Hunan Television and Broadcast)已經(jīng)斥資3.75億美元，與曾制作發(fā)行系列動作大片《饑餓游戲》(The Hunger Games)的獅門娛樂(Lions Gate Entertainment)開展合作。

Fosun, a privately held conglomerate, plans to spend up to $200m backing Studio 8, anindependent studio founded by Jeff Robinov, former head of Warner Brothers. And an arm ofCitic, the Chinese state-owned group, has committed $125m to a venture run by Dick Cook, aformer Walt Disney executive.

私人控股公司復(fù)星集團(tuán)(Fosun)計劃斥資至多2億美元投資于獨立制片公司Studio 8，后者由華納兄弟(Warner Brothers)前總裁杰夫圠賓諾夫(Jeff Robinov)創(chuàng)立。中國國有集團(tuán)公司中信集團(tuán)(Citic)旗下子公司承諾拿出1.25億美元投資于由華特迪士尼(Walt Disney)前高管迪克錠克(Dick Cook)運營的一家公司。

Certainly, the economic fundamentals make sense. China is already the second-largest moviemarket after the US by value of tickets sold, and it is expected to become the largest by 2023.If the country is to shift from a manufacturing-led, export-driven economy to one based ondomestic demand and services, entertainment will become ever more important.

當(dāng)然，從經(jīng)濟(jì)基本面來說這也是合理的。按票房收入計算，中國現(xiàn)在已經(jīng)是僅次于美國的全球第二大電影市場，并有望到2023年成為全球最大的電影市場。如果中國經(jīng)濟(jì)從制造業(yè)占主導(dǎo)地位的出口驅(qū)動模式轉(zhuǎn)向基于內(nèi)需和服務(wù)的模式，娛樂業(yè)將會變得前所未有的重要。

For non-Chinese companies seeking to profit from this growth market, local partnerships offer away of keeping a greater share of revenues. Regulations restrict the number of entirely foreignfilms that can be shown and the percentage of box revenues that foreign studios may collect.

對尋求從這種增長型市場獲利的外資公司來說，與當(dāng)?shù)仄髽I(yè)合作可以獲得更大的收入份額。中國監(jiān)管機構(gòu)對國內(nèi)播放的外國電影數(shù)量以及外國電影公司獲得的票房收入比例做出了限制。

It is for these reasons that Chinese technology companies have been visiting Los Angeles insearch of content, strategic investors and film distributors. A few months ago, Sequoia CapitalChina was part of a large contingent of Chinese entrepreneurs that spent days with executivesat Fox,Sony Pictures Entertainment and STX Entertainment.

正是出于這些原因，中國科技公司一直前往洛杉磯尋求內(nèi)容、戰(zhàn)略投資者和電影發(fā)行商。幾個月前，一個規(guī)模龐大的中國企業(yè)家代表團(tuán)與福克斯(Fox)、索尼電影娛樂公司(Sony Pictures Entertainment)和STX娛樂(STX Entertainment)的高管進(jìn)行了數(shù)天的接觸，紅杉中國(Sequoia Capital China)就在其中。

New companies are also looking at getting involved. Li Ruigang, former president of ShanghaiMedia Group, is heading China Media Capital, a vehicle to invest in content on both sides ofthe Pacific. Some of the most successful technology entrepreneurs and investors in China wantto take big stakes in CMC. In addition, some strategic players are considering partnering withonline asset management firms in China to help crowdfund potential acquisitions.

新公司也在考慮涉足其中。上海文廣資訊傳媒集團(tuán)(SMG)前總裁黎瑞剛執(zhí)掌了華人文化產(chǎn)業(yè)投資基金(ChinaMedia Capital，簡稱CMC)，后者是一家投資于太平洋兩岸內(nèi)容的機構(gòu)。中國一些最為成功的科技企業(yè)家和投資者希望大規(guī)模入股CMC。此外，一些戰(zhàn)略投資者正考慮與中國在線資產(chǎn)管理公司建立合作關(guān)系，以幫助眾籌資金、執(zhí)行潛在的收購。

Donald Tang, a former Bear Stearns executive who shuttles between Los Angeles andShanghai, has formed a venture with backing from Tencent and others to capitalise on thistrend. He has already orchestrated two of the biggest marriages between Hollywood and China:he was deeply involved in Dalian Wanda’s $2.6bn purchase of AMC, the US’s second-biggestcinema chain, and Huayi’s commitment to put hundreds of millions of dollars into STX (whichalso has money from China-based Hony Capital and the growth capital arm of TPG, the privateequity firm).

在騰訊和其他機構(gòu)的支持下，在洛杉磯和上海之間穿梭的貝爾斯登(Bear Stearns)前高管唐偉(Donald Tang)成立了一家合資企業(yè)以利用這種趨勢。在好萊塢與中國的最大規(guī)模的合作交易中，唐偉已經(jīng)策劃了其中兩宗：他深度參與了大連萬達(dá)斥資26億美元收購美國第二大電影院線AMC，以及華誼兄弟承諾向STX投資數(shù)億美元的交易，后者也獲得了中國弘毅投資(Hony Capital)和私人股本公司TPG旗下增長資本部門的資金。

Of course, the Chinese are not the first to succumb to the lure of Hollywood. But whether theysucceed will depend on their willingness to accept a reliance on intermediaries and co-investors, such as Mr Tang. “They have a lot of ambition but not a lot of knowledge, says onemainlander familiar with the Chinese initiatives.

當(dāng)然，中國人并非是首批被好萊塢魅力征服的投資者。但他們能否成功，將取決于他們是否愿意依賴中介機構(gòu)和唐偉等合作投資者。一位熟悉中國舉措的大陸人表示：“他們野心勃勃，但缺少深厚知識。

Historically, Chinese companies have been reluctant to pay for advice — or acknowledge theirneed for it. Yet it is often not enough simply to pay the highest price. Sellers want certaintythat a deal will be done, but all too often Chinese buyers fail, either because they cannot getapproval or because they lack the financing. Still, one day it will probably be a Chinese dragonthat roars out from American movie screens before the opening titles roll.

從歷史上來看，中國公司一直不愿為咨詢意見或者所需信息付費。然而，僅僅支付最高價通常還不夠。賣家當(dāng)然希望達(dá)成協(xié)議，但中國買家一再失敗，原因要么是無法獲批，要么是它們?nèi)鄙儋Y金。不過，總有一天，在片頭字幕滾動之前，美國電影屏幕上很可能有一條中國龍呼嘯而至。