中国金融国际投资有限公司（00721.HK，下称“中国金融国际”）再度大规模投资小额贷款公司（下称“小贷公司”）。

China's financial international investment limited company（00721. HK，Said the“China's financial international”）Large-scale investment microfinance company again（Said the“Small loan company”）。

　　7月20日，中国金融国际发布公告，宣布斥资人民币2.11亿元收购/认购7家小贷公司的股份，这七家公司分别分布在江西、天津、深圳和哈尔滨。此时距该公司6月花费2.53亿元、收购11家小贷公司股权不到一个月。

July 20,，China's financial international by way of a public announcement，Announced $211 million yuan acquisition/subscribe 7 small loans shares in the company，The seven companies located in jiangxi、tianjin、Shenzhen and Harbin。At this time the company from June to spend 253 million yuan、Acquisition and small loan company shares less than a month。

　　中国金融国际目前已经在内地设立5家小贷公司，如果两次并购全部完成，在内地参股的小贷公司将达到23家，有望成为在内地持股小贷公司最多的机构。值得一提的是，所有的并购活动大多数以控股而非参股的方式进行。

China's financial international has been established in the mainland 5 small loan company，If two merger is complete，Shares in the mainland of the small loan company will reach and home，In mainland China is expected to become the most small loan company holding agencies。It is，All of the merger and acquisition activity most holding rather than equity way。

　　截至2011年末，该公司现金及银行结余仅为3821万港币，远少于需要付出的现金收购成本。7月19日中国金融国际刚刚通过配售新股筹得资金1.08亿元，用于内地小额贷款及担保公司的投资。

At the end of 2011，The company cash and bank balances only for 38.21 million Hong Kong dollars，Far less than the need to pay cash acquisition cost。July 19,, China's financial international just through the placing new shares to raise capital of 108 million yuan，Used for the mainland small loans and guarantees the investment company。

　　小额信贷联盟创始人及理事长杜晓山认为，这有可能是投资国内小贷公司的尝试之举。“参股比直接控股更为灵活，可以根据经营的情况进行后一步计划。”他认为，这家公司可能目前的目的不在于赚钱，而在于尝试。通过在一个地区的不同县域投资多家小贷公司，可以了解和占领某一个区域的市场，从而为在其他地方经营获得经验。

Founder and chairman of the small credit union DuXiaoShan think，It may be a small investment in domestic credit company's attempt to lift。“Equity than direct holding more flexibility，According to management situation of the plan after step。”He thinks，The company may now end is not in making money，But in trying to。Through in an area of different investment many small loan company county，Can understand and capture a certain area of the market，And so as to gain experience in business elsewhere。

　　23家小贷 23 small loans

　　中国金融公司的大部分收购发生在江西、天津、广东和黑龙江四地。

Most of China's financial company takeover happened in jiangxi、tianjin、Guangdong and heilongjiang four。

　　以此次收购为例，此次中国金融国际分别出资3000万、3600万和1000万分别收购上饶市信州区润丰小额贷款股份有限公司（下称“润丰小贷”）、上饶市信州区百利小额贷款股份有限公司和横峰县华帅小额贷款股份有限公司30%、30%和10%的股权。

To the purchase, for example，The China international financial capital 30 million respectively、3600 and 10 million respectively, with purchase XinZhou area runfeng microfinance companies limited by shares（Said the“Runfeng small loans”）、XinZhou district attorney with small loan Co., LTD and HengFengXian HuaShuai microfinance Co., LTD. 30%、30% and 10% of the equity。

　　公开数据显示，润丰小贷自今年5月开业以来先后在水南街、北门等73个自然村设立了便民服务联络点。截至6月，共发放三农贷款人民币7335万元，小微企业贷款人民币2470万元。

Public data shows，Runfeng small loans since may this year since the opening successively in water south street、The north and 73 natural villages set up a convenient service point。By June，Agriculture, rural areas and farmers were issuing loans of 73.35 million yuan，Small micro enterprise loans of 24.7 million yuan。

　　此前，中国金融国际已在江西收购了玉山县盈安小额贷款公司等6家公司30%的股权。另外的四起收购分别发生在天津、深圳、哈尔滨。

after，China's financial international has set up a file in YuShanXian surplus acquired in jiangxi province, small loans such as company six companies 30% of the equity。The other four acquisitions happened in tianjin respectively、shenzhen、Harbin。

　　“不选择发达地区投资，可能是更加看重江西、天津等地的发展潜力。通过在这些地区成立多家小贷公司，摸一下这些地区的潜力。”杜晓山认为，这些地区的小贷发展情况在全国属于中等水平。他认为，如果只从盈利表现看，小贷公司的资本回报偏低，但未来可能成为村镇银行、金融公司的前景非常吸引投资公司。

“Don't choose developed area in the investment，May be think better of jiangxi、Tianjin and development potential。Through in these areas more small loan company was established，Touch once these areas of potential。”DuXiaoShan think，These areas of the small loans in the national development belongs to the medium level。He thinks，If only from earnings performance look，Small loan company low returns on capital，But the future may be town bank、Financial the future of the company is very attract investment company。

　　在收购完成后，中国金融国家在内地将拥有23家小贷公司的股权。

After the acquisition is complete，China's financial countries in the mainland will have 23 small loan company of the equity。

　　暂不控股 Are not holding

　　一个月内花费超过4亿元、规模化地收购小贷公司的举措极为罕见。

A month spend more than 400 million dollars、The scale of the company to purchase small loan move are very rare。

　　根据媒体统计，截至今年7月18日沪深两市总共有29家上市公司设立或者参股小额贷款公司，但大多数公司只是零星并购，而且一些有实力的公司选择全资控股。但中国金融公司“重在参与、不求控股”，且一个地区投资多家公司。

According to media statistics，So far this year on July 18, the city has a total of 29 shenzhen two companies listed on the microfinance company established or equity，But most companies only sporadic mergers and acquisitions，And some strong company wholly-owned and share-controlled choice。But China's financial company“participate、Not holding”，And a regional investment companies。

　　此轮对小贷公司的投资中，中国金融国际的控股比例从10%到30%不等，上一轮投资比例也均在30%以下，且在公告中写明“作为投资，不会参与经营”。

This round of small loans to investment in the company，China's financial international holdings scale range from 10% to 30%，The last round of investment ratio below 30%，And in the specified in the notice“As an investment，Won't participate in business”。

　　杜晓山介绍，目前中国的小贷公司归各地金融办或相关地方政府管理，因此可能是中国金融国际和这些地方建立了良好的联系，因而可以顺利投资。小贷公司有着明显的地域性。如果在某地投资了多家小贷公司，例如江西的多个县域，则可以在江西建立一个办事处，管理这一地区的小贷公司，收集数据并进行分析。

DuXiaoShan introduced，The present China's small loan company around to do or related local government financial management，Therefore may be China's financial international and these places to establish a good contact，And therefore can be smooth investment。Small loan company has obvious regional。If in the small loan somewhere investment company，Such as jiangxi multiple county，It can be set up an office in jiangxi，Management of this area small loan company，Data collection and analysis。

　　“类似于汇丰的模式，投资多家村镇银行后，他们希望以控股集团的方式运营。”杜晓山认为。他认为，中国金融国际不求控股、不进行运营只是暂时性的。“未来很可能会参与运营。”

“Similar to the HSBC's mode，Investment companies after town bank，They hope to holding group way of operation。”DuXiaoShan think。He thinks，China's financial international not holding、Do not operate only temporarily。“The future is likely to participate in operation。”

　　另一个值得注意之处为，除哈尔滨的小贷公司为认购外，其他6家小贷公司的收购价格没有任何折价或溢价。中国金融国际似乎也不介意小贷公司过去的经营历史，而是更加注重牌照。

Another notable for the place，In addition to the small loans for company of Harbin subscription outside，Six other small loan company purchase price without any discount or premium。China's financial international seems to mind small loan company of the past business history，But pay more attention to licence。

　　工商资料显示，润丰小贷注册于2012年5月，横峰县华帅小额贷款股份有限公司注册于2012年3月。

Industry and commerce data shows，Runfeng small loans registered in May 2012，HengFengXian HuaShuai microfinance Co., LTD registered in March of 2012。