粤公网安备 44011302004783号 海尔印度49%股权巨额并购！2026跨境商机揭秘
当前，全球经济互联互通日益紧密，企业间的合作与资源整合已成为推动增长和实现战略目标的关键路径。特别是在亚洲地区，兼并与收购（M&A）活动正展现出蓬勃的活力，成为企业优化布局、拓展市场的重要手段。进入2026年，我们观察到这一趋势仍在持续深化，尤其是在医疗健康领域以及跨境交易中，市场正酝酿着更多合作机遇。
近期市场动态显示，主要的国际金融机构也持续关注亚洲市场的M&A动向。据观察，在2026年初期，花旗银行（Citi）已在中国生物制药领域主导了两宗M&A交易，这预示着该领域未来一年的活跃态势。他们预计，2026年亚洲地区的M&A交易将更为频繁，其中医疗健康行业和跨境交易是值得关注的亮点。
深入分析，中国生物制药企业与跨国公司（MNCs）之间的M&A活动预计将进一步增加。这一趋势反映了中国生物科技创新的崛起与全球市场需求的紧密结合。一方面，中国企业在某些特定生物制药技术或产品线上取得了突破，具备了吸引国际巨头的潜力；另一方面，跨国公司也希望通过投资或并购，快速进入中国庞大且快速增长的医疗市场，或获取前沿技术以丰富自身产品管线。
在近期引人注目的交易中，中国生物制药公司荣昌生物（RemeGen Co. Ltd.）与美国艾伯维（AbbVie）达成了一项独家许可协议。荣昌生物专注于自身免疫、肿瘤和眼科疾病领域的生物制药研发，其创新能力得到了国际认可。在这项合作中，花旗银行担任荣昌生物的独家财务顾问。这宗交易不仅彰显了中国生物医药企业的研发实力，也体现了跨国药企对中国创新药前景的信心，通过许可合作模式，共同推动新药的全球化进程。
不仅如此，在过去数周内，花旗银行还在跨境交易领域主导了多宗合作。这其中包括无锡海德康（WuXi XDC）对BioDlink发起的一项价值4亿美元的自愿全面收购要约。无锡海德康作为一家全球性的合同研究、开发和生产组织，在生物偶联药物，尤其是抗体偶联药物（ADCs）方面拥有专业优势。此次收购，无疑将进一步巩固其在生物偶联药物领域的领先地位，并通过资源整合，提升整体的研发与生产服务能力。对于中国跨境行业的从业者而言，此类垂直领域的整合，揭示了全球医药产业链上下游协同发展的趋势，也为国内企业提供了新的战略考量。
另一宗在2025年末完成的重大交易，则是印度企业巴帝集团（Bharti Enterprises）与华平投资（Warburg Pincus）联合收购了海尔印度公司49%的股权，而海尔集团在此次交易中由花旗银行担任独家财务顾问。这笔交易，不仅是中印两国企业间规模最大的合作伙伴关系之一，也是自2024年以来该地区家电行业最大的M&A交易。
以下是近期几宗具有代表性的跨境M&A交易概览：
| 交易方 | 交易内容 | 涉及国家/地区 | 意义/备注 | 时间 |
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亚洲并购市场的新趋势：健康产业与跨境合作共舞
2进入2026年，全球经济格局正经历深刻的调整与重塑。对于中国的跨境行业而言，每一次国际市场的变化都意味着新的挑战与机遇。在这一背景下，亚洲地区的兼并与收购（M&A）活动持续活跃，展现出强劲的增长势头，尤其是在医疗健康领域和各类跨境交易中，我们看到了更为清晰的发展脉络。这不仅是资本逐利的选择，更是产业升级、技术进步与市场拓宽的必然结果。
医疗健康：驱动增长的创新引擎
医疗健康，特别是生物制药领域，无疑是当前全球M&A市场中的一个焦点。随着全球人口老龄化趋势的加剧，以及生物科技的飞速发展，人们对创新药物和先进医疗解决方案的需求日益旺盛。这为相关企业提供了广阔的发展空间，也吸引了大量资本的关注。
从中国的角度来看，生物制药领域的蓬勃发展具有特殊意义。近年来，中国在生物科技研发方面投入巨大，涌现出一批具有国际竞争力的创新型企业。这些企业不仅在国内市场表现出色，其核心技术和产品也开始在全球范围内受到认可。通过与国际领先企业的M&A或战略合作，中国的生物制药公司能够更快地将研发成果推向全球市场，同时也能引进国外先进的管理经验和技术，加速自身的成熟。
一个鲜活的案例是**荣昌生物（RemeGen Co. Ltd.）**与美国生物制药巨头艾伯维（AbbVie）之间达成的独家许可协议。荣昌生物作为一家专注于自身免疫、肿瘤和眼科疾病领域的生物制药公司，其创新能力在国际舞台上获得了肯定。此次合作不仅为荣昌生物的创新药物打开了更广阔的全球市场，也为艾伯维带来了差异化的产品管线，实现了双方的互利共赢。这样的合作模式，展现了中国生物医药企业与全球领先公司之间日益紧密的联系，也是中国创新能力走向世界的重要体现。
跨境交易：深度融合的全球脉动
除了医疗健康领域的专业化整合，更广泛意义上的跨境交易也在亚洲市场持续升温。企业寻求跨境M&A，往往是为了突破单一市场的增长瓶颈，获取新的技术，优化全球供应链布局，或是进入新兴市场。在经济全球化的大背景下，这种资源优化配置的趋势愈发显著。
例如，在2026年近期，全球知名的合同研究、开发和生产组织（CRDMO）**无锡海德康（WuXi XDC）**向BioDlink发起了价值4亿美元的全面收购要约。无锡海德康在生物偶联药物，特别是抗体偶联药物（ADCs）领域拥有深厚的专业积淀和领先的技术优势。此次收购，无疑将进一步加强其在全球生物偶联药物市场的竞争力，通过整合BioDlink的资源，提升其服务能力，满足全球客户日益增长的需求。对于国内跨境行业观察者而言，这类交易传递出的信号是，中国企业正通过战略性收购，不断巩固和拓展其在全球高技术产业细分市场的领先地位。
更具区域合作标志性意义的交易发生在2025年末，印度企业巴帝集团（Bharti Enterprises）与美国私募股权巨头华平投资（Warburg Pincus）联手，成功收购了海尔印度公司49%的股权。在这笔交易中，花旗银行也为海尔集团提供了独家财务顾问服务。这宗交易被视为中印两国企业间最大规模的合作之一，同时也是自2024年以来该地区家电行业最大的一笔M&A。
这笔交易的深远意义在于：
- 中国品牌全球化深入： 海尔作为中国家电行业的领军品牌，通过引入印度本土合作伙伴和国际私募股权投资，进一步深化了其在印度市场的本地化运营和影响力，为中国品牌“走出去”提供了成功范例。
- 新兴市场潜力释放： 印度作为全球增长最快的主要经济体之一，其庞大的人口基数和日益增长的消费能力，使其成为众多跨国企业的重要战略市场。此次合作表明，国际资本和中国企业对印度市场的长期增长潜力抱有强烈信心。
- 多元化股权结构： 引入战略投资者和财务投资者，有助于优化公司的治理结构，提升运营效率，并为未来的扩张提供更多资金和资源支持。
金融机构的桥梁作用
在这些复杂且规模庞大的跨境M&A交易中，国际金融机构如花旗银行，扮演着不可或缺的桥梁角色。它们凭借深厚的行业经验、专业的财务咨询能力和遍布全球的网络，帮助买卖双方克服文化差异、法律壁垒和市场波动，促成交易的顺利完成，为企业战略目标的实现提供了强有力的支撑。
展望未来：中国跨境行业的机遇与挑战
上述一系列M&A活动，清晰地勾勒出2026年及未来一段时间内，中国跨境行业的发展方向。我们看到：
- 高科技与创新驱动： 生物制药、先进制造、数字经济等高科技领域将持续成为M&A的热点，中国企业在这些领域的创新能力正成为全球合作的吸引力。
- 区域经济融合： 亚洲内部的跨境M&A将更加频繁，尤其是在新兴经济体之间，合作将成为实现共同发展的重要路径。中印间的家电行业交易便是此趋势的例证。
- 战略性伙伴关系： 企业将更注重通过M&A建立长期、深度的战略伙伴关系，以应对复杂多变的全球市场环境，实现优势互补，共同抵御风险。
对于国内的跨境从业人员而言，密切关注这些全球M&A动态至关重要。这不仅能够帮助我们洞察行业发展趋势，预判市场潜在机遇，还能学习和借鉴国际合作的成功经验。在一个充满变数的时代，保持务实理性的态度，积极拥抱变化，通过审慎的战略布局和高效的资源整合，才能在激烈的全球竞争中占据有利地位，实现持续的增长与发展。
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