七十二家房客Investments in Asia Could Exceed Merger & Acquisition in the West Because of Sanctions, Says Expert_我的网站
A | Ambuj Sonal, Associate Partner at Link Legal, a firm tracking mergers and acquisitions (M&A) and joint ventures, among others, spoke with Sputnik about cross-border investments in the era of growing uncertainty and the impact this will have on M&A activity in 2022 and beyond.,Sputnik: In the past two years, many restrictions have been imposed on foreign investments globally, mainly for reasons of national security. What effect have such regulatory changes had on cross-border mergers and acquisitions?,Ambuj: The primary reasons for implementing such additional scrutiny were to control the misuse of the uncertain situation and opportunistic investment behavior. Indeed, these restrictions affected cross-border deals globally in early 2020. For example, the European Commission Report on foreign investment flows [released in November 2021] suggested that foreign direct investment (FDI) flow to European countries declined by approximately 71 percent during the time of COVID.,Although these economies had amended regulations to protect their domestic companies from 'corporate raiders', this deterred foreign investors and caused a substantial decline in inbound M&A deals.,Having said that, the global cross-border M&A activity showed huge improvements in the second half of 2020, when most of the countries had started vaccination and adopted other measures to control the pandemic.,Reports show that from the second half of 2020, the volume of global deals increased by approximately 29 percent, and deal values soared by roughly 156 percent, indicating that cross-border M&A deals enjoyed a quicker recovery from COVID.,Sputnik: India has also amended foreign investment rules, explicitly targeting countries with which it shares land borders. How has it affected M&A activity and overall foreign investment flow, primarily from China?,Ambuj: The Indian government, in Press Note 3 (PN3) in April 2020, decreed that all investments from entities (direct or indirect) with which India shares a land border, would have to be made under the 'approval route' and would need security clearance.,PN3 also covered investments where beneficial ownership belonged to China, Taiwan, Hong Kong and Macau. Initially, investors from these nations approached the Indian Government for approval. However, the government was silent about these approvals until the first year of PN3.,According to data disclosed under a recent application filed under the Right to Information Act, the Department of Promotion of Industry and Internal Trade (DPIIT) has revealed that it received 382 FDI proposals from Chinese entities after PN3, of which 80 proposals have been approved.,The DPIIT made the commitment that appropriate due diligence and FDI approvals from Chinese entities would be scrutinized on a case-by-case basis. Before PN3, Chinese firms were actively investing in technology and e-commerce businesses in India, particularly in start-ups.,Up to 2019, India received foreign investments of approximately $3.4Bln from China and Hong Kong. However, post PN3, the total investment from China and Hong Kong has declined to $952Mln or 72 percent.,Having said that, despite COVID-19 and a huge drop in Chinese investments, India has received the highest annual FDI ($83.57Bln) in the 2021-22 financial year, and has emerged as a preferred investment destination.,The steps taken by the Indian government during the past few years have affected the increasing volumes of inbound FDI, which has led to record levels.,Sputnik: The geopolitical scenario has undergone tectonic changes because of tensions between China and the US, and the Russia-Ukraine conflict. Decoupling is a new buzzword that many say is part of de-globalization. How is this affecting mergers and acquisitions globally, especially in India?,Ambuj: 'Decoupling' refers to a situation where another country replaces a particular country in a global and extended supply chain. 'De-globalization' would constitute a step beyond 'decoupling' where activities that are performed offshore are brought back home completely.,Tensions between the US and China have caused a major drop in cross-border M&A deals for these two countries (an almost 95 percent drop from 2016 to 2020) primarily because of geopolitical, trade, and tariff uncertainties.,On the other hand, global M&A deals were badly hit because of the Russia-Ukraine conflict. According to data provided by Reuters, the Russia-Ukraine conflict caused the value of global M&A activities to plunge 29 percent in the first quarter of 2022.,The geopolitical scenario will most probably result in a complex and disrupted global supply chain. The present conflicts such as between US and China, and Russia and Ukraine have given rise to debate about whether we are heading towards 'decoupling', which might slowly lead to 'de-globalization'.,Decoupling and de-globalization will affect the global economy adversely and could result in long-standing inflation.,So far as India is concerned, the geopolitical situation has caused unexpected price rises, disrupted supply chains, and introduced other uncertainties because of blocked inventory. This has affected major sectors such as textiles, plastics, steel, pharma, Compressed Natural Gas (CNG), etc.,Although such geopolitical situations have majorly affected M&A activity in Asia, investments in India might see a rise. Mostly, the manufacturing sector could benefit, considering how easy it is to do business and the cost-effective labor in the Indian market.,Other European countries are already considering shifting their manufacturing facilities from China to India. This is a result of the Indian government's efforts to boost foreign investments, which has made India a preferred investment destination.,Sputnik: Despite unprecedented sanctions by the West, most Asian countries, including India, have carved out a space for themselves in this crisis and are maximizing their geopolitical leverage without limiting economic opportunities. Given this backdrop, do you think Asian countries will outpace their global peers in the M&A sector?,Ambuj: India has strong business relationships with Russia, especially in the defense, oil and gas, and automotive sectors.,Because of the sanctions imposed by the West, Russia has been isolated from global financial systems and trading. Therefore, strong support and implementation of such sanctions may not be viewed as a beneficial step.,So far as opportunities are concerned, India can be seen as an alternative supplier of manufactured exports to the West. However, the preference would be given to countries belonging to the Association of Southeast Asian Nations (ASEAN), ie Taiwan, Korea and Japan. This may result in major investments in Asian countries, which may exceed the western market's M&A activities in deal volume and size.,From a cross-border M&A point of view, India remains a preferred destination with an FDI of approximately $83.57Bln and 2,064 M&A deals in the 2021-22 financial year, which puts it in top spot globally. Mauritius and Singapore remain the top investors for India, and we can see India being comfortably placed as an attractive business nation.,Sputnik: Recently, a large number of western firms have announced their intention to leave the Russian market. Has this created space for Indian firms to buy assets or to invest in Russia?,Ambuj: Yes. Judging from the silence of the Indian government on the subject of sanctions, Indian firms are keen to capitalize on the geopolitical conflict as an opportunity to invest and gain a share of the Russian market. Opportunities are available mainly in industries serving the pharmaceutical, oil and gas, and manufacturing sectors.,Furthermore, since big global companies such as Apple, fast retail and Ikea have shut or kept their operations in Russia on hold, mid-size Indian companies in the retail and fast-moving Consumer Goods (FMCG) sectors are also interested in doing business in India.,Additionally, since supply chains between Russia and -European countries are blocked, Indian suppliers are looking to initiate strong trade relations by offering undisrupted supply to Russia.,Sputnik: Reports claim that Russian businesses and other big players have been looking for ways to invest their money in Asia. What kind of investment opportunities does the Indian market offer them?,Ambuj: Unlike the UK, India does not offer any scheme like a 'Golden Visa' for Russian businessmen who can trade for their residential status in lieu of multi-million investments in the country. However, investment opportunities in India remain plentiful and attractive. As India's Prime Minister said at the World Economic Forum in Davos this year: "This is the best time to invest in India.!,Over the years, the Indo-Russian bilateral relationship has developed into a comprehensive partnership that includes cooperation in several high-technology sectors.,India and Russia have projected that bilateral trade will be worth $30Bln by 2025. This will boost the India-Russia business relationship, and many opportunities await Russian investors in India.,The key areas for Russian investments to focus on in India are telecommunications, automobiles, industrial services, oil and gas, and medical/surgical appliances.,Want to know more? Check out our Koo & Telegram accounts!,Koo: https://www.kooapp.com/profile/sputniknews,Sputnik India: https://t.me/sputniknewsindia。 2026年8月21日，国家市场监管总局发布一则公告。
B | 特斯拉、小米、小鹏、零跑、吉利、奇瑞、东风、北汽蓝谷、中国一汽九家车企，备案召回427.51万辆汽车。
C | 原因惊人地一致：车内应急机械拉手与内饰颜色接近，不易识别和操作。 看似大规模的召回，但多数车企的整改方案，却简单到令人捧腹：仅是一张贴纸便能完成，部分车型则配合一次OTA升级。
D | 在全隐藏式门把手即将被强制禁止的背景之下，更值得追问的问题是：新能源造车狂奔十余载，既然收益微弱、风险明确，它为什么能成为全行业标配？类似的过度设计，是否已成为制约车企盈利的首要因素？ 收益微薄，成本沉重 曾经隐藏式门把手因为降低风阻、提升续航等优势，被车企当作核心卖点推向市场。 但事实上，多家车企的实验数据显示，隐藏式门把手对整车风阻系数的改善最多仅有0.001Cd。
E | 折算到续航上，一辆600公里续航的纯电车型，最多只能多跑1到2公里。
F | 有研究指出，即便是在对风阻最为看重的高速工况下，隐藏式门把手对续航的贡献也不会超过0.4%。 而为了这“几乎可以忽略不计”的收益，车企付出的代价是：一套隐藏式门把手系统让整车至少增重8公斤，这些重量本身就会吃掉那微乎其微的续航收益。
G | 诸多新势力车企需要快速出圈，融资环境又趋紧，很多企业在时间换空间的博弈里，把设计当成营销手段，而不是产品哲学。 一位曾在某头部新能源车企设计部门任职的朋友向虎嗅表示： “在新能源车外观设计日益同质化的今天，隐藏式门把手是为数不多的走近就能感知的差异化特征。它平的时候是一台高级车，弹出来的时候有一种科技仪式感，这两个瞬间，恰好在消费者看车的那一刻被精准捕捉。” 与隐藏式门把手相比，那些更加“实在”的风阻优化手段，比如优化轮胎选型、平整底盘，虽然效果明显，但消费者看不见。它们不仅上不了发布会PPT，也无法成为车评人的话题聚焦点。 当一个设计的主要决策权重落在进店3分钟而非用车3年，它的工程账就注定算不过它的营销账。
H | 这位已然淡出汽车行业的设计师如是说。
I | 一位国内某头部门把手供应商的销售负责人向虎嗅算了一笔更细的账： “微型电机我们是按百万级的量产的，分摊到单车确实只有35块钱左右。但整车厂买的不只是一个电机，是一整套系统。控制模块、线束、传感器、软件标定等全部加起来，给主机厂的报价在200到400元之间。车型不同，价格不同。” 更关键的是全生命周期成本，行业数据显示，隐藏式门把手5年故障率约18%，是传统机械把手的3倍。那么，坏了修一次多少钱？据当下行情来算，传统把手150-300元；隐藏式把手800-8000元不等，特斯拉单个更换费用可达3000-8000元。 北京某新能源品牌4S店售后经理对笔者说了一句大实话，传统把手坏了，车主自己花几十块买个配件就换了。隐藏式门把手坏了，车主只能来我们这儿。换一个门把手，抵得上一次小保养。客户抱怨我们也没办法，配件价格是厂家定的。 算完这笔成本账，结论很尴尬：可以看到更多车企在用5-10倍的制造成本、3倍的故障率以及几十倍的维修成本，去换1-2公里的续航和一个有卖点的设计。 在整车制造利润率持续走低的当下，在诸多造车新势力仍然陷入“卖一辆亏一辆”的挑战中，更多企业仍在用这般“不划算”的设计，着实让人无法理解。 如果说成本账只是不划算，那安全账就是不能忍。 隐藏式电控门把手的工作原理，决定了它在极端场景下的脆弱性：日常靠低压电驱动，解锁时电机弹出。一旦碰撞导致低压系统断电，这套系统就可能直接瘫痪。
J | 对此，重庆理工大学车辆工程学院工业设计系主任柯善军解释了其中的工程逻辑： “电子式门把手的供电来自车内低压系统，一旦发生严重碰撞，车辆触发断电保护，低压系统被切断，整个电子门把手就失效了。
K | 更麻烦的是隐藏式设计，即便没断电，如果门把手没弹出来，外面的人连施力点都没有。传统外露式门把手，就算锁了，我还能撬。
L | 隐藏式门把手弹不出来，光滑一片，想撬都撬不动。”
中保研2024年的碰撞测试数据印证了这一担忧：配备纯电控隐藏式门把手的车型，侧面碰撞后车门成功弹出概率仅67%，远低于传统机械门把手的98%。 一位不愿具名的中保研工程师向虎嗅补充了测试细节，我们模拟的是断电工况，就是碰撞后整车低压系统失效的场景。这种情况下，电子门把手大概率弹不出来。但好消息是，如果车内机械拉手设计合理、位置显眼、一拉就能开，乘员还是可以逃出来的。这次召回的427万辆车，恰恰是最基础的拉手能不能找到这个环节出了问题。 天津某辖区消防救援支队的指挥员则提供了一个更现实的视角，很多新能源车的事故发生后，我们到场的第一件事不是研究门把手怎么开，锤子、扩张器、剪切钳，我们有一整套破拆工具。 问题在于，破拆需要时间。起火后，每多一秒钟，车内人员的生存概率就下降一分。如果车内人员自己能开门出来，那是最好的情况。但很多事故中，乘员因为受伤、惊吓或者根本找不到那个藏在同色盖板下面的拉手，错过了最佳的逃生窗口。
M | 427万辆已售车辆，强制整改做不到，结构性改造也做不到。
N | 最终只能用贴纸+OTA这种最低成本的方式完成合规。而模具整改、未来车型重新设计的成本，将以另一种形式转嫁给市场和消费者。 值得一提的是，自2026年1月新国标发布以来，改款问界M9、新款小米SU7、广汽丰田铂智7等车型，已放弃全隐藏式门把手，改用半隐藏式设计。 但核心问题并没有消失：只要展厅感知价值在产品立项中的权重高于极端安全场景，只要全生命周期成本不进入BOM核算，类似的过度设计就还会以其他形式出现。 部分新能源车的保险杠设计无效化，同样是另一个鲜明的案例，其逻辑链条同样清晰。 正常传统燃油车在设计上遵循了一套成熟的防护逻辑：保险杠作为车辆最外凸的部分，在低速碰撞中率先承受冲击。
o | 因为，保险杠是塑料件，成本低廉且可单独更换，车灯、水箱框架等贵重部件则被布置在保险杠内侧，可以得到充分保护。 数据显示，传统燃油车80%的轻微事故仅伤及保险杠等廉价部件。传统燃油车卡罗拉的保险杠永远比大灯组凸出2cm，发生碰撞时，便宜的保险杠才是身先士卒、吸收伤害的坦克。
p | 但是，当下的新能源车为了追求更低的风阻系数和科技感的外观，设计师将大灯组大幅前移，保险杠反而向内收缩。有的车型大灯组甚至比保险杠前凸了3.5厘米，此外，车尾后备箱比保险杠还靠外，尾灯组和雷达模块外挂在保险杠外。轻轻一碰，车尾就凹进去一个大坑，保险杠似乎并没有发挥应有的保护作用。
q | 这样设计的后果便是，轻微剐蹭可能保险杠没事，大灯却受伤了。要知道，如今的大灯普遍采用一体化LED或矩阵式设计，内部集成了摄像头、雷达等精密部件，哪怕只是外壳划伤，也得整体更换总成，价格动辄上万。
r | 车企并非不知道这个代价，只是修车又不是他们花钱。
s | 一位车主在论坛上愤怒发问：“现在这些车设计的后备箱都凸出保险杠了，盲目扩张车内空间，不考虑维修成本，换零件是不是贵了？” 保险杠设计无效化，遵循着与隐藏式门把手完全相同的逻辑：进店看得到、发布会好讲、车评人愿意拍，但日常使用全是痛点、维修全是账单。而诸如此类的设计功能还有全景天幕晒到头秃、无实体按键开车盲操困难以及车窗开启方式复杂化等等。 如果说，427万辆召回，是隐藏式门把手第一次以如此“盛大”的方式被审视。那么，留给汽车行业的警示就是，最贵的创新，往往是那些看上去很酷、用起来很糟、修起来很贵的过度设计。 Current article:http://jyfr.bianneixuanbingqinyouxie.buzz/list_o7s/yxkj.html Published on:08:19:32 |
