Marketushered in the golden years of huge fund investment China / listed case record 2007 not onlyis the venture capital and private equity investment in the golden years ,is also the Chinese M & a market and market the harvest ,signs that Chinese capital market is in the rapid development period of increased .
Recently, on the basis of long-term research ,the famous venture capital and private equity research branch of the research center will occur in China ,the year 2007 ,M& ;A ,IPO market important events are classified and summarized, and selected from ten of the most influential events ,as in the present annual review of the overall industry development .
These ten events are mainly concentrated in the venture capital and private equity industries prospectus / investment / exit ,domestic venture capital ,a new force suddenly rises. The industry policies and regulations ,the implementation of record merger / listed case etc.
.They are: the events of China ushered in the golden years ,before 2007 11 months,investment ,exit amplitude prospectus is satisfactory 2007 China venture capitalmarket in the high speed a year of growth ,financing ,investment ,exit the blossom in the round ,amplitude is satisfactory .
Investment, before 2007 11 monthstotal investment reachs 3180000000 dollar ,than last year the amount of investment is higher than 78.9%;and the amount of investment from last year 324 growthto 428,the growth rate is 32.
1%. The prospectus ,before 2007 11 months,active in China and foreign venture capital institutions l 55 new fund ,raising a total of $5422000000 ,compared with the previous year, grow respectively 41%and 36.
5% .Wherein ,local venture capital l 30 new fund ,far higher than the 21venture capitalfund ,a reversal of the previous venture capital leading domestic venture capital market momentum .
Exit ,before 2007 11 monthsa total of 130 out of the deal,more than in 2006 30.The venture capital support ,IPO from 92 onwards,far more than 30 last year.In 2007 Chinaventure capital market is to obtain comprehensive high-speed development ,is undoubtedly benefited from the domestic capital market fiery situation .
With the rapid appreciation of RMB into cycle ,domestic assets also started the revaluation process ,domestic economy high speed growth ,A shares reform sees effect factors ,direct drive into the hitherto unknown in China stock market bull market .
The Chinese market ,Chinese enterprises ,China asset ,is becoming a &ldquo &rdquo ;investment value ;pronouns ,and also promoted the domestic and foreign venture capital institutions congregate gold rush to China ,share of China .
The events of two local venture capital a new force suddenly rises. IPO ,take advantage of local express appeared 2007,our domestic venture capital entered rapid development channel ,and obtained a series of achievement attract people .
As in the recently released &ldquo ;branch 2007Chinaventure capital and private equity investment annual rankings of &rdquo ;,native VC at &ldquo ;China venture investment mechanism of 50”to occupy 26%, wherein ,a joint Shanghai Investment Management Limited company and associate Investment Company Limited ,because in this year fruitful performance among the top 10 .
In the previous year ,the top 10 in the local VC have less than 1.The rise of local venture capital ,manifested in the prospectus ,investment ,exit and other aspects ,especially in the exit ,is topped .
According to the branch of the research center statistics ,the first 11 months of 2007 ,our country has 92venture capitalto support the IPO exit ,wherein local venture capital was 51, for IPO exit 55.
4%.Some local ventures into concentrated harvest season ,such as the Shenzhen innovation investment by three Connaught Electronics ,happy inferior ,Yuanwang Valley ,west of materials ,Lu electronics and many other cases listed to obtain a higher return .
The rise of local venture capital due to its obvious advantage of local .Local venture capital localization of talent strategy and management mode ,with the local government public relations ,Nike Air Max 2012,the Chinese market and industry development is accurate hold ,with the local government guide fund close cooperation and domestic capital market IPO exit skilled operating skills, are helpful for local venture capital acquired a large number of high-quality project resources ,and venture capital competitive advantage .
Particularly in the domestic capital market into the bull market ,red-chip listing of suffocate suffocate ,a large number of enterprises begin to turn to the A shares listed in the context of local venture capital ,Cheap Oakley Sunglasses,the more obvious advantages .
Episode three focused on the Chinese market the biggest venture capital funds available &mdash ;&mdash ;Saif Asia Investment Fund, third 2007March,Saif ( SAIF ) successfully raised Saif Asia Investment Fund, third ( SAIF Partners III ) ,the size of the fund of $1100000000 ,is the first raised over $1000000000 andmainly for China regional venture capital fund .
At present, Saif the fund has been more than 2000000000 dollars.Saif three investors extremely luxurious lineup ,including Harvard ,Dr Dre Headphones,Princeton ,Cornell ,Dartmouth four homemade Ivy school fund ,the world pension &mdash ;&mdash ;California pension ,as well as the world state of New York pension fund ,as well as MacArthur ,Dupont fund and Johnson ,common fund the fund ,Horsley Bridge and Credit Suisse and other well-known fund and investment mechanism .
Saif three fund will mainly invest in China ,India and South Korea ,which will have about 75% of the funds invested in China ,20%to India ,then to South Korea 5%-8%.A single investment scale in 10006000million US dollars,individual cases can also be reached billions of dollars .
In the investment field, will not do the special limit ,which is expected to have 50% of thefunds invested in TMT field .In the investment stage, contest rich three fund investment with two period ,about 90% cast into long-term ,10% forearly stage of enterprise .
Due to the success of raised &ldquo ;Saif Asia Investment Fund, third &rdquo ;,Saif was named &ldquo ;branch of China venture capital institutions &rdquo prospectus 2007best;.At the same time, because of its outstanding investment and exit performance ,rich game was also named &ldquo ;branch in 2007 Chinaventure capital institutions &rdquo ;and &ldquo ;branch in 2007 Chinaventure capital institutions ,best exit &rdquo ;as the year most high-profile venture capital institutions .
The events of four revised edition partnership enterprise law in June ,limited partnership venture capital set up time in 2007 June,the South China Sea development venture capital limited partnership was established in Shenzhen ,to become the new revised the people after the entry into force of the partnership enterprise law the first to limited partnership organization of venture investment enterprises .
South China Sea growth initial prospectus amount of 162000000 yuan ,hired a professional investment experience of Shenzhen City Tongchuang Albert Investment Company and Shenzhen international high tech property exchange as joint investment adviser .
South China Sea growth focus on investment in Shenzhen city &ldquo ;innovative enterprise growing route chart of plan &rdquo ;the enterprises to be listed ,in the direction of the investment of not less than 50%.
The revised Partnership Enterprise Law in 2006 August 27,the ten NPC Standing Committee adopted at the twenty-third meeting ,and implemented in June 1, 2007 .Method a total of one hundred and nine ,and the original partnership ,it added a limited partnership system ,clear legal person can participate in partnership ,greatly improve the existing partnership system ,directly to the limited partnership enterprise produce ,also for China system laid the foundation for innovation .
According to the new law, a limited partnership by general and limited partners, general partner of the partnership enterprise jointly and severally liable for the debts ,a limited partner limited amount of its contribution to the partnership with limited liability .
In 2007 August,second ,the Yangtze River Delta region limited partnership venture capital institutions &mdash ;&mdash ;Wenzhou in the East China Sea Venture Capital Limited partnership was established, the fund is administered by the Wenzhou Yueqing 8 privateenterprises and 1 natural peopleto set up a joint, the first fund size of 500000000 yuan .
Since then ,and has a number of areas of the partnership venture capital institutions appear in succession ,formed a certain scale of investment .As of 2007November,east rich sea venture capital partnership ( limited partnership) was established in Shenzhen ,the registered capital of 900000000 yuan ,is currently China limited partnership venture capital institutions .
The events of five Chinese sovereign wealth funds cut a striking figure ,China Investment Corporation was established in September 29, 2007, China investment limited liability company was founded in Beijing ,China began to cut a striking figure .
The company by the Ministry of Finance issued 1.55 trillion yuan of special treasury bondsto buy $200000000000 of foreign exchange reserves raised capital ,plans to use about 2/3 of the capital reorganization of domestic financial industry ,the remaining $70000000000 will be invested inthe global financial market ,mainly to international financial portfolio investments, including equity investments .
While the private equity investment as a financial investment combination part ,was the beginning of Chinese investment limited attention .The newly established has completed three investment in the United States ,the first investment is one of the largest private equity investment fund Blackstone initial public offering ( IPO ) ,for the latter $3000000000 of non-voting shares .
Although at present in short-term paper losses ,but China Investment Company Limited as a sovereign fund ,is pursuing the concept of long-term investment .Another sum as a basis for investors in China ,China Railway Hongkong publicly listed, for the value of the shares of HK $780000000 .
A new investment is the purchase of the world investment bank Morgan Stanley $5000000000 convertible equity units,the company suffered from American subprime mortgage loan crisis, the stock price falls continuously ,but the company still maintained a long-term growth potential .
In the investment contract expires if all convertible into common shares ,China Investment Company Limited will become the second largest shareholder of Morgan stanley .We believe that ,according to commercial principles of operation of China will be China huge foreign exchange reserves investment and find a new way out ,at the same time within acceptable risk ,realize the maximization of shareholders of the company .
The events of six giant private equity fund investment in China ,KKR and Blackstone ( Black Stone ) China investment in Chinese enterprises the high growth and the reform of state-owned enterprises is attracting the Blackstone ,Carlyle ,KKR and Dezhou Pacific Group of the world huge private equity fund came to China for investment .
Following the 1999 Carlyleinvestment business online and in 2003 Dezhou Pacific Group ( TPG ) after 2007,Shenzhen Development Bank ,the international private equity investment fund giant Blackstone and KKR began to perform its first investment in china .
In September 10, 2007, the Blackstone Group announced to China Blue Star (Group ) Corporation ( Group ) investment of US $600000000 ,accounting for 20% of its shares.Only 7 days later,KKR also formally announced the completion of the Henan Shui cement investment ,holding the latter about 43.
2% shares ,a total investment of 115000000 dollars.This kind of huge private equity fund to invest in China, brings for the enterprise is capital not only ,Monster Beats Solo,more important is to be able to use its rich experience and global resources to improve the invested enterprise organizational structure ,improve enterprise management ,to help Chinese enterprises to create value .
The events of seven government gradually approved industry fund pilot and brokerage direct investment fund ,accelerate the establishment of local private equity fund in China following the end of 2006 the first industry investment fund &mdash ;&mdash ;Bohai industrial fund were established after 2007,September ,the second batch of five total dimensions 56000000000 yuanto the preparations for the establishment of fund industry .
The newly approved five industry fund include :Guangdong Nuclear Power New Energy Fund ,Shanghai financial fund ,the energy foundation in Shanxi ,Sichuan Mianyang Gaoke funds ,as well as new hi-tech industry investment fund .
The fund ,in addition to the Shanghai financial fund for 20000000000 Yuan,Mianyang Gaoke funds for 6000000000,the rest of the fund size are 10000000000 yuan .This means * * * is beginning to expand the industry fund pilot scale ,will also have the benefit of industrial investment fund pilot management approach formal introduction .
For the securities direct equity investment ,in 2007 SeptemberChina Securities Regulatory Commission also approved CITIC Securities and China International Capital Corporation to carry out direct equity investment pilot ,allowing the two firms own funds to set up subsidiaries to carry out private equity investment business ,marking the Chinese mainland brokerage direct equity investment business is also the official opening .
We see ,in the * * * to promote and support, the Chinese domestic private equity funds is on the rise ,China industry will usher in a new period of development .The events of eight industrial and Commercial Bank of China M & a standard bank of South Africa ,a maximum amount of transnational merger in 2007 October,ICBC of Africa Standard Bank of South Africa 20% stake,becoming the first major shareholders .
This is by far the transnational merger and acquisition of Chinese enterprises the highest amount of case history .The whole of the acquisition of shares in the implementation of completed in the following ways :( 1)the standard bank to industrial and Commercial Bank of China issuing directional equivalent enlarged share capital total 10% shares ,issue price per share for the 104.
58 South African rand;( 2)the industrial and Commercial Bank of China in proportion to the standard bank agreement as equivalent to the enlarged share capital total 10% shares ,the purchase price per share for the 136 South African rand.
Two ways of prerequisite for each .Before this ,China Construction Bank ,Minsheng Bank and CITIC Securities are taken abroad, through cross-border acquisitions began the global layout .Domestic financial enterprises frequently hit, can be said to be the pursuit of global layout ,to represent the general trend in international competition .
From the macroscopic economic form, the current domestic economic growth momentum is still strong ,some time in the future Chinese economy will still maintain the 10% growthrate .Especially the subprime crisis on the United States and other western countries financial market impact, making a lot of financial institutions in trouble ,as well as the dollar goes low ceaselessly ,for the domestic financial enterprises to implement transnational mergers and acquisitions ,accelerate the process of internationalization offerred rare historic opportunity .
The overseas purchase, ICBC will further optimize its global asset allocation can quickly expand global business network ,absorb advanced global operation experience and management tools .
However ,the long term ,such as ICBC ,the transnational merger & acquisition of Chinese financial enterprises ,the biggest challenge is whether in the acquisition and integration in the process of training a number of global financial business perspective and the ability to control the management personnel ,this is also the Chinese enterprises in the international arena to the persistent survival ,development ,and expansion of the source of strength .
The events of nine in Hong Kong to appear on the market successfully ,creating the largest Asian Internet company IPO records in November 6, 2007, Alibaba Network Limited company ( 1688.HK) in the Hongkong Stock Exchange listed on the main board, opened at HK $30 ,after about 39.
95 Hong Kong dollars,to close at 39.50 Hong Kong dollars,compared with the 13.50 Hong Kongaction shares rose 192.6% in 2007 ,more than 100 times earnings forecast .Listed on the first day ,Alibaba total market value has reached HK $199568000000 (approximately$25700000000) .
The global Alibaba first sold 858901000 shares,the exercise of the over-allotment option International Underwriters ,an additional 113678000 shares inAlibaba Group sales ,eventually raised HK $13130000000 (about $1700000000 ),to make Alibaba become Asia and the second largest in the world of the Internet company .
Alibaba China come first on the list is the focus on the global and local Chinese small and medium enterprise trade and B2B electronic commerce website ,the listing will further enhance the Alibaba e-commerce areas of competitive advantage ,will also promote its taobao.
com ,pay treasure ,Yahoo China ,Ali software ,Ali mother and word-of-mouth network business development ,and change the future of China Internet competition pattern .Episode ten online games industry to enter the harvest season ,the perfect space and time ,the giant network ,golden dragon appears on the market in succession ,the second half of 2007 ,the network game industry to enter the harvest season ,a total of four games ,the NYSE ,related enterprises in Hongkong main board and GEM Listing ,raising a total of capital of approximately $1400000000 ,one of China online game industry, &ldquo ;the upstart &rdquo ;,but also to invest in the venture capital institutions has brought huge returns .
In July 26, 2007, the perfect space-time ( NASDAQ: PWRD ) listed on the Nasdaq ,issued at a price of $16 ,the amount of financing 189000000 dollar.The first day of the opening price of $17.50, ending the day at $20.
40, lower than the issue price rises 27.5% .Listed on the first day of the Senate ,perfect and spatio-temporal Saif Asia Investment Fund, the book return ratio is more than 30 times .October 9,Beats Headphones, 2007, ( HK: 3888 )listed in Hongkong ,issued at a price of HK $3.
60 ,funding of HK $883000000 (approximately $114000000 ).The first day of the opening price of HK $3.90 ,the day closed at HK $5 ,lower than the issue price rises 38.9% .Intel Capital ,the government of Singapore Investment Company Limited and Xinhongyuan record ( New Horizon Fund L.
P. ) for the harvest season .In November 1, 2007, giant network ( NYSE: GA ) is listed on the New York stock exchange ,issued at a price of $15.50 ,$887000000 in financing .The first day of the opening price of $18.
25, closing at $18.23 ,lower than the issue price rises 17.6% .Heiner Asia ( SIG ) and other four venture capital ,private equity fund share a cup of a thick soup .One day later ,on November 2, 2007, the Dragon ( HK: 8288 )in Hongkong GEM listed ,issued at a price of HK $13.
18 ,funding of HK $1637000000 (approximately $210000000 ).The first day of the opening price of HK $19 ,closing at $16.48 ,lower than the issue price of 25.0%.IDG venture capital fund ,Shenzhen innovative for its Happy Sunshine venture capital fund three venture capital is expected to reap the rewards .
By the end of 2004 ,China has Netease ,Shanda ( NASDAQ: NTES ) ( NASDAQ : SNDA ) ,ninth city ( NASDAQ: NCTY ) three online games companies listed on the Nasdaq, and formed a relatively stable pattern of competition .
In recent years ,the giants ,the perfect time and space and the bright younger generation using a novel operation mode and innovative game software ,not only opened the original competition pattern ,also obtained the fast development .
From the above four nets swim the enterprise shares listed on the first day of the situation, have obtained a higher increase, the market prospects of its development is full of confidence .
Network game industry because of its clear mode ,broad market prospects ,has been valued by investors ,and is also the most intense competition in the industry ,new games ,new pattern ,new company is ceaseless emerge in large numbers .
Related articles：
没有评论:
发表评论