文档介绍：Private Equity in the PRC: Regulatory and Operational Issues
ER of Beijing University
Robert M. Xie 谢岷
Horizons Ventures Limited 维港投资集团有限公司
@
May 2007
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Contents
Market Overview
China Domestic Private Equity
PE Investment Strategies
Hot PE Issues in China
Understanding PE Fund Management
Appendix: Selected Sample Transactions
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Market Overview
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Private equity, global force for change, comes to Asia
“For more than two decades, buyout funds - or non-venture private equity funds - have been an important force for global corporate finance and restructuring. Top-quartile funds, in particular, have turned in consistently strong performances, generating attractive returns for their investors. In the 1980s the sector led a revolution in value creation and corporate restructuring that continues to reenergize economies in the developed, and increasingly, the developing world. Viewed from corporate suites, buyout players have alternatively been willing acquirers of underperforming businesses, petitors, and, under the right circumstances, valued partners…”
McKinsey on Finance, Number 12, Summer 2004
the transformative power of private equity is now being felt in Asian markets
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* Including venture capital investments
Source: Asia Venture Capital Journal, Financial Times and the Centre for Asia Private Equity Research Ltd based in Hong Kong
Private Equity Investments in China*
2002
2004
2005
2006E
Amount of Private Equity Investments
(US$ million)
350
1,956
3,000
6,000
Number of Transactions
40+
68
90
n/a
Average Transaction Size (US$ million)
8
20
n/a
n/a
Deals Exited
Money Raised (US$ million)
46
1,05
48
1,860
Growth of private equity investments in China
China accounted for 22% of private-equity investment in Asia in 2005, ranking second to Japan (35%).
45 exits last year showed 44 percent of them had an IRR of more than 200%.
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China private equity market – current trend
China has emerged from a market with great poten