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News
PE warm days to pay the capital withdrawal
Recently, relevant agencies data show that the first quarter of 2009, a total of four private equity funds to withdraw from cases in which to withdraw from the transaction in order to IPO a total of 3, there has been a transfer of shares from way to exit the transaction took place.
"For the PE capital, the need to encourage the diversification of social capital to enter its territory to address the 'import' problem; also have to improve the capital market, the withdrawal of Czech Republic to build a more smooth channel to address the 'exit' problem." Peak Investment Officer Ng Tung has said in an interview.
Withdraw from the provision of capital for the PE channel PE on the development of Chinese enterprises has played an important role in the financial crisis in the Chinese market it is hard to find out the export of capital. At present there are many areas in frustration over how to introduce PE time, PE who was struggling in the capital out of the question lingered.
As we all know, foreign well-developed capital markets, has been formed, including IPO, the counter transactions, property transactions, mergers and acquisitions markets, asset securitization and the internal market a perfect capital market for VC / PE to provide a sound exit channel. In China, due to multi-layer capital market system is not perfect, PE largely to capital through the stock market exit.
According to statistics, in 2008 the amount of domestic PE funds raised in 2007 compared with an increase of 37.84%, but investment in a few cases over the previous year fell by 67 percentage points more than the amount of mergers and acquisitions fell 30 percentage points. PE in 2008, is also experiencing "bing hou liang chong tian", with the second half of 2008 since the financial crisis for the global stock market crash, so that PE had to withdraw in the face of prohibitive capital market can not achieve capital out. It is multi-understood period in the stock market downturn, IPO's back curtain, giving a glimmer of the stalled PE warmth, but now the case of withdrawal of capital through the IPO is also one of the few, and most are still waiting for them. The GEM start time and did not identify, PE hard to wait for another one out of a shortcut is now only continue to "wait."
In such circumstances, to find ways out of non-IPO capital, has become the size of the PE way to find out other ways. Positioned as "two high-two non-" corporate equity and private equity fund flows and transfers and the withdrawal of private equity funds to provide standard and effective workplace-day Exchange, after several months of successful operation, or for PE capital out of the establishment of another channel. It is understood that, in the days of Exchange, PE stake in the project can be transferred to another PE or company mergers and acquisitions, and thereby achieve the way of non-IPO exit.
Hybrid system was built a good price mechanism "We are value exit price." An operation of private equity investment source said. PE that way through the GEM IPO or exit, the premium will be higher than in the stock exchange, while the IPO would be more inclined to approach. Days to pay the host of efforts in this regard are doing to prepare, it was introduced through the days to pay the market-maker system can improve the quality of listed companies, while the ability to raise the price of risk is lower.
"Heaven Exchange mixed-type system to the PE has established a good capital out of the price mechanism to promote the stock prices of the market price mechanism can give PE bring a good price." Days to pay the investment arm of Yue Jing Rong told reporters. As the days where the only one to pay the first OTC pilot agencies, is actively exploring multi-level capital market system in China's construction.
It is reported that in the days to pay the exit mechanism for the development of China's PE has an adequate understanding of a single, so refer to NASDAQ and other developed capital markets model, open up channels for the PE to prepare the capital withdrawal. Yue Jing Rong said that in order to provide a platform out of PE capital, it was also a day where the pay of the position, therefore a sound mechanism is necessary.
Some experts believe that, compared with the equity market, equity market as an exit channel for PE has a low threshold, open, high, multi-level, multi-plate structure, which could accommodate a large number of various types of enterprises and private equity fund products and can be cost-effective participation advantage. Property markets are too small for PE selected items, some of which a limited number of projects and the quality is not high, to bring out the limitations of PE capital. |
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