2017-投资界电子周刊No0551-英文版_13页_471kb

报告摘要

PEdaily E-Magazine Issue No. 551 Summary

Core Content

This issue of PEdaily E-Magazine, published on September 21, 2012, provides an overview of the latest developments in China's private equity (PE) and venture capital (VC) industry. It includes exclusive insights, hot news, and updates from various stakeholders in the sector. The magazine is aimed at industry insiders, offering timely, accurate, and in-depth market reports based on over 10 years of research resources from the Zero2IPO Group. It serves as a valuable platform for investors, entrepreneurs, analysts, and lawyers to share viewpoints and track the growth of China's PE/VC industry.

Main Points and Key Information

1. Expansion of the "New Third Board"

In September 2012, the "New Third Board" expanded to include Shanghai Zhangjiang Hi-tech Park, Wuhan Donghu New Technology Development Zone, and Tianjin Binhai Hitech Industrial Development Area.
The expansion allows brokers to promote enterprises from these areas for listing on the over-the-counter market.
Institutional investors, especially VC/PE firms, are now more interested in the "New Third Board" due to its accessibility to qualified investors and the potential for industrial capital investment.
The increased competition in the VC/PE market has led to more options for these institutions.

2. New Listings on ChiNext

Donghua Test listed on ChiNext on September 20, 2012, with an issue price of RMB20.31 per share and a P/E ratio of 29.18 times.
The funds raised will be used for expanding the intelligent test and analysis system for smart structural mechanical performance.
Yonggui Electric also listed on ChiNext on the same day, with an issue price of RMB31 per share and a P/E ratio of 36.47 times.
The funds will be used for rail traffic connector construction.
The investors included Zhejiang Fangxiang Investment Co., Ltd., Shanghai Greenwoods VC Center, and Shanghai Honghua Equity Investment Partnership.

3. Legend Holdings Acquires Qufu Confucius Family

Legend Holdings acquired Qufu Confucius Family Liquor for RMB400M, ending a one-year negotiation process.
The acquisition aims to achieve a "gene recombination" through increased investment in money, human resources, management, and marketing.
Qufu Confucius Family was once a top 3 brand in the national liquor industry with annual sales nearing RMB1B.

4. CMGE Aims for NASDAQ Listing

China Mobile Games and Entertainment Group (CMGE), under VODone, plans to list on NASDAQ on September 25, 2012.
The listing will be through a brand introduction method without involving financing.
CMGE is currently the highest-earning mobile game developer and operator in China, with revenue of RMB243M and net profit of RMB163M in the previous year.

5. Alibaba Completes Share Buyback from Yahoo

Alibaba completed a US$7.6B share repurchase from Yahoo on September 18, 2012.
The payment included US$6.3B in cash and US$800M in preferred shares of Alibaba Group.
An additional one-off payment of US$550M is linked to Yahoo's intellectual property license agreement.
Alibaba repurchased half of Yahoo's stake (about 20%) and retains the right to repurchase the remaining 50% at the IPO price.

6. Huabao VC Invests in Zhongji Machinery

Huabao Yonggui VC Co., Ltd. (under Huabao Trust) finalized a strategic investment framework with Zhongji Machinery.
The investment will be up to US$50M, with a shareholding of up to 10%, to develop energy-saving fireproofing and thermal insulation materials and equipment.
Huabao VC focuses on venture capital in the steel industrial chain.

7. National Social Security Fund Invests in PE Funds

The National Social Security Fund (NSSF) has invested in 16 equity investment funds, managed by 12 PE fund management agencies.
These funds include New Horizon Fund, SAIF Partners, and CITIC II Fund.
NSSF is expected to contribute RMB22.66B, which is nearly 30% of the total amount of the 16 funds, amounting to RMB81.8B.
The NSSF has invested in 210 enterprises through these funds.

8. Innovation Works Reinvests in New Fund

Innovation Works launched a new venture capital fund, Innovation Works Development Fund II, LP, with an initial amount of US$148M.
Kai-Fu Lee reinvested US$224M into this fund, supporting more entrepreneurial firms in China.
Over the last three years, Innovation Works has invested in more than 50 companies, with an average investment of about US$12.3M per company.