2017-投资界电子周刊No0557-英文版_13页_744kb

PEdaily E-Magazine Issue No. 557 Summary

Preface

• PEdaily E-Magazine is a weekly publication for professionals in the private equity and venture capital (PE/VC) industry.
• It was formerly known as Zero2ipo e-Weekly, first published in 2006.
• The magazine provides timely, accurate, and in-depth market reports and integrates over 10 years of research resources from the Zero2IPO Group.
• It is dedicated to building a professional platform with abundant data and analysis.
• The publication welcomes investors, entrepreneurs, analysts, and lawyers to share their insights and observe the development of China's PE/VC industry.

Core Content

PE Market Trends in Q3 2012

• PE Investments Shrink: In Q3 2012, 94 investment deals were completed, with a total disclosed investment amount of US$5.36B.
• Fundraising Activity: A total of 45 PE funds raised US$2.67B, with foreign-currency funds leading the fundraising, surpassing RMB funds since Q2 2011.
• Investment Strategy: Growth capital remained the preferred strategy.
• Industry Breakdown: Bio/healthcare was the top industry for investment, while the Internet industry saw mega deals.
• Exit Activity: There were 37 exits in Q3 2012, including 34 IPO exits, 1 M&A, 1 trade sale, and 1 repurchase deal.

Key Deals

• Apollo Acquires McGraw-Hill Education: Apollo Global Management LLC nearly completed its US$2.5B acquisition of McGraw-Hill Education, defeating other private equity rivals. This acquisition reduces the likelihood of McGraw-Hill Education being stripped in an IPO.
• Bright Food Acquires Weetabix: Bright Food acquired 60% of Weetabix for GBP1.20B, with GBP700M injected by more than 20 Chinese and foreign banks. This is the largest overseas acquisition in the Chinese food industry, marking a significant step in Bright's internationalization strategy.
• Citic Securities Acquires Lyonnais Securities: Citic Securities proposed to purchase 80.1% of Lyonnais Securities for US$941M, contingent on meeting supervision approval requirements.
• Shanghai Culture Industry Equity Investment Fund: Launched on Nov. 5, 2012, the fund has a target scale of RMB10.00B and raised RMB3.00B in the first stage. It was jointly initiated by Haitong Securities and Shanghai Media Group (SMG), with support from other local and national entities.
• VIVA Completes Financing from Qihoo 360: VIVA received a strategic investment of more than RMB100M from Qihoo 360. This decision was based on Qihoo 360's huge user and channel resources.
• Bitauto.com Secures US$58.5M Investment: AutoTrader, the largest auto website operator in the US, invested US$58.5M for 21.8% equity in Bitauto.com. The deal was conducted on a non-open market, and CitiGroup gave a "Buy" rating to Bitauto.com, leading to a 17.2% surge in Yiche.com stock price.
• LightSail Energy Raises US$37.3M in Series D Financing: The company secured investment from Peter Thiel, Khosla Ventures, Bill Gates, and Innovacorp, aiming to bring grid-scale energy storage products to market.

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Conclusion

This issue of PEdaily E-Magazine highlights the trends and activities in the Chinese PE/VC market and global investment deals. It emphasizes the shrinking investment deals, the dominance of foreign-currency funds, and the strategic importance of IPO exits. Additionally, it showcases major acquisitions and investments, including those by Apollo, Bright Food, Citic Securities, and Bitauto.com, reflecting the dynamic nature of the PE/VC industry in both domestic and international contexts.