2017-投资界电子周刊No0547-英文版_13页_519kb

报告摘要

Overview: PEdaily E-Magazine, previously known as Zero2ipo e-Weekly, was first published in 2006. It is a weekly information magazine tailored for professionals in the private equity (PE) and venture capital (VC) sectors.
Purpose: The magazine provides timely, accurate, and in-depth market reports, covering investment and financing news, industry insights, data observations, personality profiles, and expert opinions.
Platform: PEdaily.cn leverages its extensive investor network to offer professional insights and is built on over 10 years of research from Zero2IPO Group.
Audience: The magazine is open to all stakeholders in the PE/VC industry, including investors, entrepreneurs, analysts, and lawyers, and encourages them to share their views and insights.

Focus Media's Case: Focus Media received a non-binding privatization offer from a consortium led by Jiang Nanchun, with a valuation of up to US$3.5B at US$27.00/ADS.
Reasons for Privatization:
- Many Chinese overseas-listed companies faced undervaluation due to their native business models not being well understood by international investors.
- Accounting scandals and a credit crisis affected the market value of some companies.
- Short-sellers exploited these issues, leading to significant market capitalization declines for innocent enterprises.
Conclusion: Privatization delisting may offer new opportunities for PE firms, though no companies have opted for relisting yet.

Investment: KKR invested US$30M in Novo Holding Co., Ltd., a fashion garment retailer.
Market Potential: The Chinese youth garment retail market is valued at US$38B and has been growing at a CAGR of 16% since 2005.
Reason for Investment: Driven by domestic consumption and the need to meet fashion trends, the fashion retail industry is seen as having substantial long-term development potential.

Financing: 99 Hotel Chain, managed by Jiujiu Hotel Management Co., Ltd., raised US$75M in its first round of financing.
Significance: This is the third successful financing deal among Chinese chain hotels, following Pod Inn and Orange Hotel.
Investors: The round included SIG, Goldman Sachs, and Abaci Investment.
Future Plans: With support from the investment portfolio, 99 Hotel Chain aims to go public abroad around 2015.

Fundraising: GGV Capital completed fundraising of US$625M for its Phase IV fund, bringing its total under management to over US$1.6B.
Fund Composition: The fund includes US$520M and RMB650M (equivalent to US$105M).
Recent Investments: Notable investees include SoundCloud, Meilishuo.com, Citrus Lane, R. Y. B Education, and Douguo.com.

Investment: Tianpin.com, a brand product platform using a socialized business model, received US$10M from Bluerun Ventures and Softbank China.
Business Model: Tianpin aims to serve as a full-course and whole-website adviser for brand products entering e-commerce.
Future Goals: The company hopes to become an industry leader within five years.
Investor Comments: Liu Tianmin, Head and Partner of Softbank China, praised the founding team, which was a key factor in the investment decision.

Funds Inaugurated: Five VC funds, including Gobi Yingzhi Venture Capital Partners, were inaugurated in Shanghai.
Total Investment: The total amount of the five funds is RMB1.86B, with the central government contributing RMB50M to each.
Structure: Three funds are limited partners, and two are operated as limited liability companies.
Social Investment: The funds received about RMB1.1B in social investment, enhancing the leverage effect for strategic emerging industries.

Acquisition Plan: Wahaha Group plans to acquire KP Snacks from United Biscuits for RMB5.2B (GBP520M).
Seller Details: Blackstone, which holds the PE fund of United Biscuits, and French PAI Partners have announced the sale of KP Snacks.
Consultant Role: Credit Suisse, the seller's consultant, has sent a presale document to six potential acquirers, including Wahaha.

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