2017-投资界电子周刊No0571-英文版_12页_341kb

PEdaily E-Magazine Issue No.571 Summary

Preface

• PEdaily E-Magazine is a weekly publication for PE/VC insiders, originally known as Zero2ipo e-Weekly, first published in 2006.
• It provides timely, accurate, and in-depth market reports, leveraging the extensive investor network of Pedaily.cn.
• The platform integrates over 10 years of research resources from Zero2IPO Group to build a professional website with rich data and analysis.
• The magazine welcomes contributions from various industry professionals, including investors, entrepreneurs, analysts, and lawyers, to share insights and witness the growth of China’s PE/VC industry.

Core Content

Zero2IPO Database: Fund Trends in February 2013

• New Funds: As of February 2013, there were four new funds with a total of US$467M in available capital.
• Month-on-Month Decline: The amount of capital available for investment fell by 73.2% compared to the previous month.
• Year-on-Year Decline: The total capital was down by 85.2% from US$3.15B in the same period of 2012.
• Currency Mix:
  • RMB Funds: 3 funds, totaling US$202.07M (43.3% of total).
  • USD Fund: 1 fund, totaling US$265M (56.7% of total).
• Reasons for Decline:
  • IPO suspension and limited exit channels in the domestic market made it hard for LPs to recover funds.
  • The long Spring Festival holiday also impacted the number and size of new funds.

Key Acquisitions and Investments

• VANCL Acquires Crucco:

  • VANCL bought out the vertical e-commerce brand Crucco through cash and equity swap.
  • Crucco, valued at about RMB10M, became VANCL’s first sub-brand.
  • Xu Xiaohui, former CEO of Crucco, returned to VANCL.
  • The acquisition was based on Chen Nian’s recognition of Xu Xiaofeng and his team.

• Tianji.com Acquires Zaizher.im:

  • Tianji.com, a professional social website, acquired Zaizher.im, a business social app that supports online business card exchange.
  • The acquisition was completed via equity swap in November 2012, with a value of millions of US dollars.
  • The Zaizher.im team now leads the development of Tianji APP, currently in internal testing.

• Perfect World Additional Investment:

  • Perfect World’s affiliated entity made an additional investment of RMB396M in a VC fund as a limited partner.
  • The VC fund is expected to invest in another PE fund, focusing on mature companies in sectors such as consumption, retail, finance, healthcare, TMT, energy, and manufacturing.

• Feihe International Privatization Agreement:

  • Feihe International announced a privatization agreement with a stock price of US$7.4 per common share.
  • This represents a 21.3% increase from the closing price of US$6.1 on October 2, 2012, and a 23.5% increase from the average monthly closing price at the end of October 2012.

• Sequoia Capital Invests in Thinkingdom Media:

  • Sequoia Capital invested approximately RMB150M in Thinkingdom Media Group, marking the largest single investment in the private publishing industry.
  • Thinkingdom Media is expanding by acquiring private channels.

• Sohu Rumored to Seek Privatization Delisting:

  • Sohu is reportedly in discussions with investment banks and PE funds about potential privatization.
  • It has contacted Credit Suisse for proposals and financial support.
  • The plan is believed to be influenced by Focus Media, another company undergoing privatization.

• Yyzhaoche.com Completes Round B Fundraising:

  • Yyzhaoche.com, China’s first call-taxi software, confirmed it has started Round B fundraising, targeting US$10M.
  • The fundraising began in late 2012 and is expected to conclude by the end of March.
  • The company previously raised millions of US dollars from Sequoia Capital in Round A.

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Contact

• For suggestions or feedback, email: pedaily@e-zero2ipo.com.cn

Conclusion

This issue highlights a decline in new fund launches and capital availability in China’s PE/VC market due to regulatory challenges and market conditions. However, it also showcases significant corporate activities, including major acquisitions and strategic investments, indicating continued interest and activity in the sector. The magazine serves as a valuable resource for industry insiders seeking up-to-date market insights and analysis.