2017-投资界电子周刊No0543-英文版_12页_614kb

报告摘要

PEDaily E-Magazine Issue No.543 Summary

Core Content

Issue No. 543 of PEDaily E-Magazine was published on July 27, 2012, and serves as a weekly information source for professionals in the PE/VC industry. It highlights key developments in the global and Chinese venture capital and private equity sectors, including IPO activity, fund raising, major acquisitions, and government investments. The magazine is published by Pedaily.cn, which relies on extensive investor networks and has integrated over 10 years of research resources from the Zero2IPO Group to provide in-depth market reports and analysis.

Main Views

Global IPO Activity in H1'12

Global IPO activity declined in the first half of 2012 compared to the same period in 2011.
229 enterprises were listed globally, a 32.4% decrease from 339 IPO deals in H1'11.
The total financing amount was US$44.06B, down 51.0% year-on-year.
Chinese enterprises accounted for 128 of the 229 IPOs, or 55.9% of the global total.
Chinese enterprises raised US$14.57B, which is 33.1% of the global total, with an average of US$113.79M per enterprise.

Chinese Market IPO Highlights

AdMaster completed Series B fundraising, with WI Harper Group and GSR Ventures as key investors.
AdMaster is a leading digital marketing monitoring and survey agency in China, founded in 2006, and has experienced annual growth of 300% since 2008.
Changsha Kaiyuan Instruments listed on ChiNext on July 26, 2012, with an offer price of RMB27.00 per share and a P/E ratio of 31.03.
Kaiyuan Instruments, founded in 1992, specializes in coal quality inspection instruments.
Five PEs had previously invested RMB60M in Kaiyuan, with Dachen Ventures holding a 2.66% stake before the IPO.
Changshu Tianyin Electromechanical also listed on ChiNext on July 26, 2012, with an offer price of RMB17.00 per share and a P/E ratio of 26.98.
The company, founded in August 2002, focuses on compressor auxiliary parts.
Suzhou International Development Venture Capital Holding and Shanghai Tianxia Asset Management Co Ltd invested RMB24M and RMB30M, respectively, for 4% and 5% pre-IPO stakes.

Key Information

Major Acquisitions

CNOOC announced its US$15.1B acquisition of Nexen, a Canadian energy company.
The deal includes assumption of US$4.3B in debt, and is expected to close in Q4'12.
The acquisition price was a 61% premium over Nexen's closing price on July 20, 2012, and a 66% premium over its VWAP for the past 20 trading days.

Institutional Moves

CITIC Securities acquired CLSA Asia-Pacific Markets for US$1.25B, with 19.9% of the stake already delivered.
The company has an irrevocable option to purchase the remaining 80.1% stake from Credit Agricole.
CLSA, founded in 1986, operates in securities brokerage, investment banking, and private investment in the Asia-Pacific region.

Fund Activities

Carlyle sold 220 million shares of CPIC, generating US$738M in cash.
This sale was part of Carlyle Asia Fund’s investment in China Pacific Life Insurance Company since 2005.
Gobi Partners received a RMB50M investment from the Chinese government for its Yingzhi Fund, which was raised to RMB300M by the end of 2011 and now totals RMB350M.

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Conclusion

This issue of PEDaily E-Magazine provides a comprehensive overview of the PE/VC landscape in both global and Chinese markets. It highlights the decline in IPO activity, the successful fundraising of AdMaster, the public listings of Kaiyuan Instruments and Tianyin Electromechanical, and the major acquisitions and fund movements by leading firms like CNOOC, CITIC Securities, and Carlyle. These insights reflect the dynamic nature of the PE/VC industry and its evolution in response to market conditions.