2017-投资界电子周刊No0546-英文版_13页_492kb

报告摘要

PEdaily E-Magazine Issue No. 546 Summary

Core Content

This issue of PEdaily E-Magazine, published on August 17, 2012, provides a comprehensive overview of the VC/PE market in China, focusing on trends in investment, financing, and exits. It also highlights key developments in private equity and venture capital through various news items and exclusive reports, including government initiatives, corporate acquisitions, and new fund launches.

Main Views and Key Information

1. VC/PE Market Trends in H1'12

The VC/PE market continued its gloomy trend in H1'12, with no positive change observed in financing, investment, and exit activities.
The European debt crisis and economic downturn in China influenced the market negatively.
The number of LPs (Limited Partners) in the market increased to 5,887, but only 4,514 of them had disclosed investment amounts.
The total investable capital from these LPs reached US$783.02B.
VC financing dropped to the lowest level since H2'09, while PE financing decreased by nearly 40% compared to the same period in the previous year, reaching the lowest point in three years.
This suggests that LPs are becoming more cautious and less active in the market.

2. Hangzhou Municipal Government Establishes First Partnership FOF

Hangzhou Municipal Government and Zero2IPO Group jointly launched a partnership FOF with an initial scale of RMB1B.
This FOF is the first of its kind in Hangzhou established through private placement to attract social capital.
The headquarters of the FOF will be settled in Shangcheng District, which is strategically positioned as a key investment fund concentration area in Hangzhou according to the 12th Five-year Plan.
The agreement is of strategic significance to the development of Hangzhou’s financial industry.

3. MediaTek Acquires 48% of MStar Shares

MediaTek announced it would acquire 48% of MStar Semiconductor Inc. (Cayman) shares via a share swap.
The transaction is expected to be effective from January 1, 2013, after approval by the Board of Shareholders and legal procedures.
The acquisition was made under consideration conditions of 0.794 shares of MediaTek and RMB1 in cash per share.
MStar was founded by former MediaTek employees and is a major player in LCD control chips, TV chips, and mobile phone chips.

4. Focus Media Announces Privatization Exit Plan

Focus Media is another major target of China concept stock privatization transactions, following Alibaba.com and Shanda.
The privatization involves converting US$27 per ADR to US$5.4 per common stock, with a total transaction value of around US$3.5B.
This privatization premium is 34%, lower than Alibaba.com's 60%.
Focus Media will raise funds through debt and equity, with FountainVest Partners, Carlyle, CITIC Capital, CDH Investments, China Everbright, and Jiang Nanchun as joint investors.
Fosun International may cash out US$600M through this transaction, as it holds 17% of Focus Media's shares.

5. HNA Group Takes Over Guomei Shangdu

HNA Group formally acquired Guomei Shangdu, with acquisition consideration far from RMB6B and paid in installments.
An 11-member work group was established to handle internal and external formalities.
Guomei Shangdu is a major blow to Gome, which has faced challenges such as depressed home appliance industry, e-commerce competition, store closures, and expected losses.
The acquisition is practically significant for replenishing Gome's capital chain.

6. Carlyle Invests in Health 100

Carlyle invested in Health 100, a private health examination agency, as part of its focus on China's medical service industry.
The investment was made by Beijing Carlyle Investment Center, a RMB fund under Carlyle, acquiring a 13.5% stake.
Health 100 is the largest privately-owned service provider in preventive health examination in China, established in 2004.

7. Yidian Holdings Issues First PE Fund

Yidian Holdings and SBI Holdings jointly established the SBI-Yidian Information Industry Fund with an initial scale of RMB400M.
SBI is a cornerstone investor with RMB100M, and will settle via QFLP.
The fund primarily invests in information service providers such as cloud computing, IoT, DC value-added services, ITS, and intelligent safeguard systems.
Yidian Holdings reported sales revenue of RMB40.3B and net profit of RMB510M by the end of 2011.

8. Goody Science and Technology Listed on SSE

Goody Science and Technology was listed on the Shenzhen Stock Exchange (SSE) on August 16, issuing 36 million shares at RMB13 per share with a P/E ratio of 18.57.
The capital raised will be used for pipeline construction, expansion, and R&D center development.
Guangdong Goody transferred 10% of shares to Chengxin Venture Capital in February 2010, contributing RMB8.81M.
The "GOODY" brand was established in 1979, and the company was restructured and founded in 2010.