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1、1,中国私募股权投资：运营与规管实务Private Equity Business in the PRC:Regulatory and Operational Practices,谢 岷对外经济贸易大学兼职教授美国艾威资本集团亚洲基金董事总经理2008.9-2008.12,2,投资基金类型,3,A more sophisticated asset class,with competition,Public,Private,Control,Minority,HedgeFunds,BuyoutFunds,GrowthFunds,MezzFunds,Even as more and more spe
2、cialized private equity and related funds enter China,they are quietly encroaching on each others territories,Infra-structure,Plus,specialist funds:,Telecom,Media,Real Estate,Early StageVC,Late StageVC,CorporateGovernanceFunds,PIPEFunds,4,Private equity investors:various focus,Private OriginationBuy
3、outsGrowthMezz,Public OriginationPIPEsCorporate GovernanceEvent Driven,Industry FocusReal EstateMediaFinancial Services,5,投资基金结构,6,直接投资基金架构,投资控股公司形式（欧洲）,合伙人契约形式（美国）,7,PE基金选项准则,8,成长型资本的选项准则,为了保护投资收益和信誉，直接投资基金将根据以下投资准则严格审查每一个投资机会：1）相应的市场规模投资项目所在行业已具备广大的市场规模及成长潜力。项目公司应在该行业中展现持续成长的能力。为规避因经济周期变化或政策法规等的改变
4、可能带来的市场风险，所选择的项目公司应拥有强大的市场规模及在未来五年的高成长潜力，从而在未来的经济周期循环中有能力对抗潜在的市场风险。2）成长中的公司基金只投资具备成长资本需求及寻求上市前战略投资合作的项目公司，不投资于创建期风险投资的项目3）占有一定的市场份额且市场具有成长的空间企业应拥有领先市场占有率和较高的成长速度，基本上应在其行业中排名前五名。4）良好的经营管理项目公司应拥有优良的管理团队，并在经营成长中展现成功的管理纪录。5）拥有一定的利润规模这代表该公司具备一定的营业规模及管理能力，能符合未来上市的要求。6）良好的现金流良好的现金流代表健全的营运及有效的管理，也表示目标公司已经跨越
5、创建期进入成长扩充阶段。7）可预见的退场机制投资的资金应用于项目公司的资本支出、扩大经营所需要的现金流量以及资本结构的调整等等。退场机制包括上市、战略性收购、股利发放或私募、执行卖回权等等。8）投资规模投资金额灵活，基本取决于交易性质。单一项目投资金额暂订不超过人民币3亿元以及不超过基金规模的15%。,9,投资基金操作程序,10,投资程序,基金將採行以下操作程序，以確保良好的盡責調查品質：行業調研，以充份瞭解市場規模及未來成長速度、相關法令規定、主要投資者及競爭環境、成功要素等等。材料審查：獲得目標公司的運營材料，進而透過行業競爭者的交叉分析，建立對公司的瞭解，並進而與公司進行核實討論。業務審
6、查：在於瞭解營運模式、成功要件、發展戰略、運行品質、管理團隊目標等等，以充份瞭解目標公司是否具備達到所提供獲利目標的可行性。建立财务模型：以现金流折现法及市价评比法等测算价值及相应风险。談判投資條件：根據規範的風險及預期的報酬，與公司就相關投資條件、限制條款及監督機制等等進行協商。財務調查：聘請四大會計師事務所及資產鑑價機構核實財務狀況、隱藏性負債及資產價值等等，同時發掘在投資之後將面臨的財務風險以及應採取的控管措施。徵信調查：聯繫公司的上下游、競爭對手、銀行等單位核實公司的營運操作及財務狀況，中國銀行的網絡應可協助。法律調查：聘請律師事務所核實營運執照、訴訟負債及投資架構等等。人事調查：聘請
7、人力資源公司核時管理團隊的資質及紀錄等等。,投資拜訪,業務審查,排除/归档,内部核准,財務調查/徵信調查 法律調查/人事調查,投資,投資后管理,投資委员会,談判投資條件,处置/实现投資,投資报告,11,在中国投资的复杂性,12,Complicated government approval process,Keys:CSRC:China Securities Regulatory CommissionMOFCOM:Ministry of Commerce of the Peoples Republic of ChinaSAFE:State Administration of Foreign E
8、xchangeSAIC:State Administration for Industry&CommerceSASAC:State-owned Assets Supervision and Administration Commission of the State CouncilSDRC:National Development and Reform Commission,Foreign Investors,Equity Exchange,CSRC approval*,MOFCOM&local subsidiaries,Tender offer*,SASAC,SDRC,SAFE,Seller
9、(State-owned shares or Institutional Shares issued by a listed Co.),Due diligence,evaluation&negotiation,Securities registration and clearing institution(Change of ownership title)*,SAIC,SOEs,Approval from Industry Regulatory and Administrative Authority,Private Companies,Seller(Private Company),For
10、eign Investors,Local subsidiaries of MOFCOM,SAFE,MOFCOM,SAIC,or local subsidiaries of SAIC,Depends on industry and size of transaction,Due diligence,evaluation&negotiation,Approval from Industry Regulatory and Administrative Authority,Note*:If listed,13,若干技术性考量因素,14,Deal origination network,Governme
11、nt officialsCorporate executivesAsian tycoonsEntrepreneursHedge fundsPrivate equity firmsBoutique intermediariesLocal brokersWestern investment banksConsultantsLawyersAccountants,15,Investment Structure,Wholly owned foreign investmentSino-foreign equity joint ventureSino-foreign cooperative joint ve
12、ntureChinese Chinese foreign joint ventureChinese plus technical service contractLoan pledge option control plus service contract,widely used in the sectors restricted to foreign investmentBack-to-back laonTrust investment arrangementOn-shore vs.off-shore structure,16,Valuation,Pre-money vs.post-mon
13、eyPE multiple vs.EV/EBITDA multipleDiscounted cash flow modelIndustry and market comparablesYield to equity with leverage,17,Design investment instruments,Common shares Preference sharesConvertible bondFixed incomeConvertible redeemable preference shares,18,Exit,IPO:in China vs.in Hong Kong and H sh
14、are vs.“red chip”Third party salePut optionRe-capitalizationSale to listed company for liquid shares with lockup period.3 year lockup as a strategic investor of Chinas domestic listed companyMarket:SEHK,Nasdaq,AIM,and etc.,19,Corporate governance,Right of access to informationFinancial controller or
15、 CFO and other appointmentsBoard seats and board meetingTransparency of financial management systemConnected transactions and transfer pricingAuthorization of spending limitShareholders meeting,20,Management participation,Equity share participationEarn-out schemeShare option schemeManagement buyout
16、vs.private equityPerformance linked incentive scheme,profit sharing over guaranteed profit,21,风险评估与管理,22,Risk and measures,RISKS,MAJOR ISSUES,MITIGATIONS,Market Risk,Downturn of the economy or the media and communication sectorsReverse of regulatory policy.Emerge of strong substituted product:piracy
17、 copies,internet downloading,MP3,unlicensed local network,etc.,Management teams insight of the market and regulation/policy,based on long-term market stress scenario consisting with the investment time horizon.BOCIs strong research qualityProject,segments and geographic limitsCalculated stress-teste
18、d exposurePeriodic review and third-party industry study,Credit Risk,Breach of representations&warrantiesIntended deviation from the proposed business plan or normal operation trackStructured profit-skinning via commercial contracts,Quality of due diligence and credit checkingInvestment by milestone
19、s or stagesIndemnity of the breach of R&WProactive approach on post-investment management,including board seat or observerClose financial control or monitoring,Liquidity Risk Invested assets,Lack of liquidity Sales restrictions by regulations or commercial terms,Close monitor on the development of o
20、perationObtaining exit or cash flow priorityIncrease of the way-out possibility Put option on developer or original seller,23,Risk and measures,RISKS,MAJOR ISSUES,MITIGATIONS,Partnership Risk,Management company JV partner fails to deliver the promised expertiseQuarrels among JV partners or managemen
21、t partnersRestrictions on future partnership,Strong board of directorsPartnership contractsClear investment strategy and proceduresBuild up BOCIs own private equity expertise,Legal Risk,Restrictions on individual investment amount of ownership%Change of policy or regulationsUnique local protections,
22、Insight understanding of related regulations to avoid legal hasslesDevelop and maintain excellent relationship with government authorities,Price Risk,ValuationInvestee managements bonus shares/options/warrantsDilution of ownershipFX risk on local currency fluctuation,Appropriate investment valuation
23、Sensitivity analysis on market stress scenarioSufficient incentive program linked to investee management performanceAnti-dilution clauseHedge against FX risk,24,Risk management,Due diligenceIndustry experts&advisersIn-house legal&accounting/audit teams manage and supplementTop law firms,Big Four acc
24、ounting,consultants,Audit,legal,complianceComplete product programFull annual in-house auditCompliance check-listIn-house legal and compliance team,Training and technologyRobust models and financial methodologyConsistent MIS across investments where possibleCustomized private equity software,i.e.Ana
25、lytX,Monitoring,valuation,reportsFull quarterly reviews,shared with LPsValuation confirmed by outside advisers(Big Four)Standardized reporting,25,项目介绍报告的简略范本,*The information presented in this section is for discussion purposes only and may not result in any transaction.The information does not,and
26、should not be construed to,constitute an offer to sell or a solicitation of an offer to sell any of the shares of underlying companies.,26,A leading low-voltage electrical products manufacturer,Business opportunityPrivately owned with 28%share in ChinaThe largest low-voltage electrical products manu
27、facturer in China in terms of revenue and one of the five largest low-voltage electrical products manufacturers in the worldTwo lines of business.90%of the Companys revenue is generated by low-voltage electrical appliances,apparatus power transmission and transformation products.remaining 10%is from
28、 medium/high voltage products with higher profit margin,including switchgears,box-type substations,automation equipments,power transformers,switch components,wires and cablesDesires to bring in one or more investment partners to broaden its shareholding structure and to raise funds for its additiona
29、l manufacturing facilities to further enhance the profit margin of the company,OriginationThrough an introduction of investment consulting firm based in Beijing.The Company is keen to have further discussion on the private equity investment arrangement.,Investment thesis/Value addedMinority strategi
30、c investment in the fast growing private enterprise in power equipment manufacturing.Help build up corporate governance practice and strengthen its shareholder profile.Assist the Company to seek an overseas IPO.,Exit strategyIPO in 2-3 yearsPossible sale to a multinational company that has global ma
31、rket in the same industry.,Industry equipmentStrategic,minority,pre-IPO investment in fast growing private enterprise,27,A leading insurance company,Business opportunityThe Company is one of the leading property,casualty&general insurance companies in China.It also owns a life insurance license thro
32、ugh a subsidiaryThe Company currently has approximately 5%market share in the China property and casualty insurance marketThe Company has set up a nationwide distribution network with 417 branches and over 10,000 employees,and provides a wide range of health and property insurance products.Its motor
33、 vehicle insurance and property insurance account for 76%and 17%of its revenue respectively in 2003,OriginationDirect access to the corporate executive who can also line up another two state-owned shareholders to sell their 20%interest in the Company as part of their non-core business divestment pro
34、gramsThe total equity interest for sale is about 25.6%,Investment thesis/Value addedBuy out 25.6%to become the single largest controlling shareholder of the Company and help improve the the Companys strategy,services and operationIncrease its capital base for expansion and get prepared for IPO,Exit
35、strategyIPO in 3 to 4 years3rd party sale to a multinational insurance group,Financial servicesMinority,structured investment in insurance sector to take advantage of China economic growth,28,A leading solar energy equipment producer,Business opportunityThe Company is considering issue a 2-year CB,u
36、p to US$70m,coupon rate of 10%pa for the 1st year and 12%pa for the 2nd year,convertible to common shares at its IPO for 30%equity with target IRR 30%for CB investors.As a leading solar energy equipment producer,the Company possesses a full production chain in manufacturing and marketing a variety o
37、f photovoltaic cells and modules for electric power applications.It is the only solar energy company in china that owns assets from raw material exploitation,refining to production of cells and modules.The company is carrying out a new US$400m investment project to expand its production capacity of
38、photovoltaic cells,OriginationBusiness consultant with strong relationship with the Board of the parent company,Investment thesis/Value addedIncrease production capacity to facilitate market reach and to meet overwhelming product demandSecuring scarce raw material resourcesBuilding international bra
39、nd and networkBuild up access to international capital marketIntroducing international standard of corporate governance,Exit strategyInitial Public Offering Trade sale to international/domestic strategic investorsRedeem CB,Pre-IPO OpportunityStrategic minority investment in a leading solar energy eq
40、uipment producer in China that seeks growth capital and IPO in 2007 Target IRR 30%+,29,A mezzanine investment in Beijing property,Business opportunityA Beijing property developer owns a 4-floor shopping mall of 36,173m2 and an office building space of 35,221m2 at the same prime location,which genera
41、te good rental income.The company also is developing a 100 villa project near the Beijing airport,which has been 60%completed and launched sale in the market.The Company has some financial difficulties due to the expansion of new villa project and the loan recall by Bank of China-about 10,000 m2 of
42、office space are secured by the bankThe Company needs US$20m+to replace the bank loan(US$15m)and to bridge financing of the new villa project.The Company is willing to accept high interest rate plus a certain profit sharing on its villa project development.,OriginationDirect contact with CEO,the own
43、er of the Company,Investment thesis/Value addedPrivate equity investment in combination of high-end residential property development and mature Grade A commercial property with stable rental income.Very little risk with well balanced deal structureHelp the Company to meet the urgent funding need and
44、 receive a high yield return and profit sharing on the new villa development,so that our total investment return can be enhancedTarget return:net IRR 18%,with 10-12%annual yield for 2-3 years plus equity profit sharing,Exit strategyScheduled repayment;mezzanine instrument pledged by the assets and cash flow of the Company,PE/RE High Yield10-12%p.a.secured by rental cash flow and new villa sales.Assets pledge with minimal downside risk and profit sharing incentives on new property developmentTarget IRR 18%with minimal risk,
