129773160476718750_67Successively disclosed a-share listed companies annual reports in 2011 show in July 2009, a-share IPO since the restart, total of 50 PE body 65 reduction of investment projects completed in the secondary market after the listing, 291 has been lifted investment projects of 22.3%, involving 51 listed companies; access to reduce cash in amounts totaling $ 12.99 billion, excludingAfter the initial investment costs actual $ 11.82 billion profit, average returns of 12.55 times times. Reduction of more than 20% when the project is complete restart and gem shares 2009 IPO since the open frame, PE investments in China grew, VC/PE background company IPO numbers increase year by year. Group data by ChinaVenture Investment CommissionMeter, July 2009, a total of 336 VC/PE-backed companies in the background list, totaling 344.69 billion yuan IPO financing; 158 per cent respectively, 2010 year, 124 VC/PE background companies listed. Hot trends relative to the primary market, PE agency pace of reduction in the secondary marketBut slightly slow. ChinaVenture investment group based in a-share listed companies to disclose annual reports in 2011 show, since July 2009, total of 50 PE body 65 reduction of investment projects completed in the secondary market after the listing, 291 has been lifted investment projects of 22.3%, involving 51 listed companies; reduction of access toTotal amount $ 12.99 billion, dropped after the initial investment costs actual $ 11.82 billion profit, average return 12.55 times times compound annual rate of return of each investment project at 92.5%.
By contrast
swtor credits, compared with a compound annual growth rate of Shanghai and Shenzhen Stock Exchange Chengzhi-11.8% and-cent only. Seen from the sector, in which 65PE body reduction investment projects have been completed, a total of 35 from junior, reached 53.8%,PE body total percentage now $ 5.97 billion. SSE Board PE only completed 4 reduction of investment projects, their average cash rate up to 16.29 times, for the highest shares three major sections. In terms of sector, the manufacturing sector accounted for more than, 25 reduction of investment after the project is complete
tera gold, 38.5%, bring return on investment of $ 6.85 billion total PE institutions; IT also has 12 reduction of investment projects realization exit, PE institutions return $ 1.08 billion. IPO returns from the listing premium PE 60% main body return on investment from two major factors directly influence, that is, one or two levelBusiness valuation differences, as well as shares in the market after the listing of the secondary market price fluctuations. Current IPO exit 65 investment projects have been completed, by early-stage private equity investment to the company IPO,PE institutions from one or two on the market price of return (that is, IPO exit book returns) size is $ 7.78 billion, 59 per cent of its total size.9%, spread rate (that is, IPO exit book returns) average of 6.82 times times cast after listing to reduction of PE institutions completed during its shares gained value-add $ 5.21 billion, accounted for 40.1% of its total size. From the perspective of investment cycle, have completed the reduction of 65 investment projects, PE average investment cycles of about3.9 years (46 months).
PE Fund to investment companies listed for the first time on that day as the first stage, the stage time is about 2.5 years on average (30 months); from the company after the completion of IPO shares to PE institutions lifted complete reduction of exit for the second phase, the phase averaging 1.4 years (16 months). By 2007, 2008 financial crisis, domestic enterprises, particularly in export-oriented manufacturing enterprises, capital chain generally tight; PE investments has not been well blowout over the same period, competition in the industry is relatively small, therefore PE operators can lower costs for equity investment projects. Above 65 PE is complete listing of reduction of investment projects, 32 PE investment project the first time castingChinese time set in 2007, 49.2% percentage, amount to 630 million yuan of total investment and, secondly, 2008 PE in institutions has also been investing for the first time above 65 projects 17, 26.2%, total investments amounting to $ 360 million; 2007, years together than 75.4%, 980 million yuan of total investment. The same period,Shanghai composite index rose from 2715.7 in early 2007 point, to 6092.1 in October 2007 reached an all-time points; starts after a sharp decline, until the end of 2008, the Shanghai composite index closed 1820.8 points, 33% lower than early 2007. Despite slumping in the secondary market gains, but because these investmentsProject preparation phase is also listed, PE institution shares value is unaffected. In early 2009
star wars credits, under the influence of countries a series of easing, shares began to pick up, to July 2009, the Shanghai composite index closing at 3008.2 points, 1880.7 up earlier than 59.9%; until the end of the year, the Shanghai composite index at 3277.1Point rally in 74.2%, even to 3008.2 point in early July, to increase reached 8.9% at the end.
65 investment projects listed above in the same period, projects and valuations are constantly pushed high up in the secondary market, PE institution shares would also give one or two great post market returns. Since early 2010, the secondary marketCallback, the Shanghai composite index fell from 3243.8 point, until the end of June of the year per cent to 2398.4 points, decrease 26.1%. Despite the a-shares fell again, due to these 65 investment projects in limited period, PE affected only by the institutions to book gains; on the contrary, since the beginning of July 2010 investment projects have been lifted when indexOnce again began to rebound, rising from 2373.8 to 2808.1 at the end of the point, or 18.3%, basic make up for falling to PE institutions before bringing a paper loss, PE institutions can continue to enjoy the profit value of the secondary market. PE 65 investment institutions has already been completed projects a-shares recovered return far more than the same period inRevenue, but from 2010 to the recent gradual downturn of the secondary market has to a certain extent, affect the investment income of PE institutions. Investment projects in 2010 after reduction of exit 18, each compound annual rate of return of the investment projects up to 111.2% 2011 after reduction of exit 47 of investment projects, each investment project of the year combined collectionBenefit rate is 86.8% per cent, of which there are 8 investments IPO occurred on book return the value PE shareholding after IPO shrink. (The author is an investment analyst) Gold-line statement: Gold-line reproduced above, does not show confirmed its description for investor use only and does not constitute investment advice. Investor operations accordingly, windAt your own risk.
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