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					PrivateEquity, private equity, hereinafter referred to as PE
Candidates who ran for, how to enter the industry so dense
Yang Jing
Trend continues. Since 2005, a crowd began to emerge: a growing number of Chinese
entrepreneurs, investment bankers, professional managers to join the PE (Private
Equity, private equity, hereinafter referred to as PE) in the field.
"People have a lot of similarities to attract Wall Street bankers,
entrepreneurs do the same will happen in China." Has become a TPG
(Texas Pacific Group, Texas Pacific) Partner Sing Wang said. In China's
"transfer" PE tide is a continuation of the trend on Wall Street.
Gerstner joined Carlyle in 2003, Jack Welch, retired part-time Carlyle, Dublier
& Rice Senior Director. Behind these cases, an influential business elite,
many have turned PE.
This rotation will be the Wall Street boom, starting in 2003, after the PE in the United
States renewed vitality. In China, there is also a large number of PE from 2005 funds
into Asia. "If the late step, they will lose trading time. If the step by step all
night, they never fail to seize the Chinese concept." Insiders pointed out
that, PE organizations need to "whatever it takes to find professional
people to help them find a new project, better investment project. "
The establishment of China in the international top- level strategy for PE, they started
the "circle" and program. KKR (Kohlberg Kravis Roberts)
high-profile to enter the Chinese mainland market, announced the hire former
chairman Sir John Bond, HSBC Holdings, Liu, president of Legend Holdings Limited
and China Netcom CEO Edward Tian former senior consultant for the company. PE
Blackstone Group, another big brothers (The Blackstone Group) will employ Chinese
Hong Kong's Financial Secretary Antony Leung, former Secretary to
Senior Executive Director and President of China. TPG is to recruit the King Sing and
former CFO Mary Ma, Lenovo.
When Lou Gerstner joined Carlyle after the reporter once asked him: Is it miss the
days before the management company? Gerstner's answer is
"not." Abroad, PE has a dual appeal: money and freedom.
Chinese people just beginning to feel the benefits of them.
From BMW, Mercedes to Rolls-Royce
Earlier step than the PE firm to enter China, Asia's investment bank, was
switched into a "disaster area." JP Morgan alone, for example,
its China investment banking co-head of Meng went to Xiao's business
(DEShaw & Co.), As its Greater China CEO. Time intervals after the
original JP Morgan Asia-Pacific Chairman and Chief Executive Bairui Fu (Ralph
Parks) and JPMorgan Greater China operations of the Chairman and head of China
investment banking business along with Oaktree Capital Management Limited
(Oaktree Capital Management, LLC) "rope."
JP Morgan Chase who are familiar with Meng evaluation of his departure: 34-year-old
had done internationally renowned investment bank managing director, head of
investment banking, this age he needs a challenge.
"I work at Morgan Stanley for more than 10 years, it should be said that
have been obtained for Morgan Stanley, I have nothing to compla in about. Chinese
companies with great significance in several projects I have participated in the IPO, I
also like: In this industry can continue how do then? "current Bain Capital
(Bain Capital), head of China's Zhu Jia said," than to try new
areas. "Thus, the Morgan Stanley Asia managing director and former CEO
China and its predecessor, the former Morgan Stanley managing director and head of
Asia Investment Contact Liu Haifeng have chosen to leave the former to the Bain, the
latter joining KKR.
It is almost all the elite investment banks turned PE reasons.
For them, "PE is a personal top choice." If Morgan Stanley,
Goldman Sachs is a BMW, Mercedes-Benz, then KKR is the Rolls-Royce. KKR
founder Henry Kravis called "Henry King" (King Henry).
And dig their PE institutions are aimed at leveraging their "personnel
resources in China", which intends to develop the Chinese
market's PE sector, is very important. These early into China's
investment banker, who was more understanding than those in China.
February 24, 2004, Jonathan Zhu of China to Morgan Stanley as CEO in public. Prior
to Morgan Stanley business in China as the key personnel, who participated in the
China Shipping Container Lines (2866.HK), China Mengniu Dairy (2319.HK), China
Telecom (0728.HK) and other large enterprises abroad IPO (initial public offering),
and as a consultant on many M & A projects. He has a very strong domestic
base contacts.
The Cornell University Law School graduate, "frank and
professional." China served as CEO of Morgan Stanley during the Zhu Jia
addition to investment banking business to continue to participate, but also to
co-ordinate the group's overall business development in China, including
fixed income, direct investment and QFII. Period he also looked for funds
management business in China, and Chinese banks issue credit cards possible ways,
and in some way do business in China directly to the platform.
Entrepreneurs take the "private"
Sadly farewell, president of UT Starcom bit after half a year, Wu Ying-step Liu, Tian,
Jian Ding, who is also after the start of the PE. In early 2008, Mr. Wu and Lee back
and announced to join Investment Group (CTC), any of the group's senior
partner. The PHS has created the myth of the "big beard," his
mother, in answer to inquiries, said the new job, "hopes to help businesses
big, bigger than UT, but also successful."
He has been promoted by the PHS popular before and after 2003, when this same
transition as the BP machine products for lower cost as mobile use and can spread
rapidly in China. UT Starcom for the year to bring the inco me of 1.965 billion U.S.
dollars. But as 3G approaches, Mobile and China Unicom have also cut rates, PHS is
gradually declining. 2005 UT revenue dropped 30% and losing money, market value
has shrunk Jiucheng. By 2007 UT the PHS mobile tariff revenue to dec line further as
the rapid decline again, and has spent 1 billion U.S. dollars of the
company's IPTV is not yet mature. Shrinking profits, massive layoffs,
falling stock prices is what makes Wu Ying finally parted ways with the Board.
After leaving UT, Wu Ying need to choose the way forward. "If we do, but
which company's CEO, also it's going up." Industry,
just as Edward Tian, founder of AsiaInfo and China Netcom, the
"definitely feeling a little experience of life make life difficult for the
water." PE is to join "can be an overview of each country, each
industry and each company's business picture."
Tian after leaving Netcom to China Broadband fund (CBC) as a platform to start with
PE. The "broadband" Sir, first of China's Internet
pioneers, and later became involved in the international capital the first person
China's telecom industry, until the management of state-owned telecom
operator, "Every step in the continuation of his broadband
ideal", including the establishment of CBC.
PE may be destined to turn around. As early as 2001, "Little
Netcom" to Goldman Sachs, News Corp. and other private 250 million U.S.
dollars, the "has been a lot of foreign funds to seek them out,"
thinking about doing PE funds. To March 2006, PCCW announced in the Cayman
Islands to the CBC invested 50 million U.S. dollars, while the CBC has been
completed at this time to the CITIC Capital, News Corp., PCCW, China Netcom,
WPP, etc., and scale up 200 million U.S. dollars in the first round of financing.
The two earlier than the "transformation" of Liu about the
reasons for doing PE, said, "feel that they have experience in management,
selection and pick on people have ideas and actually want to combine these
experiences to be more width to expand facilities. "investment is a good
way. Mr. Wu also said, "can I have the experience and resources together,
while some of their own lessons to share with the entrepreneurs, if can help make this
business bigger and is a very interesting thing."
These entrepreneurs turned to do PE, not only on the investment experie nce and
unique judge, CEO more familiar with than most of the way of capital and financial
investment than the average person know how to operate a company.
These people and the capital market, strong government relations in general.
"For example, in dealings with the capital markets, with listed companies,
operators, customer relationship was established; in PHS business development,
playing a lot of dealings with the Government, with a deep accumulation."
Wu Ying said.
Re-start the old VC
Time are only separated by 1 month. November 2007, Oriental Fortune Venture
Investment Enterprises in Shenzhen set up. The partnership was the largest private
equity funds, up to 900 million yuan registered capital. Prior to this, in October 2007,
Austrian Jia Rui million Venture Capital Co., Ltd. established in Shanghai, its first
500 million yuan of funds comes from Kat Hing Group, Xuzhou Weiwei Shen Yang
of China, Changzhou on the cable, Guangdong Prosperous Trade, Beijing Mega
Huijin the six private enterprises.
Two things seem no contact, but the coincidence is sharp million Austrian chairman
Han Zhidong Jia and Chen Wei, chairman of Oriental Fortune is precisely around the
two of Shenzhen Capital Group chairman. In a long period of time, deep venture
capital is the domestic government background VC (Venture Capital, venture capital)
sector in the largest one.
Re-start the old VC, start with the "China Eupolyphaga type
PE". Behind the scenes of June 1, 2007 revised the "Company
Law" implemented, limited partnership to be recognized legally. PE in
2005 to re- heat up in the country resulting from the wealth effect, have attracted
private capital eager to want to enter this area. Both in policy and market driven, local
PE as "Little Butterfly" as his breakthrough.
From within the system to outside the system, Han Zhidong pointed out the
shortcomings of state-owned investment company: overstaffed, institutions and
numerous delays in decision- making. There are many in the management of rigid
dogma, each investment project should be reported to the SAC, each item should be
reported out of the SASAC. "Many of the projects of state-owned
investment company are not a decision, take several back a nd forth."
Han Zhidong deeply understands this, to him, Austria Rui Wan Ka prolapse of the
state-owned investment agency regime. After a project due diligence, will form an
investment proposal submitted to the Investment Committee adopted and
subsequently disbursed to each of the directors, the majority of the directors after the
signing can be implemented through investment. To wind optical, for example,
"several directors on the spot sign up."

				
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posted:9/1/2010
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