Private Equity in China : Challenges and Opportunities.
Kwek Ping. Yong
Bok Engelsk 2012 · Electronic books.
| Omfang | 1 online resource (334 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- Private Equity in China: Challenges and Opportunities -- Contents -- Preface -- Acknowledgments -- Chapter 1: Private Equity: An Introduction -- Overview -- Stages of Development of a Company -- Differences between Private Equity and Venture Capital -- Differences between Private Equity Investments and Corporate Mergers and Acquisitions -- Inventis Private Equity Model -- Structure of a Private Equity Fund -- General Partners -- Limited Partners -- Investment Committee/Advisors -- Professionals -- Private Equity Investment Process -- Planning, Fund-Raising, and Deal Sourcing -- Due Diligence -- Deal Structuring -- Portfolio Management -- Exit Strategies -- Chapter 2: Overview of the Political, Macroeconomic, and Financial Landscape in China -- Overview -- Regulatory Environment -- Chinese Government Agencies and Their Relevance to Private Equity -- China's Macroeconomic Conditions and Trends -- Macroeconomic Condition 1: Inflation -- Macroeconomic Condition 2: Widening Income Disparity -- Macroeconomic Condition 3: Accelerated Aging Population Structure -- Macroeconomic Trend 1: Increasing Urbanization -- Macroeconomic Trend 2: Westward Shift in Industrialization and Development -- Macroeconomic Trend 3: Strong Growth in Domestic Consumption -- Macroeconomic Trend 4: Shift toward Value-Added Industries -- China's Financial Markets -- Key Phases of Developments in China's Capital Markets -- China's Equity Markets -- Foreign Listings on Chinese Exchanges -- China's Credit Market -- Trust Financing -- China's Futures Markets: Commodity Exchanges and Derivatives Exchanges -- Summary -- Chapter 3: Private Equity in China -- Overview -- Key Market Trends and Developments -- Private Minority Placement Quadrant -- Private Majority Placement Quadrant -- PIPE Minority Deals Quadrant -- Private Equity Funds in China.. - Foreign-Owned Private Equity Funds (FOPE) -- Chinese-Owned Private Equity Funds (COPE) -- State-Owned Industrial Private Equity Funds (SOPE) -- Hybrid Foreign/Chinese USD and RMB Private Equity Fund (HOPE) -- Private Equity Investment Structures in China -- Red Chip Structure or Round-Trip Investment -- Onshore Structures -- Leveraged Buyouts -- Valuation Adjustment Mechanism -- VAM in China's Private Equity Industry -- Financial Measures -- Non-Financial Redemption Measures and Stock Offerings -- Stock Offering: Expiration of VAM Agreement -- Challenges of VAM -- Exit Strategies for Private Equity Investment in China -- Initial Public Offerings -- Initial Public Offerings in Domestic Markets -- Initial Public Offerings in Overseas Markets -- Trade Sales -- Secondary Sales -- Leveraged Recapitalization/Distribution of Dividend -- Benefits of Private Equity for China -- The Case for Demutualization of Chinese Stock Exchanges through Private Equity Investments -- Chapter 4: Renminbi Private Equity Fund -- Overview -- Setting Up and Fund-Raising in China -- Investing in China -- Exit Options for the RMB Fund -- The Renminbi Private Equity Fund -- Types of RMB Funds -- Domestic Limited Partners -- Private Equity Regulations and Incentives -- RMB Funds' Edge in Investing in China -- Challenges and Opportunities for FOPE-RMB Funds -- The Future of Domestic Limited Partners -- Qualified Foreign Limited Partnership Pilot Program -- Management of Hybrid Funds -- Onshore Legal Structures of RMB Funds -- Restrictions for Foreign-Invested Partnerships (FIPs) -- Treatment of FOPE-RMB Funds: Domestic or Foreign? -- Exit Options for RMB Funds -- Domestic Listings on Chinese Stock Exchanges -- Private Equity Secondary Markets in China -- China's Domestic Limited Partners -- Impacts of RMB Convertibility on RMB Private Equity Funds.. - One Party to Gain Positive Career Prospects, the Other to Gain Justice Support -- Private Equity Firms Do Not Invest in Green Fields, So No Need to Build Complicated Relationships -- The Company Shareholders and Management Team Already Have Guanxi for Running the Business -- Private Equity Firms Can Engage an External Consulting or Public Relations Firm -- FOPE-RMB Funds -- COPE-USD Funds -- Leveraged Buyouts -- Private Equity Professionals in China -- Trend 1: From Foreign to Domestic Private Equity -- Trend 2: From Investment Banks to Private Equity -- Trend 3: From Traditional Industries to Private Equity -- Trend 4: From Entrepreneurs to GPs and LPs -- Conclusion -- Appendix A: Government Structure of the People's Republic of China -- Appendix B: Key Points in a Private Placement Memorandum -- Appendix C: Geography of China -- Appendix D: Selected Private Equity Funds in Greater China -- About the Author -- Index.. - RMB Private Equity Outbound Investments -- Chapter 5: Investment Opportunities for Private Equity in China -- Overview -- Foreign Acquisition and National Security Review -- China's Five-Year Plan for National Economic and Social Development -- China's Seven Emerging Strategic Industries -- Energy Saving and Environmental Protection -- Renewable Energy -- Alternative Energy Vehicles -- Next Generation Information Technology -- High-End Equipment Manufacturing -- Biotechnology -- New Materials -- Investment Opportunities in China's Energy Sector -- Key Energy Security Concerns -- Strategies to Tackle China's Energy Challenges -- Trends in the Oil and Gas Sector in China -- Relationship between the Energy Firms and the Government -- Chapter 6: Challenges and the Future of Private Equity in China -- Overview -- Fund-Raising -- Deal Sourcing -- Good Deals Are Getting Scarce, Valuations Becoming Too High -- FOPE Funds Are Competing with COPE Funds in Deal Sourcing -- Moving West -- Consolidation Opportunities -- Seeking Uniqueness from Other Funding Sources -- Due Diligence -- Reliability of Financial Statements -- Intellectual Property Rights -- Deal Structuring -- Portfolio Management -- Change from Boss Culture to Management Culture -- Communication and Timely Information -- Resistance to Change -- Fighting for Control -- Exit -- Valuation Obstacles -- China's Private Equity Secondary Sales Market Is in the Nascent Stage -- Foreign Exchange Controls and RMB Convertibility -- Avoiding the Restriction or Seeking Local Government's Aid -- Gradual Loosening of Capital Inflows, Especially for Private Equity -- Capital Outflows Are Strict, But Less Stringent than Inflows -- The RMB Fund Advantage-Artificial and Temporary? -- Media Reports and Public Perception -- Guanxi Management.. - Learn valuable lessons from the newly successful private equity players in China and explore the challenges and opportunities offered in Chinese markets The first book to deal with private equity finance in China, Private Equity in China: Challenges and Opportunities provides much-needed guidance on an investment concept that has so far proved elusive in Asia. Focusing on the opportunities that the Chinese finance market offers to private equity firms, the book shows how these firms can strategically position themselves in order to maximize success in this new marketplace. Private Equity in China includes in-depth case studies illustrating both successful and failed ventures by private equity firms operating in China, outlining the challenges faced by private equity firms in setting up new funds. It contains a collection of valuable experience and insights about acquiring companies and turning them around essential for any firm currently operating in, or considering entering, the Chinese market. Discusses the challenges faced by private equity firms in China including setting up the initial fund, fund raising, deal sourcing, deal execution, and monitoring and exit strategies Provides key insights drawn from keen observations and knowledge of the more mature private equity market in Western countries, analyzing the way forward for the Chinese private equity industry Discusses the role of renminbi-denominated funds in the development of the private equity industry in China Breaking new ground in exploring and explaining the private equity market in China, the book offers incredible new insight into how equity companies can thrive in the Chinese marketplace.
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| ISBN | 9780470826539
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