□ reporter Fang Xia
According to General Atlantic's data products CVSource data show that the first half of 2010, the domestic total of 212 completed domestic and overseas enterprises in the IPO,Chanel Purse 26734, including 80 furniture with VC PE background . First half of the red-hot IPO market has brought huge profits investment institutions, venture capital for some time they will accelerate the pace of fund raising. On the PE market risk and the competitive environment and other issues, this reporter interviewed the Deputy Director Pei-Jun Wang Oriental Fortune Capital.
Pei-Jun Wang: high price-earnings ratio caused by the GEM high rate of return, Institutions of all backgrounds have access to venture capital industry has changed the venture capital market supply and demand, so the industry to intense competition, lack of ability to provide value-added services agencies often resort to price competition, constantly pushing up the level of corporate valuation. In this context, our investment strategy is to insist on adjustments.
take into account the domestic listing process, compliance management, business requirements such as relatively high in real terms, so we cast the object to be still very firm due diligence requirements. Background of constantly rising valuations,Louis Vuitton handbag M93030L_3799, evaluation of our business, more inclined to the growth companies, more concerned about the decision Yinsu drive business growth and continuity of the outbreak of intensity, more concerned about the company in the industry's core competitiveness and barriers, to determine whether the company's growth matches the relatively high valuations. From this point of view, with the VC,Gucci bag Classic 154372, PE investment in full swing, so we choose narrower and more cautious.
Pei-Jun Wang: Early returns from the project cycle is long,Louis Vuitton wallet M95525, many uncertainties and risks, so many institutional investors tend to invest in the latter part of the project, which is a different investment style. In a market economy environment, the social capital is mobile, will make the capital investment rate of return at different stages of convergence. Too much capital into the PRE-IPO investment, then this part of the investment price will rise, so the rate of return of capital decline, the risk increased. Besides, given the macro-control, monetary tightening, many companies and intermediary agencies to weave the story of the future market to attract PE investment, which largely increased the risk of PE investment.
For enterprises, the high valuation is not necessarily a blessing. The introduction of PE investment, the higher the valuation, often means that companies in other articles on the concessions. Considered an investment not just a simple transaction, but rather a series of rights and obligations, including the complex relationships, the impact of the enterprise is quite profound. High-valuation companies and investment institutions will the relationship between the tension, investment institutions to protect themselves from the point of view, often in the Investment Agreement, supplementary agreements to set some very harsh conditions, in order to balance the risk. In many cases you can see, which led to being cast in the equity business, operating on a huge upheaval. In addition, the high valuations often means rejecting those with experience can give operational aspects of businesses listing value-added services in the capital market institutional investors have a certain appeal, this opportunity cost affect the company's business growth, listing process, capital market pricing, and sometimes much higher than the cost of financing to take several million more. As a business, the sensible approach is to focus on long-term institutional investors to fully assess all aspects of resources and willingness to cooperate, then the price of cooperation, resources, support, and make all aspects of balance and choice.
Pei-Jun Wang: On the whole, domestic PE industry still in the growth stage, whether it is LP, GP, was voted enterprises also need to have a maturing process, which requires large mature domestic LP, GP, investment companies are experienced in the continued success and failures, experiences and lessons learned in order to gradually achieve the following. Understand, this process is necessary, regulatory and supervisory role is limited.
result from the large background investigation, personal understanding of the role of regulation should include three parts: First, to maintain a fair and full market competition; Second, in the relaxed environment,Louis Vuitton handbag M93223_3839, regulatory can play a guiding appropriate, constructive,Louis Vuitton handbag 81012_3985, proactive role; Third,Louis Vuitton handbag 92103_5220, in the most exceptional circumstances, as the competent authorities to implement strong measures to avoid systemic risk throughout the industry.
This withdrawal of investment institutions have no effect?
Pei-Jun Wang: In theory, there is no direct impact on the institution's withdrawal in theory only by the relevant regulations.
from reality, the issues are secondary market investors must learn to experience, that investors must be responsible for their own investment activities, investors may choose to give up the purchase, but once the purchase, it must commitment to the future of this possible risk.
for institutional investors, this is also the need to learn the content, that is the issue of excessive pricing,Gucci Wallets 154181 9643, secondary market, the enterprise image, and the withdrawal of the future.
investment institutions to judge
does not depend on the number of its investment
project, and formal venture capital but can not get a big project,Gucci Wallets 118378, how do you see such a thing?
Pei-Jun Wang: understand, not the reach of the informal venture capital projects, only the ratio of the number of investment projects declined. This can be understood as separate ways of social capital into the industry, the original trade patterns change. Some veteran organizations reduce the relative share of the market is normal.
investment institutions to judge, does not depend on the number of its investment.
good investment institutions is not size, key, or see their investment style, investment principles. Investments are long distance business, PE investments need to be adjusted along with the flexibility of the external environment, but also need long-term strategy, patience and focus, to be able to adhere to their own rhythm, its own principles.
. Yi Xie good investment company,Balenciaga handbag 084331, can Zai investment process 中 continuous learning, constantly improve ourselves to the industry, value-added services on the connotation of , forming their own in the PE industry's core competitiveness. This is more essential to success.
The first animated film second animated film Generally agreed that the media at home and abroad, why he is from Guangzhou in the This Animation industry, this new rise of the creative industries, culture of Guangdong province for the construction,Gucci Wallets 170426 9797, added to what is new? Yangcheng Evening News interview with the original power of Guangdong Culture Communication (hereinafter referred to as rooted in the local community creation Pleasant Goat and Big Big Wolf adhering to the Evening: You, including the original director and the creative power of the majority of staff who all seem to Guangzhou,Balenciaga handbag 326A, the original use of force is not very great importance to local employees, to retain the unique local culture of Lingnan? Lau Man-yee: It should be said that original motivation of the importance of local culture is a subtle and refined the process, I myself who is a native of Guangzhou. Many of the early company employees are locals. Including a number of animators and writers who formed the creative team, they have strong cultural blood color and heritage local culture, these cultural factors will be reflected in their natural creative animation works. and best reflected in the work of Guangdong cultural characteristics, than the spirit of pragmatic and secular, we have been adhering to the We can see the daily life of their own drama or people and things around, as kids always around like lazy students like Frankie, Frankie will have beauty, such as the United States of girls and so on. This lets the audience experience by depicting the fun and educational function of which is hidden. Chinese animation has been a very important problem is too much preaching,Gucci Wallets 208565, and great people to create anime too many social functions will be straightforward to put them, not only children who do not like, as people are more can not stand. The ordinary secular life has actually long been a lively give us a lot of creative inspiration, creative team who will be its integration into the play, have a lot of fun, and make kids happy smile to the small details. Hi Frankie success, it is the humble but deeply by the numerous simple and pragmatic factors of Lingnan culture composition. beyond the limitations a good work should be able to regional culture into the most dynamic part of contemporary consciousness, branded mark the times Yangcheng Evening News: Lau Man-yee: Also can not simply anime or a literary and artistic works entirely attributed to the success of regional culture and whether the use of dialects and so on. I think, really good work, is beyond the regional or even national, cultural and other limitations, because the real aesthetic must be able to include the common human culture; the same time, ability to regional and even local culture into the work, often to form a unique charm. As previously mentioned, the original creative team works because the location is already integrated into the Lingnan culture, heritage, and a good work in the local culture should be able to that part of the most dynamic financial into the contemporary consciousness,Louis Vuitton handbag M98873_5340, branded with the imprint of our times. giving it a try new work Guangdong Lingnan understand the unique culture? Do you think the characteristics of Lingnan culture, what is? Lingnan culture of success for the original motivation and your personal success, there is no avail? Lau Man-yee: I think the Guangdong Lingnan unique culture,Louis Vuitton wallet N61723, heritage is a long history, lasting for years, endless power of culture. It is very plain,Chanel bag Classic 32337, very simple, not empty slogans and great deeds, but the philosophy into every aspect of daily life. Who said Guangdong is a cultural desert, it is because each different definitions of culture, such as the South's food culture,Gucci bag Classic 145759 9791, Chaoshan people's tea culture,Louis Vuitton wallet N61732, etc.,Louis Vuitton handbag M93019, which are deeply influenced the cultural life of generation after generation of the Lingnan people. Lingnan culture inclusive cultural mindset, in fact, business enterprises, especially the development of creative animation has a great help. In this spirit of inclusion under the influence, business operators, Guan Lizhe will uphold even the creators of one kind of Kai Fang Xing Zhao to accept New Ideas, New ideas, new business opportunities, original power Jiu Yi Zhi Gulidonghua masters make their own the ideas, allow them to try different styles of different types of animation creation. Such as the recent release in the July 1 the new work look to help animation industry as a new industry, need to accommodate and support should not stop at the surface Yangcheng Evening News: animation industry as an emerging industry, Guangdong market, whether such a new industry to be more inclusive? Lau Man-yee: the so-called new Lingnan culture actually contains the spirit of the times and features more of its assistance on the cultural and creative industries is inevitable,Louis Vuitton handbag M95985_4906, innovative, pragmatic, open, inclusive, these traditional Lingnan culture spirit of this development can bring help to the industry, and now the South are more particular about market awareness, more emphasis on rules and laws of the market, which grow on the animation industry has profound significance. same time, the animation industry as a new industry, we do hope that the Guangdong market to its greater tolerance and support. Such support inclusive and should not stop at the surface, and hope to have more certainty in the role of level, in this regard, we hope the community will have on the animation industry, with more in-depth knowledge and understanding.
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