2013VC/PE Industry Ten Events KPMG Self Fund For The First Time In The Market

< p > 2013, China's VC/PE market continues to "cat winter", investment institutions trudge to pursue new development process, the industry environment is undergoing a subtle change, the regulatory level has seen a milestone in the pition, there are many meteorology in the recruitment and withdrawal process, the development of the industry tends to be rational, foreshadowing the arrival of the new VC/PE cycle.

Based on the monitoring and long-term research of the domestic VC/PE industry market in the past year, the research institutes took inventory of the industry hotspots and development trends, and summed up the ten major events of China's < a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107105" > VC/PE < /a > in 2013, with a view to provide reference for the future development of the industry.

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< p > < strong > VC/PE supervision legislation is difficult < /strong > /p >

< p > the newly revised People's Republic of China securities investment fund law has been implemented. For the first time, the boundary between "public offering" and "non public offering" has been clearly defined, and private funds are included as the financial products with financial attributes in the scope of supervision, and the supervision is moderately and finitely supervised.

However, due to the differences between the parties, the regulation of VC/PE is not included in the new securities investment fund law. With the regulatory function of the SFC clarified, the SFC fund management department, based on the Interim Measures for private equity investment fund business management (Draft), starts the Interim Regulations on private investment fund management, and introduces VC/PE into the regulatory category.

In November 2013, Liu Jianjun, head of the private equity fund working group of the SFC, held a closed door discussion with the domestic venture capital chiefs, and consulted the industry's opinions on the draft. The draft has been submitted to the 13 ministries and commissions of the Ministry of science and technology, the Ministry of Finance and the State Administration of taxation.

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< p > < strong > issuing new shares > /strong > < /p >

In the third Plenary Session of the 18th CPC Central Committee, P pointed out that the reform of stock issue registration system should be carried out. Subsequently, the SFC issued the opinions on further promoting the reform of IPO system, and gradually promoted the pition from approval system to registration system.

According to the "opinion", it is estimated that about 50 enterprises will complete the procedures and go public in January 2014, and more than seven hundred enterprises are queuing up next year.

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< p > < strong > M & A is out of sight. The scenery is infinite > /strong > /p >

< p > compared with the US's main dependence on the exit pattern of mergers and acquisitions, the previous exit and acquisition of domestic investment market has been low-key development in the light of IPO's exit. In 2013, there was a huge turning point in the exit of the market structure, and the pattern of diversified exit was highlighted.

On the one hand, influenced by the mainland's moratorium on approvals, many enterprises have lost confidence in the long IPO road. On the other hand, BAT LED industry giants and listed companies have launched large-scale mergers and acquisitions. The classic cases of 91 wireless, Seventh Avenue, and PPS have increased the vitality of this year's sluggish exit performance, while Manchu information and the Great Wall films rely on backdoor listing to create a good opportunity for investment institutions to withdraw.

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In the < p > < strong >, the eruption of the stock market will add vitality again < /strong > < /p >

< p > after the last round of the stock market downturn, in 2013, the US stocks "a href=" //www.sjfzxm.com/news/list.aspx "ClassID=101112107107" > IPO < /a > returned to life again. In the second half of this year, a number of excellent Chinese enterprises, such as 58 cities, where to go, 3G portal, concentrated on the NYSE and NASDAQ market.

Along with this wave of listing boom, DCM, Huaping, IDG and other investment institutions have withdrawn and obtained good returns.

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< p > < strong > fund fund marriage state enterprise upgrading < /strong > < /p >

< p > November 2013, the Oriental entrepreneurship bulletin stated that Haitong M & amp; m Capital Management Co., Ltd. was formally established to raise the first 3 billion acquisition fund. Its listed company of Chinese enterprises subscribed for 145 million of the eastern venture. In addition, the Yimin group and the German capital co founded the PE industrial upgrading fund, and the heat wave of cooperation between state-owned enterprises and investment institutions suddenly increased.

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< p > < strong > the details of the listing of the free trade area are to be observed < /strong > < /p >.

< p > September 2013, China (Shanghai) free trade pilot area was set up. In the general plan of China (Shanghai) free trade pilot area, there are many support for encouraging equity investment.

In November 2013, the people's Bank of China issued the "opinions on financial support for the construction of free trade pilot zones in China (Shanghai)", and proposed measures to facilitate the cross-border direct investment of enterprises and individuals, to facilitate external financing, and to open domestic capital markets.

In the overall plan and part of the supporting documents, the open areas are mainly concentrated in the a href= "//www.sjfzxm.com/" > Free Trade Zone < /a >, and the contents of fund-raising / investment outside the territory have not been clearly received. Especially in the field of VC/PE investment, we expect the FTA and the people's Bank of China to follow up the rules as soon as possible, and provide strong support at the specific operational level.

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< p > < strong > increase in investment, < /strong > < /p >

< p > 2013, PIPE investment has become a glittering scene in the equity investment market. Whether it is a classic case of KKR investment in Haier, IDG investment in Quanjude, and the appearance of mainland investment institutions frequently appearing in the mainland and Hongkong, the increase of investment has become a focus topic of institutional investment.

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< p > < strong > KPMG self operated fund entered the market for the first time, < /strong > /p >

< p > November 2013, KPMG, a professional service giant, said it would release its first self investment fund, KPMG KPMG (Capital), which will invest in data and analysis industry.

As one of the four largest accounting firms in the world, KPMG has 152 thousand employees in 156 countries worldwide with a revenue of 23 billion US dollars.

Its a href= "//www.sjfzxm.com/news/list.aspx ClassID=101112107108" > KPMG capital /a will be a new self operated investment fund. Its headquarters will be in London and invest globally.

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< p > < strong > Shanghai Jahwa stake in the fierce struggle < /strong > < /p >

< p > the marriage between Shanghai Jiahua group and Ping An Trust is a typical case of capital and industrial cooperation. The core of the change is the intensification of the differences between the company's management and shareholders' peace trust.

In the process of bilateral marriage, Shanghai Jahwa expects to secure the commitment of 7 billion capital investment and provide scientific management and personnel training support to realize the expansion of the industrial chain.

In the future equity investment market, the proportion of large scale investment and holding type investment is expected to further improve. How to deal with the relationship between investment institutions and management teams in post investment management will be a common problem.

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