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Transformation of private Sun tide

Transformation of private Sun tide

involved in listed firms surged and the listed company to set up a mergers and acquisitions fund, even holding firm, landed a new ban in recent years, private Sun play in the capital market more and more advanced, making money the old-fashioned model in the secondary market, had been senior bosses to abandon.

involved raising revenue increases certainty

in recent years, Sun increased private participation in countless cases, surveys such as the recent drama, and its control platform for capital city, the city in the last two years that frequent participation in listed companies will be increased.  According to not completely statistics displayed, 2012 yilai, Ze Hee Department total participation Xin section material, and gorgeous family set increased, intends participate in Le pass shares, and East heavy machine, and treasure Mo shares, and Long Yu fuel, and Nanyang technology, and Red days of, and big constant technology 7 home company of SEO, is expected to use of funds close 7.6 billion yuan, which for big constant technology of set increased, Ze Hee Department intends input of funds on up to 3 billion yuan.

in addition, there are many well-known private Sun is also actively involved in public companies will increase, such as seishi investment in Tibet increased, macro-flow participation investment lang Ma information will be increased six-Wo clove participate in Baoshan, Shanghai Tai holdings will increase, and so on.  Simple of set increased private products, currently market Shang has close 150 only, according to private row row network of statistics, into returns statistics of 121 only private set increased products in October average monthly returns up 10.47%, which "Ze Hee increased Foch set increased two period" with 53.98% of monthly returns ranking first, followed subsequently of is is "Sen Miao zengying 3rd,", and "directed holdings 1th,".

according to understand, participation set increased of institutions will and listed company big shareholders or actual control people signed guarantees agreement (this class agreement is set increased trading in the public of "secret"), listed company big shareholders or actual control people on participation set increased of object commitment capital preservation or must of returns rate, main through bulk repo, and mortgage guarantees, and prepaid returns, set to guarantee set increased who of returns.  In addition, there are VAM, largely based on PE industry's unspoken rules, you can bet shares, or you can bet performance, to zoom in on yields, this approach can increase the price elasticity, increased institutional ownership.

"participation in the listed companies will be increased in the course of, there are opportunities to learn more about listed companies, access to more comprehensive information, so as to judge more accurately the value of listed companies.  "Shenzhen assets come close to overtaking the private said.

worth noting is that increased financing of listed companies will still be active in the future, this will provide abundant investment opportunities for private Sun. According to Institute statistics, first half of 2015, there are 189 listed companies implemented a private placement program, total financing amount 285.68 billion, increase of 273.837 billion yuan compared with the same period in 2014 4.32%.  Judging from the single financing, completed in the first half increased by 189 companies average financing amount of 1.512 billion yuan.

since July, despite the market adjustment, but increased market remains quite active. According to Institute statistics, July-October, a total of 182 increase programmes are a-share listed companies refinancing amount up to 338.472 billion yuan, average financing reached 1.86 billion yuan, both the number of monthly finance company or single line of financing, are significantly more than the first half.  Worth noting is that October 88 a-share listed companies announced the private placement plan, 21.6% per cent higher than anticipated financing total 227.169 billion trillion yuan, 22.36% per cent higher.

through merger and acquisition funds deeply involved in capital operation

Wind statistics shows that from 2014, more than 160 listed a-share company was established industry mergers and acquisitions fund, involving nearly 150 billion yuan of funds. Mergers and acquisitions fund is a private equity fund, for acquisitions businesses, gained control of the enterprise.  Common way of functioning is mergers and acquisitions business, through restructuring, improve, promote, realize the listing or sale of shares to gain huge profits, often appear in the MBO and MBI.

domestic mergers and acquisitions-fund the establishment and operation of common steps: (1) the establishment of fund management companies, for GP function as buyout funds and (2) one or several mining projects, the establishment of buyout funds raised LP.  Buyout funds are often have a certain duration, such as 3 years, 5 years, 10 years, and (3) the end of the project, buyout funds expire, buyout funds wound up according to the income distribution mechanism to LP to provide appropriate return on investment.

the past two years, a stock market listed company platform to complete the industrial transformation in case the list goes on, such as "PE+ companies" model of PE merger resources, financing of listed companies, completed between financial capital and industrial conversion. As a mergers and acquisitions fund revenue model, the probability of loss is very low. After the establishment of buyout funds in profit, of which focuses on one or two market spreads.  After the establishment of buyout funds, in the primary market with low P/E multiples acquisition company, over a period of time to cultivate, with relatively high P/E multiples (a reasonable premium) into listed companies, project exit, return on investment.

buyout funds profit the key difference lies in one or two markets. Shenzhen venture capital said, "after the rebound since October, small stocks rebounded significantly, earnings to upgrade again, nearly 80 times the gem, and mergers and acquisitions business link General bid is 10 times to 20 times earnings, there are very large spreads, although not so high in the first half, but is good enough. "

relative to the transactions in the secondary market, buyout funds make money mode is more stable, which attracts many Sun private involvement.  Such as sea flags long before recently set up two consecutive acquisitions fund, after the private investment mainly secondary market.

in fact, private Sun Fund intervention through mergers and acquisitions of listed companies ' capital operation, just slow. As early as in 2011, Silicon animal husbandry established platform company paradise sport and sport, to enterprise projects in animal husbandry and related areas as the main investment direction. Through sport livestock after the chain operating income growth, mergers and acquisitions that year results significantly ahead of market expectations, prompted a series of capital operation sport animal husbandry's share price soaring. Since then, the so-called "PE+ companies", that is, PE/VC body with the listed companies within the industry to set up a partnership or buyout funds, looking for upstream and downstream industry chain enterprises, holding training after integration, when you reach a certain profitability, items sold to listed companies, cash out.  

in the process, management, PE in the course of becoming a "cow shares" production driver.

sunshine private buyout funds involved, in fact, is sunshine private investment in recent years a trend of PE. Many had only secondary private Sun, PE areas make the unboiled water. Han Jiang Guoyun letter asset, via companies era Bole, currently manages assets of more than 3 billion yuan, we have invested more than 30, 2015 over 40 years.