China's industrial capital set off overseas "bottom-copying" boom

Cao Yuan Shenzhen reported that "universities and research institutions in the United States have a lot of research results, but suffer from no institutional investment, if the Chinese venture to attract the past, then will win."　　"One of his friends is planning to attract Chinese venture capital overseas," a shanghai-based fund source said. More than more than 10 years ago, European and American venture capitalists such as KKR, Blackstone, Carlyle, TPG, Goldman Sachs, Morgan Stanley, UBS and Lyon entered China, and the lucrative gains made Chinese capital aware of the idea of a venture. In recent years, with the development of multi-level capital market, local venture investment also began to rise, has formed the ability to invest overseas.　　And some steps have been taken, such as setting up dollar funds and investing in American companies on a small scale.　　More national investment companies and China's private capital with the help of overseas ventures, copying the bottom of Europe and America industries.　　However, in the face of domestic investment in a favorable return and unfamiliar market overseas, the local venture abroad did not form the scale of foreign investment.　　It's time to go out. China's capital has strengthened overseas investment in the wake of the debt problems that have plagued Europe and the United States. Recently, the US real Estate Fund and the Connaught Income Real Estate Fund two only aimed at overseas real Estate Trust Certificate (REITs) of the QDII fund to obtain management approval issue, the former main investment in the United States market, the latter to the United States, Canada and other countries. More qdii funds are pending, oil and gas resources have become a lot of qdii's land.　　CSRC website Information shows that the recent oil and gas funds ushered in a centralized reporting period, Warburg Xingye Oil and gas upstream fund and the petroleum and oil funds have been issued, Huaan and international oil is still pending. Industrial capital is not to be outdone. At the end of August, China-kun group chairman Huang Anger Wave plans to invest 200 million of dollars in Iceland to buy the equivalent of 1/4 of Hong Kong Land, the development of tourism news.　　Before this, Shimao Group, Wantong Real Estate, Chongqing Tianlong are also in overseas take the house. The National Development and Reform Commission on its Web site announced a number of overseas projects for Sinopec, PetroChina and CNOOC to be approved last month. Among them, Sinopec's three approved projects include: acquisition of total Angola 31 Block 5% Equity Project, acquisition of Marathon Oil company held in Angola 32 block 10% Equity Project, acquisition of Chevron in Indonesia Macassa, Rampac and Ganner three blocks 18% interests. PetroChina has been awarded a project for PetroChina Group to invest in the risk exploration and pilot project in the eastern margin of the Caspian Sea basin in Kazakhstan.　　CNOOC was awarded a project to participate in the development and construction of Curtis LNG in Australia. Traditional financial capital, such as banks and insurance, accelerated the pace of overseas expansion after 2008 years.　　ICBC acquired a majority stake in the US subsidiary of Bank of East Asia earlier this year.　　For China's venture, they have also entered overseas markets. "In the last two years, local VC companies have started to raise money overseas," he said.　　"Shenzhen Venture Capital Association secretary general Wang said. At the end of last year, Jiuding, Fortune, CITIC Industrial Fund has completed the collection of dollar funds, with the creation of Albert, the East Rich Sea, open a letter to create investment, with the creation of Albert and other local ventures have been launched or planned to raise. Fortune President Bing introduced, the United States dollar Fund's main partners are overseas FOF funds, but also some Chinese companies.　　The latter invests money in this dollar fund in the form of overseas investment. However, the investment of local venture capital overseas is still limited to the quasi-red-chip enterprises. "The market is fast, the demand is low, the average return on investment is similar to RMB capital."　　"Bing said. Diversified to sea other venture capital institutions are not limited to the investment of red-chip enterprises, directly to Europe and the United States. For example, according to Shenzhen Li-Chuang Investment Co., Ltd. Project manager, this February, the venture capital invested in Tsinghua North America's Entrepreneurial Center, a project, investment of 750,000 U.S. dollars.　　This is the real sense of local VC investment overseas projects case. In 2004, Caimas, Is. registered a 2 million dollar international Investment fund in the hope of investing in High-tech companies in the United States and Japan through the Fund. After more than a year of investigation, the United States in Silicon Valley investment in the technology, has invested 3.3685 million U.S. dollars, accounting for about 6% of the company's shares. However, the main business of the technology is also in China, is an alternative red chip company.　　But at the beginning of this year, the Tsinghua North American venture capital invested in the project operations of all the North America. Some private capital invests in Europe and America market indirectly by investing overseas venture investment. Wenzhou SME Development Promotion Association president Zhou revealed that Wenzhou Capital has appeared to participate in foreign PE, VC institutions investment phenomenon.　　This year, Wenzhou, a clothing company chairman Yi shares a local venture capital company in New York, become one of the main sponsors.　　While China's venture has begun to go out, the pace is still cautious. On the one hand, China's domestic market still has a good yield. "Why roamed?" "said the chairman of a VC company in Shenzhen.　　Fortune President Bing also believes that, looking around the world, China's IPO offers a relatively high p/E ratio and a higher return on capital. On the other hand is not familiar with the operation of overseas ventures.　　Wang that every country has its own laws and culture, and that China's home-grown approach is often unworkable overseas. The project manager, who is in charge of overseas investment, has also cited overseas investment and local investment as a big difference.　　For example, in a venture capital due diligence report, a legal opinion on a domestic project can only be completed by a company's legal adviser, and overseas investment must be operated by an independent law firm, which is expensive.　　In the course of the project operation after the investment, if invest in local enterprises, because of cultural and communication Common, VC company also easy and the managers of the investment enterprises to interact, but if invest in overseas enterprises, because of cultural language barriers, this communication cost will be much higher. Joint venture investment in overseas investments and Tsinghua has a source, and its managers are also Chinese, the communication is no problem. Anti-View overseasVC in China's domestic investment, but also to recruit more Chinese to complete. But in terms of overseas investment, it is understood that only the venture capital has invested in Silicon Valley experience. In 2004, Shenzhen, Secretary-General of the Venture Capital Association of Wang, said that the recent poor performance of overseas markets had also hindered the massive investment of overseas markets by local VC companies. Share to: