Citic produces Liu: Gem multiples may last two or three years

December 9 News, the ninth China venture capital and private equity investment forum, CITIC Industry Fund chairman Liu said, Citic Industry investment began this January investment business, will be formally established next week, the industrial scale of 9 billion yuan, focusing on financial consumption of raw materials and machinery manufacturing areas. 12 deals are expected throughout the year. Late November, the resignation of Wu, the executive vice president of Lenovo, left Citic Industrial fund in the spotlight again. For Wu to join, Liu Frankly said: "This gives you very clear signal, we invest in management has a dedicated team and personnel responsible." It is understood that Citic Industrial fund within the existing 10 people's investment management team, they have international companies similar positions more than 10 years of work experience, but also local talent.　　So far, the CITIC Industry fund has made 10 transactions a year, with two more recently to end. The future will enter the international market Liu that China's PE market is still in its infancy, China's real qualified LP is not a lot. "Many investors have just begun to touch PE and are more cautious, which is normal," he says.　　"Therefore, for professional and capital stability considerations, CITIC Industrial Fund will enter the international market, in order to achieve greater development of the company." Gem 100 times times the bubble unsustainable Liu that 100 times times the bubble is unsustainable. On the other hand, with the economic recovery, the loose monetary policy belt and capital markets such as the stock market, the short-term price-earnings ratio of the gem is likely to last for two or three years. This will put great pressure on some small PE funds.