PE and VC prepare for gem: Set up RMB fund

Newspaper reporter Liu Zhensheng Chongqing report "Gem launched not only increased the VC, PE exit mechanism, but also encouraged the entrepreneurial spirit of entrepreneurship."　　"The Linong of German capital has given such an evaluation to the gem."　　Following March 31, the SFC announced the "first hair-shaped shares and on the Gem listing management interim Measures" (hereinafter: "Management Measures"), May 8, the Shenzhen Stock Exchange announced the "Gem stock market listing Rules (draft)" (hereinafter said: "Opinion draft"), which means that the footsteps of the gem is getting closer. "When the management approach comes out, we increase the number of researchers who specialize in domestic financial markets."　　"In fact, many private equity funds have set up renminbi funds in the past year to deal with the launch of the Gem," Zhang Yifa, a partner in ARC China, told reporters. Huang, deputy director of the Finance office of Chengdu High-tech zone, said that after the introduction of the "management measures", venture capital institutions visited the high-tech zone to increase the frequency. "Two days ago we have just received CITIC securities under the gold stone investment in charge, they come over to the main and High-tech zone to talk about some project cooperation." "VC more like the Prophase project, PE is concerned about the middle and late projects, from the wind into the park to see the situation, in line with the conditions of the gem, High-growth Enterprises more favored, the industry is mainly electronic information, bio-medicine two major categories."　　"said Huang. The establishment of renminbi funds "to set up a renminbi fund is with the Sichuan Provincial Business office communication, from the current progress, the fastest in June to register." We welcome private investors in the country to participate in the preparation of the Fund. "Zhang Yifa said.　　And the recruitment, the establishment of renminbi funds, ARC China has become a positive response to the introduction of the gem of the typical representative. Data show that Arc Chinese was founded in the first quarter of 2008, is located in Los Angeles, the private Equity investment fund ARC Investment, a wholly owned subsidiary, focused on clean energy and consumer sector companies, has been a stake in the Chengdu Wowo convenience chain, abundant energy,　　China Energy Recycling Co., Ltd. 5 companies.　　In Zhang's view, if the renminbi fund is not established, the investment project is a joint venture, not only when the exchange of foreign currencies needs to be approved at the level, and on the gem, the relevant departments to the offshore fund approval process will also increase, which will delay the fund's exit time. As for the threshold of listing stipulated in the "management measures", Zhang believes that the corresponding conditions and requirements are higher than those in Taiwan, which is very high compared with the United States. "SME on the gem is because of lack of money, if the threshold is high, for many entrepreneurial enterprises to help small, but the protection of the interests of investors has a positive effect."　　"he said.　　However, Zhang is concerned that the "management measures" set restrictions on investors in the gem, which may have a detrimental effect on liquidity. "After the launch of the gem, we will change the investment strategy, the original projectPerhaps because it is relatively small will not consider, and now if these companies have the hope to meet the requirements of the gem, they will pay attention to them again.　　Linong told reporters.　　Another important reason for the venture capital to stir up risks is the continued downturn of domestic and international capital markets under the financial crisis. Chinaventuer released the April China IPO market Research Report, April, the Chinese enterprise IPO only Wuliangye Wine series one of the largest dealers-the bank of Hong Kong exchange, Sohu's tour company landed Nasdaq, the financing amount of 1.035 billion Hong Kong dollar, 120 million U.S. dollars respectively.　　The overseas IPO, completed in May, is the Liaoning Zhong Wang Group, which is listed on the Hong Kong stock Exchange. Huang also said that venture capital to the high-tech zone is mainly to see a number of enterprises to the upward gem. "Domestic IPOs have not been started, overseas markets are not good, so they (VCS) certainly want to find a better exit channel of the project investment." "Competition pattern change in the withdrawal arrangement, the draft of soliciting opinions stipulates that the controlling shareholder and other shareholders other than the actual controller shall, if they are in the six months prior to the issuance of an IPO application by the issuer (on the basis of the official acceptance date of the CSRC),　　If the spontaneous pedestrian stock is not transferable within 12 months from the date of listing, and undertakes to sell the shares within 12 months to 24 months from the date of the listing of the spontaneous pedestrian stock, it shall not exceed 50% of the shares held by it and 24 months later, the remaining shares may be sold.　　Shares held by shareholders six months ago shall, in accordance with the provisions of the company law, be transferable after one year from the date of listing.　　Zhang Yifa said most VCs would have taken a stake in the 6-month period, while the ban in the United States was 6 months, so the 1-year lock-up period was not long.　　Nevertheless, many organizations are still indifferent to investment actions. "Gem launch is certainly a positive, but IDG investment activities are relatively normal, there is no significant change."　　IDG Vice President Chen Hongwu told reporters on the phone. Qing ke group researcher Zheng Xingmei also thought, "Everybody (refers to the venture capital) has waited for many years, now already is with the peaceful mentality treats."　　However, behind the calm, there are also market participants worried that the development of the gem will aggravate the competition between VCs. Linong said that in the previous few years, foreign PE in China's market share is very large, about 85%-90%, now the proportion of the reduction, accounting for 60%-70%, and the RMB fund also began to become a hot spot. "The launch of the gem will certainly change the external strength of the weak situation." However, the investment agency is a wave of visits to many projects, which will undoubtedly exacerbate competition.　　"Linong said. Zhang Yifa, however, says there is no clear sense of increasing competition. "Overall, domestic gem in the maturity, the threshold compared with foreign countries do not have advantages, so the competition between venture capital, it is estimated that it will take some time to reflect."　　"he said. However, "as the gem market is perfected,More and more investors will participate in the venture capital industry, the increasing competition will be inevitable trend, the strength of the existing funds and team management capacity will bring challenges.　　Zhang added. Linong said that private capital should remain calm, not blindly into the venture capital industry, especially for the financial strength is not strong investors. "Because venture capital has a high demand for investors ' vision and experience, blind investment will not only lead to disorderly competition in the industry, but also cause unnecessary losses to investors themselves." "He said that a few years ago when the gem was launched, there was a large influx of capital, the result is mostly difficult to survive."