Cold outside air into China: behind the trap on the bet
In the third quarter, venture investment agreement in Hua Dacheng 59, totaling 964 million U.S. dollars
Filed over a month ago that the U.S. headquarters in an emergency meeting, Sequoia China, Managing Director Zhang Sijian still fresh in my memory.
9 October, the Silicon Valley in the heart of Sand Hill Road, Menlo Park, Sequoia Capital, 3000 Headquarters, 100 companies of the CEO who was suddenly summoned to meet. Participants of the CEO realized that the meeting was significant, their investors Sequoia Capital sure something big to announce, for a meeting like this in history only when the IT bubble burst in 2001 held only once.
When we sat down after more than 100 CEO, appears on a big screen “shocking” pictures: blue background showing a skull engraved tombstones, engraved: Rest in peace, good times!
Followed by Sequoia Capital partner turns the four speeches that how bad the current situation, the CEO who asked the audience to learn “like to spend the last dollar” as money, be prepared to cut expenditure in order to survive the economic winter. Founding partners warned that the humanitarian Glehen, CEO are not to think of as free-spending as before, and now either “timely wake up”, or “pack up and go home.”
Increased number of investment giant investment in China
Not just the United States shifted the direction of investment institutions to invest in China, with European investment companies have also begun to focus their investment to China tilted
Shouted to live frugally ready for the winter, “Sequoia” but did not stop investment in China's footsteps, CEO congress had more than 20 days, a new concept in China Purcell Sequoia company received a capital investment, according to a new concept Purcell CEO Peter Peng said that the amount of more than 10 million U.S. dollars.
“Prepared for the winter, not to say that the lack of investment capital.” Sequoia denies money invested, Zhang Sijian said, “A while ago we have just raised a number of quick money, hand it off now.”
Sequoia CEO meeting after the General Assembly on November 3, another U.S. investment giant Carlyle Group has brought together more than 400 meetings with investors, investors face in front of children, Carlyle's chief investment officer Bierkangwei ” cry from the poor. “
He issued a public report, Carlyle present, the major investment has been a very troublesome problem. Carlyle semiconductor companies such as Free-scale shares have been folded in half, HD Supply companies fell by 35%, while investment in Hertz car rental companies and fast food chain Dunkin Donuts can not be profitable this year. Face of hope for good returns for investors who head to these people he was a pot of cold water.
“Our future will be very few transactions, you can get from us, the dividend will also be very, very small,” Bierkangwei said.
“Poor-mouth” return “poor-mouth,” but Carlyle China did not slow down the pace a bit. November 28, named Hao, a Beijing civil education on the Carlyle Group was 50 million U.S. dollars of investment. Carlyle Group managing director and head of Wayne Asian Growth Fund, said despite the current turmoil in global financial markets, but the Carlyle-invested enterprises in China's support and does not decay. So far in 2008 alone, Carlyle Asia Growth Fund, the total investment in China reached 200 million U.S. dollars, including additional investment of existing enterprises as well as its three new investment projects.
Not just the United States shifted the direction of investment institutions to invest in China, with European investment companies have also begun to focus their investment to China tilted.
London-based Blue Oak Capital in June 2007 coincided with the subprime crisis intensified, companies involved in business in the United States due to the loss suffered by the staff turnover is also set off a wave, the company's core business — Research business unit head also Liaotiao Zi quit. In order to save the company, Blue rubber final ton output, stripping the U.S. banking business. Everywhere around the world, how to get it in the next move?
In mid-May 2008, several blue rubber capital began to appear in Xi'an national civil aerospace industrial base, after some investigation, they finally decided and the Xi'an International Investment Company Bank of America to set up a joint venture called Blue Oak Investment Chang Fund, this is the only Western first venture capital fund, the scale up to 100 million U.S. dollars.
China's overseas investment environment as “safe haven”
Blue Oak Capital that the critical international situation, they have a chance under the existing financial system to create maximum value, and ultimately achieve 20% to 25% rate of return
For the moment why the tension in the economy to increase investment in China is still in the November 14 Asian private equity venture capital forum held in Hong Kong on the eve of, Carlyle Group co-founder and Managing Director David Rubenstein at the “Asian Venture Capital Journal, “the author said,” compared to European and North American markets, investors in the next 3 to 5 years, the Asia-Pacific M & A is confident that China will be outstanding, I think we will see a considerable number of transactions completed here . “
Rubinstein emphasized that: “there is an advantage in Asia, the Asian compared to Western markets, the demand for low leverage transactions.” While private equity accounts for only 0.39% of GDP, the Asian economy, it began in a low investment starting point. He said, “Asian response to the economic downturn will be more flexible, and China will be Asia's most unique and attractive place to invest.”
In Xi'an, the capital investment fund Blue Oak China CEO Richard Conner told reporters that in the current context of global economic turmoil, the Chinese market stability, rapid economic growth, coupled with effective government regulation of financial markets, making European investors have more confidence than ever before in China. Blue rubber Chang that the international situation following the serious, they have a chance under the existing financial system to create maximum value, and eventually obtain 20% to 25% rate of return.
Market analysts believe that the signs from the current point of view, in the context of the international economic crisis, foreign investment institutions have regarded China as a safe haven for funds. Advisory body to China's investment market information analyst ChinaVenture Mao Geng said at present, in addition to blue rubber capital, along with Nokia Growth Partners Fund will be added for the Beijing office of the world's fourth largest, the strategic adjustment evident.
Dow's investment in market research “VentureSource” 11 ??24 China Investment Report released today shows that in the third quarter, venture capitalists invest in Hua Dacheng the 59 agreements totaling 964 million U.S. dollars, creating a Road Jones began tracking the Chinese market in 2001 the highest since. Three quarters of this year, total investment capital to Chinese companies as much as 3.29 billion U.S. dollars, while a total of seven years ago the year add up to the scale of investment funds, but 2.88 billion U.S. dollars.
“VentureSource” ????????director of global research, said, “Clearly, venture capital investment in emerging markets, people still retain a great enthusiasm, especially in financial services, consumer goods and consumer services in these three areas, their actual accelerated the pace of investment. “
In Xi'an, the capital investment fund Blue Oak China CEO Richard Conner told reporters that in the current context of global economic turmoil, the Chinese market stability, rapid economic growth, coupled with effective government regulation of financial markets, making European investors have more confidence than ever before in China. Blue rubber Chang that the international situation following the serious, they have a chance under the existing financial system to create maximum value, and eventually obtain 20% to 25% rate of return.
Market analysts believe that the signs from the current point of view, in the context of the international economic crisis, foreign investment institutions have regarded China as a safe haven for funds. Advisory body to China's investment market information analyst ChinaVenture Mao Geng said at present, in addition to blue rubber capital, along with Nokia Growth Partners Fund will be added for the Beijing office of the world's fourth largest, the strategic adjustment evident.
Dow's investment in market research “VentureSource” 11 ??24 China Investment Report released today shows that in the third quarter, venture capitalists invest in Hua Dacheng the 59 agreements totaling 964 million U.S. dollars, creating a Road Jones began tracking the Chinese market in 2001 the highest since. Three quarters of this year, total investment capital to Chinese companies as much as 3.29 billion U.S. dollars, while a total of seven years ago the year add up to the scale of investment funds, but 2.88 billion U.S. dollars.
“VentureSource” ????????director of global research, said, “Clearly, venture capital investment in emerging markets, people still retain a great enthusiasm, especially in financial services, consumer goods and consumer services in these three areas, their actual accelerated the pace of investment. “
Foreign investment has poured into the back of the “trap of the bet”
Financiers because of the high valuations are a large enterprise proceeds, but on the other hand, if the invested enterprise does not meet contract requirements, it is possible to pay all the cost of equity
Large number of foreign investments into, for many Chinese businesses access to investment, which means a windfall. Met a reporter to do the domestic market consulting business are just two months ago, his business has been a Goldman Sachs investment, “Fortunately, early hand, if delayed for two months to the transformation of Goldman Sachs as a bank, that This money may yellow. “
But for such a windfall, while others on the “sky out of Xianer Bing” remain vigilant. “Excited net” president Zhang He is one of them, he often received recently invited foreign investors, but these investments invitation, Zhang He has been the holdout do not need the money, said he would be “appropriate time to seek appropriate financing. “
Why is not required, Zhang He expressed the company's own capital more abundant, the current capital market downturn, the return through capital market is still very low; In addition, the economic situation is not good, the ability to provide the investment funds is also the number of people less asking price will be higher.
Traditionally, venture capital firms and investment institutions, once agreement has been reached, the financier will be for large enterprises with high valuation proceeds and investment institutions once the contract does not meet the required investment institutions, it is possible to pay all of Equity Enterprises the cost.
Prince Edward Lee, founder of milk tasted this way purely to gamble agreement on the “bitterness.” November 25, according to media reports, as dairy crisis, Prince of milk from 22 million to reduce the net assets to 200 million, just as the British Union, in late 2006, Goldman Sachs and Morgan Stanley injection 40%. Lee was forced to sign the final pure way of “irrevocable agreement” purification from the household. When a reporter's cell phone rang Lee pure passer, the passer-Chun Lee made no hair and hang up.
“In fact, the agreement on the purpose of gambling is not investing accounted for investors to take advantage, once to the stage to fulfill the agreement for both sides this is a 'lose-lose' agreement”, London, Greater China Asia Fund CEO medon Feng told reporters that “not only are investors losing their business, for investors who, he had to go looking for third-party professional managers to manage enterprises. agency costs than the original company's founder is much higher. So the current circumstances, enterprises set up on the bet when the agreement should be conservative, as far as possible accidents that may occur to take into account. “
Liu, CEO of Mi-off site has recently been busy looking for financing, so long ago he had just received SME venture capital fund and guide the Fund, Ministry of Science and part of the funds.
When asked why not venture outside to find such a deep-pocketed investors, he said, “offshore venture created as Sina, Shanda such a myth, and I am envious, but a number of friends to do the bloody internet business experience which, I learned a lesson, they are also evil angels, the slightest mistake will lead to very serious consequences. “
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