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  China 'at the Epicentre' of the Private Equity World
Reported by Proactive Investors on Friday, 20 November 2009 (on November 20, 2009)
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China 'at the Epicentre' of the Private Equity World
China’s private equity sector has long been dominated by foreign firms drawn to the rapidly expanding economy and welcoming investment environment. While private equity investment in China currently represents only 0.2 percent of GDP, compared to 1.8 percent in India and 3.5 percent in the US, global giants such as The Carlyle Group and Blackstone Group have recently announced plans to expand their presence in the country by establishing RMB Funds under the Shanghai Pudong New Area pilot policy announced in June. Yuan-denominated funds will allow foreign firms to establish Chinese subsidiaries, thus gaining access to China's huge domestic savings and avoiding regulatory red tape. The government will in turn extend favorable policies to domestic players such as proactive recommendations on investment opportunities and tax incentives.
Highlighting the growing sentiment among private equity professionals, David Rubenstein, Co-Founder and Managing Director of The Carlyle Group, declared at the Beijing Global Private Equity Forum that China is "by far the most attractive emerging market in the world" and "probably the most attractive market in the world". He compared private equity in China to private equity in the US in the 1960s and 1970s, telling the audience that China's private equity industry has a unique chance to participate in the growth of the Chinese economy.
Blackstone Group CEO Stephen Schwarzmann said of his firm’s efforts to raise money in Chinese currency following the launch of a domestic Chinese fund management company, "We see this as the start of a more wide-ranging expansion in China. China is a required course, not an elective, for any sensible global financial institution."
As domestic firms fund small and medium enterprises (SMEs) and become better-equipped to compete with global giants such as Carlyle and Blackstone, China's “homegrown” private equity industry is expected to reach RMB 1 trillion ($147 billion) over the next five years from less than RMB 100 billion now. “Of the 28 companies newly listed on the ChiNext, 20 had drawn investment by private equity or venture capital funds before the initial public offering (IPO). The average price to earnings ratio of the 28 firms remains above 56, promising lucrative returns for the pre-IPO investors.”
China’s vast landscape of opportunities and fast-tracked development sets the groundwork for a high level of growth in the nation’s private equity sector. "In my lifetime, China will be the largest economy in the world and I suppose the Chinese private equity market will become the largest private equity market in the world," Rubinstein said, adding, "China is now at the epicentre of the private equity world.
ARC China is pleased to have a strong position “on the ground” in China and understands that it takes an experienced diligence team and proper deal structuring to take full advantage of the opportunities offered in China-focused private equity.
Adam Roseman, Founder & CEO ARC China China’s Q3 VC investments nearly triple quarter-on-quarter
Venture capital (VC) investments almost tripled quarter-on-quarter in China with $630.43 million in Q3, compared with $211.49 million a quarter earlier.
The number of VC investment cases in China increased by 161.1 percent to 94 in Q3 from 36 in the earlier quarter. In Q3 of 2008, the number was 86 but investment totaled $1.026 billion.
Average investment per case was $6.71 million in Q3, up 14.2 percent from the earlier quarter's $5.87 million, but down 43.8 percent from $11.94 million in the same quarter of 2008.
Foreign VCs, which have been dominating the industry in China, are now facing head-to-head competition from their domestic peers. The number of cases carried out by domestic VCs for the first time surpassed that of foreign VCs in Q2 of 2009; this happened again in Q3.
Domestic VCs disclosed 61 investment cases in Q3, accounting for 64.9 percent of the total. The sum of investment for domestic VCs reached $295.6 million, compared with the industry's total of $630.43 million in Q3 in China.
Most of the investments happened in the development and expansion stages of a target company, especially the development stage which saw 51 cases in Q3, accounting for 54.3 percent of the total.
Beijing and Shanghai were the most favorable destinations for VC investments. Beijing topped the list with 21 investment cases totaling $154.67 million; Shanghai was in second place with 17 cases but saw a higher investment of $240.26 million in Q3.
Source: China Daily China Allocates $73 Billion Central Investment for Stimulus Plan
China has channeled RMB 497.9 billion ($72.9 billion) of central investment by September for the stimulus package to shore up the economy.
The figure accounted for 42.2 percent of the total amount of RMB 1.18 trillion central budget ear-marked to boost the recovery.
The government unveiled the RMB 4 trillion stimulus package in November last year to be spent over the next two years to bolster the world's fastest-growing economy, with RMB 1.18 trillion from the central budget.
"The government has adopted an active fiscal policy to cope with the global financial crisis in the past year, which proved to be effective," Ding Xuedong, vice minister of China's Ministry of Finance, said China's fiscal expenditure grew at a faster pace of 23 percent year-on-year for the first 10 months this year to RMB 4.99 trillion, triple the pace of revenue growth.
Source: China Daily China Starts Pilot Project To Finance Enterprises With IPR As Collateral
China has launched a national pilot project to provide loans to companies that are eligible to put up their intellectual property rights (IPR) like patents as collateral.
The State Intellectual Property Office (SIPO) had decided to launch such projects in cities including Beijing, Shanghai and Guangzhou.
Six Chinese lenders, including Industrial and Commercial Bank of China and China Construction Bank, signed agreements worth RMB 1.308 billion ($186.86 million) in loans with 18 enterprises.
Previously, banks in China offered mortgage loans mainly on tangible assets like plant and equipment, leaving technological innovation-oriented enterprises difficult to get financial support from banks.
Source: China Daily Hu Makes 4-point Proposal To Boost World Economy
Chinese President Hu Jintao put forward a four-point proposal to boost economic growth and revive the world economy during a speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Singapore.
In his speech, Hu also briefed Asia-Pacific business representatives on China's policy measures to counter the international financial crisis, and expounded China's views on enhancing cooperation and boosting economic growth in the Asia-Pacific region.
The four points of the Chinese president's proposal are: strongly promoting trade and investment liberalization and facilitation; pushing forward regional economic integration through multiple channels; a renewed effort to advance reform of the international financial system; and accelerating transformation of economic development patterns with innovative ideas.
Hu said China had introduced a number of policy measures to counter the international financial crisis, which has brought unprecedented difficulties and challenges to the Chinese economy.
He said the country had provided a timely adjustment to its macroeconomic policies, and introduced a proactive fiscal policy and a moderately easy monetary policy.
"We adopted a stimulus package and relevant policy measures, and have improved them in the course of their implementation," the Chinese president said. "Our focus in countering the crisis is to expand domestic demand, especially consumer demand."
Source: China Daily China To Build Its Buying Power
China vowed to vigorously boost domestic demand and voiced its strong opposition to protectionism, saying both are key to bolstering the fledging global recovery.
"The world economy has shown positive signs of stabilization and recovery," President Hu Jintao told the Asia Pacific Economic Cooperation (APEC) CEO Summit.
But he cautioned that the economic upturn is not firmly established, with unsustainable patterns of global growth and major deficiencies in the international financial system.
In the face of the crisis, China has adjusted its macroeconomic policies. It has introduced a proactive fiscal policy and a moderately easy monetary policy, and implemented a stimulus package.
The policies are conducive to the steady and relatively fast growth of the Chinese economy and has also helped "the international effort cushion the impact of the financial crisis and restore world economic growth", the president said. The president voiced China's strong opposition to the persisting protectionism, which he claimed is detrimental to global economic revival.
“Protectionism will not help any country move out of the crisis. It can only pose a threat to the fragile momentum of economic recovery," he said.
The president stressed that only with trade and investment liberalization and facilitation can the world achieve economic recovery and growth.
The international financial crisis has fueled trade and investment protectionism in several areas, and developing countries, in particular, have been victimized by an increaseing number of unreasonable trade and investment restrictions
China has become one of the biggest victims of protectionist measures, Vice-Minister of Commerce Yi Xiaozhun had said. In the first nine months of this year, 19 economies launched 88 probes into Chinese products, involving $10.2 billion of exported goods.
Source: China Daily China’s Economy Strengthens, Boosting Calls for Yuan Appreciation
China’s industrial production and trade surplus climbed in October, indicating a strengthening recovery in the world’s third-largest economy that’s likely to amplify calls to let the yuan appreciate.
Production rose 16.1 percent from a year before, the most since March 2008. Retail sales gained an annual 16.2 percent in October. The trade surplus almost doubled from September, to $24 billion, as the slide in exports eased to the slowest pace this year.
The central bank said foreign-exchange policy will take into account global capital flows and changes in major currencies, prompting speculation it will allow the currency to strengthen. The yuan’s peg to the dollar since July 2008 has left it dropping along with the U.S. currency against the euro and yen.
Policy makers will improve the setting of the yuan’s rate in a “proactive, controlled and gradual manner and based on international capital flows and movements in major currencies.” Officials have previously aimed to keep the yuan “stable.”
The PBOC also suggested that policy makers are attuned to the danger that China’s record stimulus efforts will cause asset prices to climb as economic growth strengthens. Central banks should consider “broad” measures of price stability, rather than just consumer prices.
“It shows the central government has concerns about a massive rise in property and equity prices, because consumer price inflation isn’t an issue at the moment,” said Paul Tang, chief economist at the Bank of East Asia Ltd. in Hong Kong. “Beijing wants to signal that they will make a gradual move from the current loose monetary policy.”
China’s officials have already indicated they intend to tighten lending terms after an RMB 8.92 trillion ($1.31 trillion) boom in new loans in the first 10 months of the year. Credit growth eased in October, with banks extending RMB 253 billion of new local-currency loans, compared with RMB 516.7 billion in September.
China’s policy makers are facing pressure to let the currency rise, World Bank President Robert Zoellick said. He predicted that the government will allow the currency to become more “internationalized” in coming years.
China has maintained the currency’s value at around 6.83 against the dollar since July 2008, after allowing it to rise 21 percent in the previous three years.
Source: Bloomberg China To Gradually Liberalise Exchange Rate
China was closely watching international capital flows and would gradually liberalise the RMB exchange rate, Deputy Governor of the People’s Bank of China (PBoC) Ma Delun said.
“Capital inflows have caused an imbalance in balance of payments. This added to the confusion over monetary policy. We are looking at stimulating domestic demand and our foreign exchange policy will play an important role”.
Delun said inflation was a concern for China just as it was for India since the Chinese Consumer Price Inflation (CPI) had turned positive in July and recorded a growth of 0.5 percent and 0.4 percent in August and September, respectively.
“China is looking at striking a balance between inflation management and expectations of growth, and will closely watch other nations’ stimulus exit policies,” he said.
Delun said the need for an alternative global currency had been mooted by many countries and China had also suggested International Monetary Fund’s Special Drawing Rights as one possible alternative. “The matter is still in the discussion stage,” he added.
Source: China Daily Beijing Seeks A Head Start In The Race To Go Green
China will embark on the road to a low-carbon economy in its next-five year plan.
The decision is a result of a growing sense of necessity. China is a huge land mass with diverse climate regimes, all subject to the effects of climate change.
The Chinese leaders are moved by a sense of urgency. Following the traditional economic model is not an option: resource, social and environmental constraints make it impossible. They are also aware of the danger that rapid growth will lock China into industrial and urban structures that will become a liability in a low-carbon world.
Moreover, they want to be one of the leading providers of clean technologies. China is already a world leader on solar power, heat and wind turbines and is rapidly developing key technologies for electric vehicles.
The low-carbon road map proposed for inclusion in the 12th five-year plan (2011-2015) is partly based on a set of energy demand scenarios produced by the Chinese Energy Research Institute. One adopts a continuation of current trends that will result in the production of nearly 13 billion tons of CO2 per year by 2050. A second, produced as a “low-carbon scenario”, reduces emissions to nearly 9bn tons. A third, more radical “enhanced low-carbon” scenario would produce peak emissions around 2025, reducing to 5 billion tons by 2050.
In each scenario China would continue its economic growth. However, the Chinese believe significant reductions can be achieved by decoupling growth from greenhouse gas emissions, as Sweden has done.
The Chinese plan is to reduce energy consumption per unit of GDP by 75-85 per cent by 2050. It will be achieved through Industrial restructuring and efficiency gains in every economic sector, including new low-carbon cities that avoiding suburban sprawl and prioritizing public transport.
This will be complemented by much higher efficiency in fossil fuel use, a shift to renewable energy and the use of carbon capture and storage (CCS).
By 2050, 64 percent of China’s economy is expected to be in services and 3 percent in primary industries such as mining, compared with 40 percent and 12 percent today.
During the 12th five-year plan, energy-saving measures and new energy sources could reduce carbon emissions per unit of gross domestic product by 20-23 percent or possibly more.
The energy mix will progressively change. In the medium term there will be an increase in renewable energy and nuclear power, with 50 per cent of generating capacity coming from low-carbon sources by 2030. By 2050 all new power sources will be low carbon. Technology will be critical. Much can be achieved by adapting existing technologies to Chinese conditions. But if the enhanced low-carbon scenario is to be followed it will require innovation and technology sharing on a global scale.
Source: Financial Times Slowing Growth Does Not Deter Wind Power's Long-Term Promise
China's wind power industry is still promising in the long run, although the growth rate will inevitably slow down compared to that of previous years.
The installed capacity of China's wind power increased from 402 MW in 2001 to 12,150 MW in 2008, with a growth rate higher than the world average since 2004.
Frost & Sullivan estimated the cumulative installed capacity of China wind power to exceed 100 million kilowatts (kW) in 2020, which indicates a compound growth rate between 20 percent and 30 percent from 2009 to 2020 -- far below the previous rate of nearly 100 percent.
Frost & Sullivan said it sees great investment opportunities in wind farm construction, wind power equipment manufacturing and related industries.
The forthcoming revitalization plan of the Chinese government for the new energy industry will increase the installed capacity of wind power substantially.
By 2020, the total capacity is expected to exceed 100 million kW, and the following six wind power bases with capacities of more than 10 million kW capacities are the key national projects.
The Jiuquan, Gansu, 10-million-class wind power base has a planned total installed capacity of 35,650 MW, and has completed the tendering of the wind turbines for the first stage of construction.
The other projects are the Hami, Xinjiang Uygur autonomous region, planned 20 million kW base, Inner Mongolia planned 50 million kW base, Hebei planned 10 million kW base in coastal and northern areas and the Jiangsu planned 10 million kW base.
Current investors in China's wind power farms are mainly central or local State-owned electric power and energy enterprises, with few private or foreign enterprises.
For the installed capacity added in 2008, the five major power generation and energy groups accounted for approximately 76 percent. This indicated the increasing concentration of wind power operators.
At present, the domestic wind power equipment manufacturing industry has formed a production system covering blades, gear boxes, generators, towers and other main parts. Among these, blade and turbine manufacturing is experiencing over-capacity, while there is still a shortage in production for the bearer.
Considering the supply and demand for wind power equipment, the amount of blades and turbines currently under construction exceeds the estimated market demand for the next two years, which leads to overcapacity.
According to the wind power development plan of the Chinese government, an additional 10 million kW and 12 million kW capacity will be introduced in 2009 and 2010, respectively.
However, the major domestic turbine producers plan to expand their effective capacity to around 11 million kW and 19 million kW in 2009 and 2010, respectively.
The top three enterprises in wind power -- Sinovel Wind, Goldwind Science & Technology Co. and Dongfang Electric Corp -- are estimated to own a combined capacity of 7.6 million kW in 2009, 11 million kW in 2010 and 15 million kW in 2011.
Besides the three giants, there are about 60 to 70 medium-sized wind power turbine manufacturers, which started their re-search and development (R&D) around 2006 and 2007. They are expected to proceed to the small-batch production stage in 2009 and 2010.
These manufacturers will have to face the fierce competition of market share in the next few years when overcapacity brings down price and profit margins. However, the current gross profit margin is barely satisfactory.
The number of blade manufacturers increased rapidly in recent years. In the meantime, the wind turbine producers tended to produce their own blades because it accounts for a large portion of the whole value of a machine. This led to fast growth in capacity, which exceeds the future market demand.
However, there are investment opportunities in the manufacture of bearings. There are limited companies that are capable of producing yaw bearings and pitch system bearings, while the main bearings of wind power generators rely almost entirely on imports. The market for bearings will not reach a balance in a short time. The high margin of bearings will remain in place for a relatively long time.
Source: China Daily
Fashion Firms Shop For Western Brands
After decades of Made-in-China garments, China's fashion industry is eager to move on from being just a mass manufacturer of clothes. It wants to own Western brands and to sell them to China's 1.3 billion consumers.
The right to sell brands of several international fashion labels locally, such as Aquascutum and Pierre Cardin, has been recently acquired by Chinese clothing makers and sellers. And the list of Western brands up for sale is only expected to get longer as retailers continue to reel under the weight of a global recession.
"Acquisition opportunities do increase a lot out there, but investment risks also increase when many of these acquisition targets are struggling to survive," said Ryan Tsang, a senior director of rating agency Standard & Poor's. Hong Kong-listed China Dongxiang, which acquired ownership of Italy's Kappa brand at Chinese mainland and Macao markets in 2006, is on the hunt again for new targets in the US market.
Dongxiang is not alone. China Investment Corp (CIC), the $200 billion sovereign fund, is showing interest in some top brands in the West. YGM Trading, a Hong Kong garments seller, agreed to buy the Asian intellectual property rights to Aquascutum, one of Britain's historic luxury fashion brands, for about $22 million.
Thanks to a $586 billion stimulus package and record lending by the country's State-owned banks, China is likely to hit the government's tar-get of 8% growth this year. This stimulus has helped sustain the rise in incomes of Chinese shopers, who are increasingly viewed as a rich seam of profit for luxury and fashion brands.
Source: China Daily
Tesco Plans £100 Million Joint Venture In China
Tesco is to invest about £100m ($165m) in a joint venture with a group of Asian investors to build three large shopping center developments in China, as Britain's biggest super-market operator pushes into the country's rapidly growing retail market.
The retailer will form a 50-50 joint venture with HSBC Nan Fung China Real Estate Fund, Metro Holdings of Singapore and Nan Fung Group of Hong Kong.
One of the sites to be included in the joint venture will be Tesco's first Chinese shopping center development, a 500,000 square foot retail, entertainment and residential centre at Fushan in the northeast of the country. As well as the center in Fushan, the partnership will also open two other malls in northern China, in Anshan and Qinhuangdao.
Each mall will have a Tesco hypermarket as its anchor tenant, with two of the centers being mixed-use developments. The structure aims to allow Tesco to expand in China in a capital-efficient way.
“It is very encouraging that our fellow investors see the scale of the opportunity in China and the appeal of these exciting develop-ments in the country's growing northern cities,” said Lucy Neville-Rolfe, Tesco's corporate and legal affairs director.
If the first centers are successful, Tesco could roll out a series of malls in China, a country that Clive Black, an analyst at Shore Capital in London, expected “to become a growing focus of investor interest in Tesco” over the next few years.
Mr Black added that Fushan “reminds Tesco of Korea over a decade ago, with a very limited retail infrastructure. Accordingly, Tesco seeks rapid expansion in under-invested but large cities on the eastern seaboard of China with 22 opportunities in tow for the next 24-36 months.”
Source: Financial Times PE Firms Seek to Acquire Morgan Stan-ley’s Stake in Chinese Investment Bank
Morgan Stanley is looking to sell its 34 percent stake in investment bank China International Capital Corp. Private equity firms Bain Capital and General Atlantic are among those eyeing the stake in CICC, China's largest investment bank, in a deal that could fetch more than $1.2 billion.
The bank wants to sell because its role in CICC has been reduced to that of a passive investor and it wishes to continue to bolster its balance sheet. Because Morgan Stanley already has one joint venture, regulators will not approve another one.
Morgan Stanley won approval from Chinese regulators early last year to sell its stake in CICC, but it took it off the block when bids came in too low. Now that the market has bounced back, it is trying again.
Source: Reuters Phoenix New Media Raises $25 Million
Phoenix New Media announces the signing of an investment of $25 million from Morningside Ventures, Intel Capital and Bertelsmann Asia Investment Funds, subject to various closing conditions. Phoenix TV media group remains the controlling shareholder upon the success of the financing.
"We see an inevitable trend from traditional media to new media," said Mr. Liu Qin, Partner of Morningside Ventures. "Phoenix New Media achieved great progress in past three years and positions as a mainstream, unique and high end brand in the market. We are confident about its market value and business prospects. "
"The new media market in China offers immense potential," said Richard Hsu, Managing Director of Intel Capital China. "It is a revolutionary shift in how people access information, consume entertainment, and interact with their society. Our investment highlights our continued commitment to fostering this innovation culture in China."
Ms. Long Yu, Bertelsmann Asia Investment Funds, said, "With our operation experience in 65 countries worldwide, we are confident about the expertise of ifeng.com, its strong capability in resource integration, powerful management team, and sharp positioning among audiences. The innovation and progress of media convergence in China and Asia Pacific markets have strong influence on global media companies such as Bertelsmann and at large."
Phoenix New Media focuses primarily on 100 million mainstream neti-zens, providing valuable information through integrated communication platforms. The ifeng.com and wap.ifeng.com are dedicated, comprehensive portals to serve audiences with news, information generated from in depth interviews and commentary columns; provide products and services in finance, social networks and interactive sectors through video and audio formats, leveraging influential resources from Phoenix Media Group. The key features offered by Phoenix New Media successfully address neti-zens' diverse needs about information, expression, interaction and entertainment. Phoenix New Media ranks top 5 among Chinese language portals, has high profile audiences who are well educated, economically potential and are of managerial and professional positions. Phoenix New Media offers highly effective ROI to customers through its sharp positioning, insightful content, integrated platform and brand power.
Bertelsmann Asia Investments (BAI) is wholly owned by Bertelsmann AG (Bertelsmann) and is headquartered in Beijing. BAI focuses on early-to-growth stage investments particularly in the new media, education and BPO sectors. As Bertelsmann's strategic investment arm in Asia, BAI actively seeks investment and strategic partners in China.
Source: Zero2IPO Beijing Goldenway Bio-Tech Raises $11.7 Milion
Tsing Capital announced an investment of $11.7 million into Beijing Goldenway BioTech Co Ltd ("BGB") under its "China Environment Fund III", representing the second round of venture capital injection for BGB. The investment will be used to expand the Company's kitchen waste treatment stations and microbial factories. Tsing Capital is the sole investor of this round.
BGB, a Sinoforeign joint venture company established in 2001 in Beijing, specializes in the use of microbial resource recycling technology to convert kitchen waste into microbial protein feedstuff and microbial fertilizer additive. Its proprietary technology is effective in treating the complex nature of Chinese kitchen waste, which is an ideal solution to a major prevailing environmental concern in China. The high-end nature of BGB's by-products derived from its processing systems ensures that the Company's model is both commercially viable and sustainable. With strong support from the Chinese government, BGB has set national standards on kitchen waste processing technology. BGB was designated by the Beijing Olympic Organizing Committee as the exclusive kitchen waste processing service provider for the Olympic Athletes' Village. BGB is supported by several world renowned institutions, including Goldman Sachs, Tsing Capital, Continental Grain and Bright Food Group.
Source: Zero2IPO AES Raises $1.58 Bn In New Capital
The AES Corporation (NYSE: AES) announced a binding stock purchase agreement with a wholly-owned investment subsidiary of China Investment Corporation (CIC) to raise $1.58 billion of new equity to fund growth opportunities and extend its global leadership in the power sector. At close, CIC will acquire 125.5 million shares of AES stock for $12.6 per share for an approximate 15% stake in the company. AES also announced the signing of a letter of intent with CIC to raise an additional $571 million of equity for an approximate 35% interest in its wind generation business.
AES, with headquarters in Arlington, Virginia, owns and operates a diverse portfolio of power generation and distribution businesses in 29 countries. More than two-thirds of AES' revenue is generated outside of the United States. AES seeks to invest in high-growth areas of the power sector, including renewable energy and emerging markets.
CIC is a long-term institutional investor operated on a commercial basis. Following the closing, CIC will nominate a director to join the AES board, which currently has 10 members.
Paul Hanrahan, President and CEO of AES, stated, "We see tremendous potential for growth in meeting demand for affordable and sustainable power throughout the world. Having CIC as a partner will enhance our financial flexibility, provide capital needed to move more quickly on our project development pipeline, and offer broader access to high quality investment opportunities."
The stock purchase agreement is subject to completion of regulatory reviews and receipt of applicable approvals, including the Committee on Foreign Investment in the United States and the antitrust review under Hart-Scott-Rodino Act. Approvals are expected to be completed during the first half of 2010. The letter of intent is concerning CIC's investment in AES Wind Generation. The final execution of the terms in the letter of intent would be subject to additional due diligence, completion of final documentation and regulatory approval.
Source: Zero2IPO
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