【英语中国】中国重启IPO不解PE“退出”难 China’s IPO window remains barely ajar for private equity

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所属分类:双语中国

2014-1-11 08:46

小艾摘要: Asian private equity managers have poured cold water on hopes that the re-opened market for initial public offerings in China will spark a flood of profitable sales and free the industry to raise more ...
China’s IPO window remains barely ajar for private equity
Asian private equity managers have poured cold water on hopes that the re-opened market for initial public offerings in China will spark a flood of profitable sales and free the industry to raise more money and to stimulate deals.

Private equity investors across Asia, and especially in China, have struggled to exit investments because IPO markets have been sluggish in Asia broadly and closed in China.

Buyout groups in Asia have relied on stock listings to sell out of their investments, and a wave of exits in China had been expected once markets opened again this month.

But private equity investors and managers now realise that their companies are at the end of a queue of 700-plus IPO hopefuls in China.

David Pierce, a partner at Flag Squadron, the Asian arm of a global fund-of-funds business, said private equity groups must be more realistic about their options for some investments.

“The idea that the IPO window reopening is going to solve all of our problems is just not true,” he said.

A survey by consultants EY and data providers Mergermarket found that the Asian private equity industry expected a long wait until it could again use IPOs as an exit route.

The industry saw just 20 IPOs raise $2.8bn across Asia in 2013, but there were 166 trade sales worth $31.5bn.

In contrast, more than half of last year’s European IPOs were private equity-backed companies, and the US also saw some big private equity exits such as the $2.4bn raised by Blackstone-backed Hilton Hotels.

Eric Solberg, head of private equity investment group EXS Capital, suggested that a strong public equity market would hamper Asian private equity groups.

“A successful IPO market will make it harder for private equity firms to gain control [in new investments] and means we will likely have to pay more for deals?.?.?.?If the market heats up too fast, both entrepreneurs and retail investors will get unrealistic expectations again about value, and our conversations will become very difficult.”

Derek Sulger, a partner at China-focused Lunar Capital, said the industry must focus more on secondary sales, sales to trade buyers and other routes.

The total value of Asian buyout deals shrank from $33.1bn in 2012 to $29.1bn in 2013, according to Mergermarket. Within this, the value of inbound deals by global private equity firms was $6.5bn, down from $8.2bn. There were only five deals worth more than $1bn, down from 11.

In spite of low deal volumes, buyout groups have continued to add to their war chests.

人们曾经预期,中国内地重启IPO将引发私人股本公司潮水般的获利退出,让该行业筹集到更多的资金、刺激更多的交易。但亚洲私人股本公司对此却泼了一盆冷水。

在整个亚洲地区,尤其是中国,私人股本投资者一直很难退出投资,因为亚洲的IPO市场普遍低迷,而中国在过去一年则暂停了IPO。

亚洲私人股本集团要靠所投公司上市,才能退出投资。人们原本预计,一旦中国内地在本月重启IP0,就会出现一波退出潮。

但私人股本的投资者和管理者意识到,中国内地已有700多家企业排队上市,而他们投资的公司排在最后面。

Flag Squadron合伙人戴维?皮尔斯(David Pierce)表示,私人股本集团必须更现实地看待它们的某些投资选择。Flag Squadron是一家全球“基金的基金”(FOF)旗下的亚洲子公司。

皮尔斯表示:“如果认为中国内地重启IPO将解决我们的所有问题,那是不正确的。”

咨询机构安永(EY)和数据提供商Mergermarket进行的调查显示,亚洲私人股本行业的业内人士预计,只有经过漫长等待,才可能利用IPO退出他们的投资。

整个亚洲私人股本行业在2013年仅完成了20宗IPO交易,筹资28亿美元,但通过股份转让(Trade Sale)退出的交易达166宗,价值315亿美元。

相比之下,去年欧洲一半以上的IPO是私人股本公司投资的公司完成的,美国也有数笔使私人股本公司得以退出的大IPO,比如黑石(Blackstone)投资的希尔顿酒店(Hilton Hotels)通过IPO筹资24亿美元。

私人股本投资集团EXS Capital的总裁埃里克?索尔伯格(Eric Solberg)表示,IPO市场强劲反而将对亚洲私人股本集团造成不利影响。

“一个成功的IPO市场将让私人股本集团更难获得(新投资的)控制权,也意味着我们可能不得不为交易付出更多钱……如果IPO市场过于迅速地升温,创业者和散户投资者将对估值产生不切实际的预期,我们的谈判将变得非常的困难”。

专注中国业务的云月投资(Lunar Capital)的合伙人苏丹瑞(Derek Sulger)表示,私人股本行业必须将重点更多地放在二级市场出售、股份转让以及其他途径上。

Mergermarket的数据显示,亚洲收购交易在2013年的总价值为291亿美元,低于2012年的331亿美元。在这些交易中,全球私人股本公司的入境收购交易价值为65亿美元,低于2012年的82亿美元。只有5宗交易价值超过10亿美元,而2012年有11宗。

尽管交易规模下降,但私人股本集团仍在继续增加投资。

译者/邹策

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