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In the first year of the science and technology board, private equity funds have helped the developm

Date: 2019-04-16
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After years of rapid development, private equity funds play an indispensable role in improving the proportion of direct financing and promoting the healthy development of multi-level capital markets. They have become the most direct and effective financial tools and important forces to support the high-quality development of the real economy. The past year has been a crucial year for China's economic transformation and upgrading. The financial services entity economy has advanced in depth. By the end of 2018, the total scale of the asset management business managed by the China Private Equity Management Association was 50.54 trillion yuan, accounting for the scale of China's entire social asset management. Half of the country. Among them, the private equity fund industry increased by 15.1% in 2018, and the management scale was nearly 13 trillion yuan, which provided valuable capital for the innovation and development of enterprises and became the mainstay of the capital market.

 

Private equity funds welcome important development opportunities

In 2019, the capital market environment is gradually improving, and the policies have achieved positive results. Private equity funds have ushered in important development opportunities. On February 14, the General Office of the CPC Central Committee and the General Office of the State Council issued the 'Several Opinions on Strengthening Private Enterprises for Financial Services', stating that it is necessary to improve the system of stock issuance and refinancing, and speed up the initial public offering and refinancing review of private enterprises. We will promptly promote the establishment of the science and technology board on the Shanghai Stock Exchange and the pilot registration system. Expand the pilot program of innovative and entrepreneurial bonds, support unlisted and non-listed private enterprises to issue private convertible bonds, and allow venture capital institutions to invest in a variety of ways, such as preferred stocks and convertible bonds. Supporting asset management products, insurance funds, and other private equity funds recognized by the regulatory authorities in accordance with laws and regulations, participate in the resolution of the risk of stock pledge of private listed companies. The introduction of this policy has opened up a two-way channel for private fund raising and withdrawal, and activated a spring of private equity funds, which is conducive to China's private equity investment market to move toward a healthier and more mature direction.

Private equity funds, especially venture capital and equity investment funds, are characterized by long investment horizons, weak liquidity, and few exit channels. IPO exit is the most important exit route. The establishment of the science and technology board and the implementation of the registration system provide a new path for the withdrawal of domestic private equity funds. It not only opens up new exit channels for the listing of financing for science and technology innovation enterprises, but also enables more SMEs and high-growth enterprises to achieve domestic direct financing. Excellent companies with great potential remain in the domestic capital market, and domestic private equity investors better share opportunities for quality business growth. It should be said that the private equity fund is not only the beneficiary and contributor of the future science and technology board market, but also cultivates a number of high-quality science and technology innovation enterprises for the science and technology board, continuously conveying the resources of the science and technology board market.

Private equity funds support entrepreneurial innovation needs long-term companionship, the need for long-term funding support, the opening of double-creative bonds, the drainage of insurance funds undoubtedly opened up the source of living funds for private equity funds to help the real economy. On April 3, 2019, Paradise Silicon Valley Asset Management Group Co., Ltd. (hereinafter referred to as Paradise Silicon Valley or Group) publicly issued the innovative and start-up corporate bonds (Phase I) in 2019, which was successfully issued on the Shanghai Stock Exchange and became the first successful private placement in Zhejiang Province. The fund double-creating bonds has laid a financial foundation for better helping the development of the entity.

Activate innovation and empower the real economy

 

The establishment of the science and technology board and the implementation of the registration system will become a milestonein the Chinese capital market, fully reflecting the vital core position of the capital market in the overall situation of reform. While the science and technology board will profoundly change the secondary market, it will also have a major and far-reaching impact on the primary investment market. According to data from Zero2IPO, in 2018, the number of privately-owned venture capital and equity fund investment technology innovation enterprises accounted for half of the total, accounting for 52.4% of the cases, and the investment amount accounted for 35.8%. It can be seen that scientific and technological innovationis an important field of equity investment. Standing in the first year of the science and technology board, private equity funds must seize the opportunity to give full play to their own advantages and help the development of the real economy.

 

Private equity funds have gradually become incubators for unicorn companies. It is not difficult to find that in the list of unicorn enterprises, there are more and more scientific and technological innovation enterprises. Although such enterprises have high investment costs in early research and large amount of technology, they cannot achieve profit in the short term, but rely on new Technology, companies can build a stronger moat and go further. The launch of the company's board allows unprofitable companies to go public, allowing companies with different rights to go public. The registration review process is no more than six months, the price limit is relaxed to 20%, and the pricing is fully market-based.... .. This is undoubtedly a shot-in for the unicorn company, but also allows the private equity fund that hatches the unicorn company to see hope. In the Hangzhou Unicorn and Prospective Unicorn Listreleased in March this year, seven companies invested in Paradise Silicon Valley were shortlisted. Kechuang Board will effectively shorten the investment cycle of private equity funds and enhance the confidence of private equity funds to help technology innovation and development.

 

The establishment of the science and technology board is a major positive for private equity funds that focus on investing in high technology, which means that the liquidity of fund products will be greatly improved, and at the same time have the opportunity to obtain a more lucrative return on investment. On the fundraising side, Science and Technology will attract more funds to increase the allocation of science and technology enterprises in the primary market, and help to focus on the fundraising of private equity funds in the science and technology field. On the investment side, the guidelines for the listing of the Shanghai Stock Exchange The six industries identified in the information technology, high-end equipment, new materials, new energy, energy conservation and environmental protection, biomedicine and others will become the focus of the primary market, which will help accelerate the investment progress. At the same time, the era of the science and technology board put forward higher requirements for the professional capabilities of private fund managers. Private equity funds should be transformed from pure financial investors to empowerment investments, providing value-added services such as strategic planning, equity optimization, talent recommendation, management improvement, brand building, business synergy, follow-up financing, and listing guidance for the invested companies. Provide comprehensive services to enterprises in providing technical consultation and resource coordination.

 

As one of the first private equity investment institutions established in China, Paradise Silicon Valley has set up the Paradise Silicon Valley Financial Research Institute to form intellectual support for macroeconomic analysis and industry research since the introduction of professional focusin 2015. Introduce the industry partner model, and use the power of industry experts to make accurate predictions on the future development trend, risk and income formation of key industries, laying a solid foundation for professional focus. Zeng Rongzhen China Big Data, Intelligent Manufacturing, New Top ten investment institutions in the fields of energy and new materials. At present, the Group focuses on investing in core industries such as information technology, smart manufacturing, medical health, and large consumption. In May 2017, Paradise Silicon Valley launched the FOF series of equity investment funds, which invested in 9 projects. Among them, 7 projects including Zhisheng Intelligent are leading enterprises in the field of information technology, and the other 2 projects are in the field of medical health. Divided the tap. Less than two years after the fund was established, one project has been listed, two projects have been accepted by the Kechuang Board, and the remaining six projects are actively reporting in the IPO process.

 

Since 2019, Paradise Silicon Valley has been listed on the Hong Kong Stock Exchange by Weimeng Group and Binjiang Services. Projects such as ArcSoft Technology and Danghong Technology have been accepted by Science and Technology. With the change of name, the Group quickly completed the nationwide business layout in Beijing, Shanghai, Shenzhen, Wuhan and other places, and vigorously promoted the development of industry funds. The industry funds with the theme of information technology, intelligent manufacturing and medical health are in full swing. Committed to continuously improve the core competitiveness of judgment, acquisition, value-added and exit on the asset side.

 

(Reprinted from: Zheshang Magazine WeChat public number)


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